Ramdev to launch IPO of Patanjali brands soon, says report
Yoga guru Ramdev will launch the initial public offering (IPO) of four companies which will then be listed on the stock exchange.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 during the next five years.In 2019, Patanjali Ayurved bought Ruchi Soya for ₹4,350 crore under a resolution process. This company was already listed on the stock exchange, a report by HT’s sister publication Livehindustan said. The name of the company was changed to Patanjali Foods.The stock price of Patanjali Foods has reached a 52-week high. On Friday, the stock price of the company was at ₹1,380.35, the Livehindustan report added. During trading, the stock price went up 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 said that the stock price can go up to ₹1,725.Patanjali Foods has emerged as one of the top fast-moving consumer goods (FMCG) players in India. It is also one of the leading manufacturers and marketers of a healthy range of edible oils.On August 31, the company laid the foundation stone for setting up an oil palm mill in Arunachal Pradesh. The mill is located at Industrial Growth Centre, 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 across nine districts in the state.
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