The initial public offer (IPO) plans of Adani Wilmar and Star Health Insurance have received the go-ahead from the Securities and Exchange Board of India (SEBI), said CNBC-TV18 sources.
Adani Wilmar plans to raise Rs 4,500 crore via a fresh issue of equity shares. Adani Wilmar is a 50:50 joint venture (JV) between Gautam Adani-led Adani Enterprises and Singapore-based Wilmar International.
The total IPO size of Star Health Insurance will be around Rs 5,500 crore. The private sector insurer plans to raise Rs 2,000 crore via a fresh issue of equity. The remaining will constitute an offer-for-sale of 60 million shares from its promoters and shareholders. 75 percent of shares of this IPO will be reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional bidders, and 10 percent for retail investors.
The IPO will value Adani Wilmar at Rs 37,500-45,000 crore, while Adani Enterprises’ stake in the company is likely to be valued at ₹18,750-22,500 crores, sources said.
This will be the seventh listed company from Adani Group.
Kotak Mahindra Capital, JP Morgan, Bofa Securities, Credit Suisse, ICICI Securities, HDFC and BNP Paribas are the bankers to the issue, as per Adani Wilmar’s DRHP.Internet Explorer Channel Network