Adani Wilmar is looking to raise as much as Rs 5,000 crore through an initial public offering (IPO), a move that would make it the seventh listed entity under the Adani Group.
Adani Wilmar has hired legal advisers, and investment banks JP Morgan and Kotak Mahindra Capital to manage the listing, Mint reported.
"They have started work on the draft red herring prospectus," a source told the paper.
Moneycontrol could not independently verify the story.
Adani Wilmar and JP Morgan declined to comment when contacted by Mint, and Kotak Mahindra Capital had not yet responded.
The company, a joint venture between Adani Group and Singapore-based Wilmar International, sells edible oil and Basmati rice under the Fortune brand.
Adani Wilmar is planning to raise funds through the sale of new shares and the shares held by the JV partners, the report added."But these are still under discussion, and the numbers could change closer to the filing of the IPO papers," the source told the publication.