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Adani Wilmar, Star Health Insurance IPOs get SEBI approval

adani wilmar ipo

SEBI has shown a green flag to Adani Wilmar and Star Health Insurance for their upcoming initial public offerings (IPOs).

FMCG giant Adani Wilmar is looking to raise Rs 4,500 crore via fresh issuance of equity. The maker of top-selling edible oil brand “Fortune” is a joint venture between Adani Enterprise and Asian agribusiness Wilmar International.

The IPO is intended to further the growth of Adani Wilmar’s operations by improving its market visibility and awareness among existing and potential customers.

The organization, which strives to be the largest food company in the country by 2027, is trying to muscle its way in the fast-growing consumer segment and unlock value through the IPO. If the plans are successful, it will be the seventh company to be listed from the port to power conglomerate Adani group, which has mostly been infra-focused.

Meanwhile, Star Health Insurance, the biggest private health insurer in the country with a market share of 15.8 percent, is planning for a Rs 5,500 crore IPO. It will include a fresh issue of Rs 2,000 crore and an offer for sale of up to 6,01,04,677 equity shares by existing selling shareholders, including promoters.

The offer for sale consists of selling of 3,06,83,553 equity shares by Safecrop Investments India LLP, 1,37,816 equity shares by Konark Trust, 9,518 equity shares by MMPL Trust, 76,80,371 equity shares by Apis Growth 6 Ltd, 41,10,652 equity shares by Mio IV Star, 74,38,564 equity shares by University of Notre Dame Du Lac, 41,10,652 equity shares by Mio Star, 25,09,099 equity shares by ROC Capital Pty Ltd, 14,76,140 equity shares by Venkatasamy Jagannathan, 18,04,312 equity shares by Sai Satish, and 1,44,000 equity shares by Berjis Minoo Desai.

The offer includes a reservation of equity shares for employees.

The firm will use net proceeds from the fresh issue for augmentation of the company’s capital base, and maintenance of solvency levels. The offer for sale money will go to selling shareholders, according to the DRHP filed in July.

Star Health Insurance is backed by marquee investor Rakesh Jhunjhunwala.

Adani Wilmar and Star Health Insurance have emerged as the most trusted brands in the FMCG and insurance segments respectively. I’m sure the upcoming IPOs of both companies will draw huge attention from investors. My best wishes to the team of Adani Wilmar and Star Health Insurance.

Shishir Gupta, Founder and CEO, StartupLanes

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