All you need to know about

ADANI WILMAR LIMITED

Issue Details
Issue Amount : Upto ₹3,600 Cr
Post Issue Implied Market Cap: Upto ₹29,900 Cr at Upper band
Total shares on offer : Upto 157,038,646 Equity Shares
Face Value : ₹1 per share
Price Band : ₹218 to ₹230
Lot Size : 65 shares
Registrar : Link Intime India Pvt. Ltd.

Source : BRLM

Offer Breakup
Category Allocation Issue size Issue size
No. of shares (₹ in Cr)
Lower Band Upper Band

QIB 50% 71,857,797 68,108,695 1,566.0

NIB 15% 21,557,340 20,432,609 470.0

Retail 35% 50,300,459 47,676,087 1,097.0

Employee - 5,453,618 5,169,082 107.0

Shareholders - 16,513,761 15,652,173 360.0

Total 100% 165,682,975 157,038,646 3,600.0

Source : BRLM.
IPO timeline `
IPO Open: `

27
Thursday, January 27, 2022

IPO Close:
Monday, January 31, 2022 JANUARY

03 Feb. Finalization of 04 Feb. Refunds/Unblocking

2022 basis of allotment 2022 ASBA fund

07 Feb. Credit of equity 08 Feb. Trading

2022 shares to DP account 2022 commences

Source : BRLM. Dates are tentative

The objective of the offer

Funding capital expenditure for expansion of its existing manufacturing facilities
& developing new manufacturing facilities (“Capital Expenditure”)
Repayment/prepayment of its borrowings
Funding strategic acquisitions and investments
General corporate purposes

Further, the company expects to receive the benefits of listing of the Equity Shares,
including to enhance its visibility and the brand image among its existing and potential
customers

Source : RHP
About the company
Adani Wilmar is one of the few large FMCG food companies in India to offer most of the
primary kitchen commodities for Indian consumers, including edible oil, wheat flour, rice,
pulses and sugar. Commodities, such as edible oils, wheat flour, rice, pulses and sugar,
account for approximately 66% of the spend on primary kitchen commodities in India.
(Source: Technopak Report) It offers a range of staples such as wheat flour, rice, pulses
and sugar. Its products are offered under a diverse range of brands across a broad price
spectrum and cater to different customer groups.

It is a joint venture incorporated in 1999 between the Adani Group, which is a multinational
diversified business group with significant interests across transport and logistics, and
energy and utility sectors, and the Wilmar Group, one of Asia’s leading agribusiness
groups which was ranked seventh largest listed companies by market capitalization on
the Singapore Exchange as of September 30, 2021. As a joint venture between the Adani
Group and the Wilmar Group, the company benefits from its strong parentage. It benefits
from the Adani Group’s in-depth understanding of local markets, extensive experience in
domestic trading and advanced logistics network in India, and leverage on the Wilmar
Group’s global sourcing capabilities and technical know-how. Its portfolio of products
spans across three categories: (i) edible oil, (ii) packaged food and FMCG, and (iii)
industry essentials. A significant majority of the sales pertain to branded products
accounting for approximately 73% of its edible oil and food and FMCG sales volume for
the financial year 2021 (excluding industry essentials which were offered on a
non-branded basis). It continues to invest in strengthening its brands in India. In the
financial years 2019, 2020, 2021 and the six months ended September 30, 2021, the
company’s advertising expenses were ₹135.65 crore, ₹166.28 crore, ₹156.37 crore and
₹100.43 crore, or 0.47%, 0.56%, 0.42% and 0.41% of its revenue from operations,
respectively.

The company’s vision is to be a leading agribusiness company committed to sustainably

deliver safe, nutritious and quality agricultural commodities and food through innovation,
highest standards of environmental, social and governance practices, and the creation of
livelihoods in communities in which it operates to deliver long term value to all its
stakeholders.

Source : RHP
Strengths

One of India’s leading Integrated business model Strong parentage with

consumer product with well-established professional
companies with operational infrastructure & management &
leadership in edible oil & strong manufacturing experienced board
packaged food business capabilities

1
3 2

One of the leading Strong raw Focus on

market positions in material sourcing environmental and
industry essentials capabilities social sustainability
Source - RHP

Risks

Unfavourable local and Fluctuations in the Inability to manage its

global weather patterns exchange rate between diversified operations
may have an adverse the Indian rupee and given the three business
effect on its business foreign currencies categories it operates in

Reduction in demand or Fluctuations in the Dependency on

in the production of prices of its imports of raw
edible oil products products materials

Source - RHP
Important Financial Data
For the year/period ended (₹ in Crore)

As at As at As at As at As at
Particulars March 31, March 31,
Sept. 30, Sept. 30, March 31,
(in ₹ crore) 2020 2019
2021 2020 2021
Particulars
(in ₹ crore)
Total Assets 17,923.70 13,927.91 13,326.64 11,785.92 11,602.87

Revenue from 24,874.52 16,188.59 37,090.42 29,657.04 28,797.46

Operations

Revenue 53.65 NA 25.06 2.98 NA

Growth (%)

EBITDA 889.66 743.10 1,430.56 1,419.48 1,253.46

Net Profit 357.13 288.79 727.65 460.82 375.52

for the period

Net Profit as 1.43 1.78 1.96 1.55 1.30

% to Revenue

Basic EPS
(₹)
3.12 2.53 6.37 4.03 3.29

RONW 9.78 10.10 22.06 17.93 17.79

(%)

Source : RHP. Revenue growth for FY 19 and September 30, 2020 not known as FY 18 and September 30, 2019 numbers
unavailable
Peer Comparison
Name of Company Face Value Total Income EPS NAV P/E RoNW
(₹ Per Share) (in ₹ Cr) (₹) (₹ per share) (%)

Basic Diluted

Adani Wilmar
Limited* 1 37195.66 6.37 6.37 28.86 [.] 22.06

Listed Peers#

Hindustan Unilever
Limited
1 47,028.00 34.03 34.03 202.99 69.63 16.80

Britannia Industries
Limited
1 13,136.10 77.43 77.40 148.80 46.79 51.60

Tata Consumer
Products Limited 1 11,602.00 9.30 9.30 169.57 78.65 6.00

Dabur India
Limited 1 9,561.70 9.58 9.55 43.57 59.05 22.00

Marico Limited 1 8048.00 9.08 9.08 25.23 54.03 36.80

Nestle India
Limited 10 13,350.00 215.98 215.98 209.44 89.73 103.10

Notes: (1) Basic and Diluted EPS refers to the Basic and Diluted EPS sourced from the financial statements of the
companies respectively for the year ended March 31, 2021 except for Nestle India Limited for which the financials are for the
year ended December 31, 2020. (2) P/E Ratio has been computed based on the closing market price of equity shares on NSE
on January 18, 2022, divided by the Diluted EPS provided under Note 1 above. (3) RoNW is computed as net profit after tax
(including profit attributable to non-controlling interest) divided by closing net worth. Net worth has been computed as the
sum of paid-up share capital and other equity. (4) NAV is computed as the net worth divided by the outstanding number of
equity shares. (5) Financial information for all listed industry peers is for the year ended March 31, 2021 except for Nestle India
Limited for which the financials are for the year ended December 31, 2020.
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Source : BRLM & Moneycontrol. Anchor portion excluded for subscription details.

For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
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