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Yoga guru Ramdev will launch the initial public offering (IPO) of four companies which will then go public.
In an interview with Zee Business, Ramdev said these companies are Patanjali Ayurved, Patanjali Wellness and Patanjali Medicine and Patanjali Lifestyle. The companies will be listed on the stock exchange over the next five years.
In 2019 Patanjali Ayurved purchased Ruchi Soya for ₹4,350 crores as part of a resolution process. This company was already listed on the stock exchange, according to a report by HT’s sister publication, Livehindustan. The company name was changed to Patanjali Foods.
Patanjali Foods stock price hit a 52-week high. On Friday, the company’s share price was at ₹1,380.35, the Livehindustan report added. During trading, the stock price rose to ₹1,400.
Recently, a report prepared by research firm Antique showed confidence in the company’s growth and a buy rating was suggested. The report also indicates that the stock price may go up to ₹1,725.
Patanjali Foods has emerged as one of the leading Fast Moving Consumer Goods (FMCG) players in India. It is also one of the leading manufacturers and distributors of a healthy range of edible oils.
On August 31, the company laid the foundation stone for the installation of an oil palm factory in Arunachal Pradesh. The factory is located at Industrial Growth Center, Niglok, District – East Siang, Arunachal Pradesh, according to a regulatory filing.
Patanjali Foods plans to undertake oil palm plantations on 38,000 hectares of land in nine districts of the state.
