The planned IPO if Wilmar International’s joint venture in India is moving ahead, just over a month after regulators put it on hold.
In a market announcement on Sept 27, Wilmar notes that the processing status of the JV, Adani Wilmar, as shown on the website of the Securities and Exchange Board of India, has been changed to “under process”.
The draft prospectus, with plans to raise some US$605 million, was filed on Aug 2.
Three weeks later, the status was indicated to be “issuance of observations kept in abeyance,” without providing any specific reasons.
The Indian stock market is on a tear so far this year and besides Wilmar, another Singapore listed company Golden Agri Resources, is mooting an IPO of its local subsidiary in India as well.
Wilmar shares closed Sept 27 at $4.11 up 0.74% for the day and down 14.37% year to date.