Everything you need to know about Adani Wilmar $6596700Z.IN Rs36,000m (US$483m) IPO
HIGHLIGHTS
* Leader in India's edible oil market
* Top 10 consumer FMCG co. in India
* 22 manufacturing units
* 91m households reach
* 5,500+ distributors network
ABOUT
Adani Wilmar is one of the few large FMCG food companies in India to offer most of the essential kitchen commodities for Indian consumers, including edible oil, wheat flour, rice, pulses and sugar.
SEGMENTS
* EDIBLE OIL
* FOOD & FMCG
* INDUSTRY ESSENTIALS
REVENUE
Group revenue growth accelerated from 3.0% in FY19 to 53.7% YoY in 1HFY22 largely due to price increases.
REVENUE BREAKDOWN
Most of the sales related to branded products accounted for 73% of edible oil and food and FMCG sales volume for FY21 (excluding industry essentials which were offered on a non-branded basis).
Adani Wilmar is the largest player with a ROCP (Refined Oil in Consumer Packs) market share of its branded edible oil of 17% and 18.30% in FY20 and FY21, respectively, according to Technopak Research.
EBITDA MARGIN
Adani Wilmar EBITDA margin is low in comparison to FMCG peers. However, we note that this is not an apples-to-apples comparison due to the differing business mix across the peers.
ABOUT THE IPO
* Price range: Rs 218-230
* Amount raised: ~Rs 36,000m (~US$483m)
IPO size was trimmed from Rs 45,000m to 36,000m. Elegible employees will get a Rs 21 discount per share during the bidding process.
Check out Arun George of Global Equity Research Ltd latest Insight for the full details (🔐): smartkarma.com/insights/adani…
Keep up with Arun's work by going to his Smartkarma Profile: smartkarma.com/profiles/arun-…
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