Adani Wilmar, one of the largest edible-oil groups in India, has filed documents for an IPO.

The Ahmedabad-based business, a venture between Indian conglomerate Adani Group and Singapore food group Wilmar International, is looking to raise INR45bn (US$607.1m) through the issue of new shares.

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Adani Wilmar has more than 20 factories across ten states in India. The group’s flagship edible-oil brand is Fortune, which, pointing to Nielsen data, the company said was the largest in the category by market share in the year to March.

The business also markets wheat flour, rice, pulses and sugar. Outside food, Adani Wilmar is present in the home- and personal-care markets.

The company is looking to use the net proceeds from the IPO to fund capital expenditure in its existing factories and to build new plants. It also wants to make “strategic acquisitions and investments”.

Adani Wilmar has earmarked some INR19bn on capex and INR5bn for the inorganic investments.

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In Adani Wilmar’s filing with the Securities and Exchange Board of India, the company said: “As on the date of this draft red herring prospectus, we are in active discussions and evaluating various strategic acquisitions, but we have not identified the potential acquisition targets.”

The company generated INR372m in revenue in its most recent financial year, which it said represented growth of 24% year-on-year. EBITDA was INR1.43bn, versus INR1.42bn a year earlier.