Adani group stocks trade mixed as Adani Wilmar eyes $1-billion IPO in 2021

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© Jocelyn Fernandes Adani group stocks trade mixed as Adani Wilmar eyes $1-billion IPO in 2021

Adani Group stocks are in focus as Adani Wilmar prepares to launch IPO worth nearly $1 billion in 2021.

Gautam Adani-led port-to-power conglomerate Adani Group is preparing to raise nearly $1 billion in 2021 through an initial public offering (IPO) by Adani Wilmar, people familiar with the ongoing discussions told Moneycontrol.

The combined m-cap of the six listed Adani Group entities had recently eclipsed the $100 billion mark. They include Adani Enterprises, Adani Ports and Special Economic Zones, Adani Transmission, Adani Power, Adani Total Gas and Adani Green Energy.

Share price of Adani Power continued its northward journey as the stock surged over 63 percent in the last 7 days. It was trading at Rs 158.15, up Rs 5.80, or 3.81 percent. On the other hand, Adani Enterprises was trading at Rs 1,609.00, up Rs 14.55, or 0.91 percent.

Adani Ports stock along with Adani Total Gas were trading flat at Rs 853.70 and Rs 1,597.10 per piece respectively while Adani Transmission added half a percent. Adani Green Energy was howver down half a percent in the morning session.

Adani Wilmar, which aims to be the largest food company in India by 2027, is trying to muscle its way in the fast-growing consumer segment and unlock value through the IPO. If the plans fructify, it will be the seventh firm to be listed from the diversified group’s stable.

Sources told Moneycontrol that investment banks JP Morgan and Kotak Mahindra were selected earlier, but now BofA Securities and Credit Suisse are also on board. “Work has begun and depending on market conditions, the DRHP ( draft red herring prospectus) may be filed with market regulator Sebi by late June or in July.”

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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