Clarence Chu

APAC IPOs & Placements

Aequitas Research

IPOs and Placements coverage across Asia Pacific

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> raised around US$500m in its India IPO.</li>
<li>Anchor quality wasn't the greatest, in our view, and were the firm to trade towards its peers' trailing average, it would imply a 21.8% downside potential. </li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is looking to raise up to US$482m in its upcoming India IPO.</li>
<li>In our view, we doubt that the firm would be able to trade close to its blue chip FMCG peers, given its small FMCG component combined with overall weaker margins.</li>
<li>In this note, we will look at updates since our last note, undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>

Arun George

IPOs and Catalysts/Events

Global Equity Research Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is a leading FMCG food company in India. It is set to launch an IPO to raise Rs36,000 million ($483 million) at a price of Rs218-230.</li>
<li>In <a href="https://www.smartkarma.com/insights/adani-wilmar-ipo-initiation-cooking-up-a-business" target="_blank" data-smartkarma-citation="insights:64105" rel="noopener">Adani Wilmar IPO Initiation: Cooking up a Business</a>, we noted that the business is navigating the high commodity prices by delivering high growth and creditable margin performance.  </li>
<li>In this note, we present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive. The offer period is from 27 to 31 January.</li>
</ul>

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is a leading FMCG food company in India. It is set to launch an IPO to raise Rs36,000 million ($483 million) at a price of Rs218-230.</li>
<li>The business is navigating the high commodity prices by delivering high growth (price increases) and creditable margin performance in face of higher raw material costs. </li>
<li>Overall, this IPO is worth a closer look. The offer period is from 27 to 31 January. The shares will be listed on 8 February.   </li>
</ul>

Oshadhi Kumarasiri

Equity Analyst

LightStream Research

Long-Short Analysis on Japan, Asia and the World

<ul>
<li>The Indian edible oil company, <a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (6596700Z IN)</a> is looking to raise around $590m in an upcoming IPO in India.</li>
<li>The company is the market leader in edible oils with significant pricing power over competitors.</li>
<li>The business looks appealing with significant medium-long term growth prospects through changes in the purchasing behaviour of Indian consumers.</li>
</ul>

India

Adani Wilmar Limited provides edible oil and fats. The Company offers oil products such as soyabean, sesame, sunflower, cottonseed, ground nut, mustard, coconut, and vegetable to households and business institutions. Adani Wilmar serves customers worldwide.

Adani Wilmar - AWLTD IN

Description