Wilmar International - CGS-CIMB Research 2021-09-28: Adani Wilmar IPO Back On Track

WILMAR INTERNATIONAL LIMITED (SGX:F34) | SGinvestors.io WILMAR INTERNATIONAL LIMITED (SGX:F34)

Wilmar International - Adani Wilmar IPO Back On Track

  • The processing status of the Adani Wilmar draft prospectus is back to “under process” as at 24 Sep.
  • This is a positive as it suggests the listing of Adani Wilmar is back on track.
  • We see the potential listing of Adani Wilmar and better 2H results as potential catalysts for the stock. Reiterate ADD on Wilmar (SGX:F34) with unchanged target price of S$6.15.



Wilmar’s IPO plan for Adani Wilmar back to “under process”

  • Wilmar International announced that the Securities and Exchange Board of India (SEBI) has updated its website on the Processing Status of Draft Offer Documents (as at 24 Sep 2021 to reflect that the status of the draft red herring prospectus submitted by Adani Wilmar Limited (AWL), a 50.50 joint venture company between the Adani group and the Wilmar group, in relation to AWL’s proposed Initial Public Offering (IPO) on BSE Limited and National Stock Exchange of India Limited, is now “under process”
  • To recap, Wilmar had on 20 Aug announced that SEBI’s website listed the current processing status of the draft herring prospectus in relation to the proposed Adani Wilmar IPO as “issuance of observation kept in abeyance”.


Positive news for Wilmar

  • We view this as a positive development as it suggests that the listing of gain of US$1.6bn to US$2.5bn (or S$0.33 to S$0.52 per Wilmar share).


Reiterate ADD on Wilmar






Ivy NG Lee Fang CFA CGS-CIMB Research | Nagulan RAVI CGS-CIMB Research | https://www.cgs-cimb.com 2021-09-28
SGX Stock Analyst Report ADD MAINTAIN ADD 6.150 SAME 6.150



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