Singapore's Wilmar International targets $605 mn Indian IPO for Adani Wilmar

Singaporean agribusiness Wilmar International said on Monday it was pursuing a listing of its joint venture Adani Wilmar in India through an initial public offering worth up to 45,000 million Indian rupees ($605.19 million).

Adani Wilmar, a 50-50 joint venture between the company and Indian conglomerate Adani Group, is expected to list on the BSE and the National Stock Exchange.

Adani Wilmar sells kitchen commodities such as edible oil and wheat in India under a diverse range of brands.

Wilmar International did not disclose an issue price for the listing, and said it was dependent on factors including the book building process under Indian regulations and receipt of applicable approvals.