MUMBAI: Adani Wilmar Ltd has hired investment banks and legal advisers to commence work on its initial public offering (IPO) that could see the owner of the Fortune brand of edible oils raise as much as Rs.5,000 crore, said three people aware of the development.

The company, a joint venture between Adani Group and Singapore-based Wilmar International, sells edible oil and Basmati rice under the Fortune brand.

Adani Wilmar is planning to raise funds through the sale of new shares and the shares held by the JV partners, the report added.

 This move will make it the seventh listed entity under the Adani Group. Investment banks JP Morgan and Kotak Mahindra Capital have been hired to manage the initial public offer (IPO), said one of the three people cited above, requesting anonymity. “They have started work on the draft red herring prospectus."

Post successful launch of the IPO, this will be the seventh Adani Group company to be listed on the Indian exchanges. Other listed companies of the group include Adani Enterprises, Adani Ports and Special Economic Zones Ltd, Adani Transmission Ltd, Adani Power Ltd, Adani Total Gas Ltd and Adani Green Energy Ltd.

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