Adani Wilmar—a 50:50 joint venture between Adani group and Singapore-listed agribusiness firm Wilmar International—plans to raise 45 billion Indian rupees ($605 million) from its initial public offering in India.
The company filed its draft red herring IPO prospectus with the Securities and Exchange Board of India on Monday, Wilmar said in a filing to the Singapore bourse. Adani Wilmar plans to list on the Bombay Stock Exchange and the National Stock Exchange of India, it added.
Proceeds from the IPO will be used to fund Adani Wilmar’s expansion plans, potential acquisitions and repay debts. The company—which produces essential kitchen commodities such as edible oils, wheat flour, rice and sugar—posted a net profit of 6.5 billion Indian rupees in the year ended March 31, up 67% from the year earlier.
Founded in 1999, Adani Wilmar has expanded its manufacturing facilities across the country and established Fortune as the No. 1 edible oils brand in India, according to its website. The company has also introduced healthy edible oils brands Rice Bran and Vivo.
“The next decade will be truly challenging for the company and its employees,” Adani Wilmar CEO and Managing Director Angshu Mallick said in a message posted on the company’s website. “We will not only continue to expand our existing portfolio but also embark on the exciting journey of transforming ourselves from an oil company to a food company.”
Besides edibles oils, Gautam Adani’s business empire spans ports, airports, mining, power generation, real estate and defense. With a net worth of $50.5 billion, Adani was ranked India’s second-richest person when the World’s Billionaires List was published in April.
Adani’s partner Kuok Khoon Hong—a nephew of Malaysia’s richest person Robert Kuok—is the controlling shareholder of Wilmar International. With a net worth of $3.8 billion, the younger Kuok was the eleventh-wealthiest person from Singapore on the same list.