Noida, July 3 (APAC Media): Adani Enterprises Ltd, the flagship incubator of the Adani Group, has expanded its Qualified Institutional Placement (QIP) to ₹15,000 crore from ₹10,000 crore after receiving strong investor demand, media reports said on Friday.
The issue attracted bids worth around ₹38,000 crore, translating into about 3.8 times subscription to the base size, with participation largely driven by long-only institutional investors.
The investor book reportedly saw strong interest from global asset managers and financial institutions including Capital Group, Goldman Sachs, BlackRock, Blackstone and Nomura.
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Domestic mutual fund participation was also robust, with bids from HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund and Tata Mutual Fund, according to sources tracking the issue.
The enlarged issue was fully covered within 48 hours of the roadshow, with several investors reportedly seeking larger allocations than were ultimately allotted. The indicative price was set at ₹2,883 per share, representing a 5% discount to the Securities and Exchange Board of India floor price of ₹3,034.68 and a 9.27% discount to the stock’s July 2 closing price of ₹3,177.50.
Proceeds from the issue will be used to fund capital expenditure across incubation businesses, repay debt, and pursue strategic investments and acquisitions, the company said.
The fundraising comes after Adani Enterprises Ltd announced an aluminium manufacturing joint venture with Abu Dhabi-based International Holding Company (IHC), with planned investments of about USD 11.5 billion (around ₹1.1 lakh crore).
The company continues to operate businesses spanning airports, roads, data centres, renewable energy manufacturing, PVC, metals and mining.
Bookrunners and managers include Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities.
The robust response came despite investors tracking ongoing legal proceedings in the United States involving Adani Group chairman Gautam Adani.
It marks the second major equity fundraising in the past year after a ₹25,000 crore rights issue completed in 2025, underscoring continued capital market access for the group amid expansion across infrastructure and energy transition sectors company said analysts noted respectively now.
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