Adani Enterprises QIP gets nearly 4x bids, successfully raises Rs 15,000 crore
Adani Enterprises successfully raised ₹15,000 crore through a qualified institutional placement, attracting significant interest from both foreign investors like Capital Group and Goldman Sachs, and domestic mutual funds. The issue was oversubscri...
By Himadri Buch, ET Bureau | Updated:
ANI
A clutch of foreign and domestic investors participated in the Adani Enterprises qualified institutional placement (QIP) issue that was open for a day, on Friday, sources aware of the details told ET.
The investor mix included global names such as Capital Group, Goldman Sachs, BlackRock, Blackstone, and Nomura, said one of the sources. On the domestic side, mutual funds, including HDFC MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Kotak MF, Tata MF, SBI MF, and Motilal Oswal MF, also participated in the issue, said the source cited above.
Adani Enterprises had initially launched a ₹10,000 crore QIP on July 2, with a greenshoe option of ₹5,000 crore. Following strong demand, the company upsized the issue to ₹15,000 crore.
The QIP saw bids worth around ₹38,000 crore, translating into nearly four times the subscription of the base issue size.
The indicative issue price was fixed at ₹2,883 per share, representing a 5% discount to the Sebi floor price of ₹3,034.68 and about a 9.3% discount to the July 2 closing price of ₹3,177.50 on the NSE.
The stock climbed 1.02% to ₹3,209 on Friday.
The company plans to issue around 34.7 million shares, which would result in a dilution of about 2.6% of its post-issue equity.
Despite the near-term pressure, the stock has delivered strong gains, rising around 42% so far this year, compared to a 7% decline in the benchmark Nifty 50. The company's market capitalisation stood at about ₹3.71 lakh crore as of Friday's close.
The proceeds from the QIP will be used to fund capital expenditure for scaling up its incubation businesses, repay debt, and support general corporate purposes. This includes potential inorganic growth opportunities through acquisitions and strategic investments.
The QIP followed Adani Enterprises' earlier placement in October 2024 and the ₹25,000 crore rights issue in the second half of FY26, which was executed in three tranches.
Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities were the book-running lead managers to the issue.
The investor mix included global names such as Capital Group, Goldman Sachs, BlackRock, Blackstone, and Nomura, said one of the sources. On the domestic side, mutual funds, including HDFC MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Kotak MF, Tata MF, SBI MF, and Motilal Oswal MF, also participated in the issue, said the source cited above.
Adani Enterprises had initially launched a ₹10,000 crore QIP on July 2, with a greenshoe option of ₹5,000 crore. Following strong demand, the company upsized the issue to ₹15,000 crore.
The QIP saw bids worth around ₹38,000 crore, translating into nearly four times the subscription of the base issue size.
The indicative issue price was fixed at ₹2,883 per share, representing a 5% discount to the Sebi floor price of ₹3,034.68 and about a 9.3% discount to the July 2 closing price of ₹3,177.50 on the NSE.
The stock climbed 1.02% to ₹3,209 on Friday.
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The company plans to issue around 34.7 million shares, which would result in a dilution of about 2.6% of its post-issue equity.
Despite the near-term pressure, the stock has delivered strong gains, rising around 42% so far this year, compared to a 7% decline in the benchmark Nifty 50. The company's market capitalisation stood at about ₹3.71 lakh crore as of Friday's close.
The proceeds from the QIP will be used to fund capital expenditure for scaling up its incubation businesses, repay debt, and support general corporate purposes. This includes potential inorganic growth opportunities through acquisitions and strategic investments.
The QIP followed Adani Enterprises' earlier placement in October 2024 and the ₹25,000 crore rights issue in the second half of FY26, which was executed in three tranches.
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Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities were the book-running lead managers to the issue.
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