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Gautam Adani’s flagship firm weighs FPO to raise as much as $2.4 billion

Billionaire Gautam Adani’s conglomerate is working with advisers on the follow-on issue and could sell the shares as soon as next year, the people said, asking not to be identified as the information is private. The sale could even raise as much as $2.4 billion, one of the people said.

November 23, 2022 / 07:40 AM IST
Gautam Adani, chairman of the Adani Groupr

Gautam Adani, chairman of the Adani Groupr

 
 
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Adani Enterprises Ltd., the flagship firm of Asia’s richest person, is considering issuing at least $1.8 billion in new shares, according to people familiar with the matter.

Billionaire Gautam Adani’s conglomerate is working with advisers on the follow-on issue and could sell the shares as soon as next year, the people said, asking not to be identified as the information is private. The sale could even raise as much as $2.4 billion, one of the people said.

The issue would diversify the shareholder base and build the firm’s credibility and acceptance among investors, the people said. More research firms are expected to cover the company in the next six months, one of the people said.

Shares in Adani Enterprises have risen about 136% in the year to date, giving it a market value of around $56.3 billion, according to Bloomberg calculations. India’s benchmark S&P BSE Sensex index has risen just 5.4% over the same period, and analysts have highlighted how Adani group stocks are vulnerable to outsized swings, compounded by lower liquidity relative to peers.