New Delhi, Feb 4 (PTI) Edible oil major Adani Wilmar on Friday finalised the issue price of its Rs 3,600 crore initial public offering (IPO) at Rs 230 per share.

In a regulatory filing, Adani Enterprises said Adani Wilmar has finalised the issue price for the equity shares at Rs 230 apiece.

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The price band of the IPO was Rs 218-230 per share.

Adani Wilmar has approved the issuance and allotment of 15,67,29,745 shares to the respective applicants in various categories.

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The company opened its IPO on January 27 and the issue closed on January 31.

The IPO was subscribed more than 17 times. Retail investors subscribed 3.92 times their part of allotted shares.

The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions as the company seeks to become India's biggest food and FMCG company.

Adani Wilmar, which sells its cooking oils and some other food products under the Fortune brand, is a 50:50 joint venture between business conglomerate Adani Group and Singapore-based Wilmar.

Post-IPO, the public shareholding will be 12 per cent and the remaining 88 per cent will be equally held by the two promoters.

As per the Red Herring Prospectus (RHP), the company proposes to utilise Rs 1,900 crore for capital expenditure, Rs 1,058.9 crore for repayment/ prepayment of its borrowings and Rs 450 crore for funding of strategic acquisitions and investments.

On the financial front, Adani Wilmar Ltd's revenue increased to Rs 24,957.28 crore for the six months ended September in the current fiscal, as against Rs 16,273.73 crore in the corresponding period of the previous year.

During the same period, profit grew to Rs 357.13 crore from Rs 288.78 crore.

The company posted a revenue of Rs 37,195.65 crore and profit of Rs 728 crore in the entire 2020-21 fiscal.

Apart from cooking oils, Adani Wilmar sells food products like rice, wheat flour and sugar. It also sells non-food products like soap, handwash and sanitisers.

Currently, six Adani Group companies are listed on the domestic bourses.

Apart from Adani Enterprises, other listed ones are Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Ports and Special Economic Zone.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)