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Grapevine: Adani Wilmar eyes IPO; Global PEs look to invest in Hinduja unit
Photo Credit: VCCircle

Adani Wilmar, the company behind the Fortune brand of edible oils, is planning to raise up to Rs 5,000 crore (about $690 million) in an initial public offering (IPO), people told Mint. 

It has hired investment banks JPMorgan and Kotak Mahindra Capital and legal advisors for the issue, one of the persons said. 

“It is one of the bigger and mature businesses in the group that could mean significant value unlocking,” said another. The Fortune brand has around 20% market share in India. 

Also, global private equity majors Blackstone, Apax Partners and Baring Asia have been shortlisted for an investment up to $200 million (Rs 1,450 crore) in Hinduja Global Solutions’ healthcare business valuing it at up to $700 million (Rs 5,078 crore), people told The Economic Times.

The final offer is expected by this month-end and a decision on the share sale will be made in the first quarter of the next fiscal, they said. The healthcare vertical accounts for about 55% of Hinduja Global Solutions’ revenues.

Separately, gold-based hybrid loan platform Rupeek has raised $33 million (Rs 239 crore) in the first tranche of its Series E round led by existing investor GGV Capital. The round saw participation from four other investors, an Entrackr report said citing regulatory filings.  

New investors Vostok Emerging Finance and High Sage Investments put money in the round along with existing investors Bertelsmann BV and Gemini Investments.

Last year, Rupeek raised $30 million in its Series D round from Flipkart co-founder Binny Bansal’s BTB Ventures and GGV Capital.

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