Olam International (OLAM.SI) is considering raising about 2 billion pounds ($2.8 billion) through a London listing of its food ingredients unit next year, sources familiar with the matter said on Friday, as the Singapore-based trading house seeks to boost its valuation and step up acquisitions.
An Olam signage is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File PhotoAlso seeking secondary listing for OFI in SingaporeSINGAPORE, Aug 13 - Olam International
Olam, one of the world's biggest agricultural commodity traders, is listing Olam Food Ingredients as part of a business overhaul"It will be a substantial IPO. It will be amongst the larger IPOs done on the London Stock Exchange in the recent past," co-founder and CEO Sunny Verghese told Reuters in an interview, while declining to give a fundraising target.
Earlier on Friday, Olam said it would also seek a concurrent secondary listing in Singapore for OFI by the first half of 2022. OFI includes Olam's cocoa, coffee and edible nuts businesses, while Olam Global Agri comprises grains and animal feed, edible oils, rice and cotton, among others.
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