Gaitam shocks Adani, breaks on Adani Wilmer's IPO by SEBI

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New Delhi, Saturday 21 August 2021

SEBI has blocked the IPO (Initial Public Offer) of well-known businessman Gaitam Adani's company Adani Wilmer.

Adani Wilmer, a maker of Fortune-brand edible oil and footwear, was to launch an IPO worth Rs 200 crore. However, an investigation against Adani Enterprises, the parent company of the Adani Group, has resulted in the suspension of its IPO.

According to the policy of market controller SEBI (Securities and Exchange Board of India), an IPO cannot be approved for 90 days if any section of the company seeking an IPO is under investigation. Even then it can be avoided for up to 3 days.

Adani Wilmer is a joint venture between the Adani Group and Wilmer, a Singapore-based company founded in the 19th century.

If the company's IPO plan is successful, it will become the seventh Adani Group company to be listed on the stock exchange. Earlier, companies listed in the Adani Group market included Adani Enterprises, Adani Ports and Special Economic Zones (SEZs), Adani Transmission, Adani Power, Adani Total Gas and Adani Green Energy.

Earlier, Union Minister of State for Finance Pankaj Chaudhary had said in the House that the Directorate of Revenue Intelligence (DRI) and SEBI were investigating the performance of some Adani Group companies. The investigation is related to the regulation of SEBI. No investigation is being conducted by the ED. Holdings of foreign portfolio investments are based on day-to-day trading in Adani Group stocks, Chaidhary added.

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