CGS-CIMB Research analyst Ivy Ng has kept her “add” rating on Wilmar International with an unchanged target price of $6.15 in a March 22 report, on the back of news that Wilmar’s 50%-owned associate, Adani Wilmar (AWL), is making plans for its potential initial public offering (IPO).

AWL has reportedly hired bankers and legal advisers to start work on its initial share sale that could see the company raise as much as 5,000 crores or US$690 million ($928.6 million), according to three insiders.

Investment banks JP Morgan and Kotak Mahindra Capital have been hired to manage the IPO.

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