Gautam Adani, Asia’s richest, plans at least 5 IPOs in 2026-28

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Adani Enterprises, the conglomerate’s flagship company, will sell new shares at a discount.

Asia’s richest man Gautam Adani plans to sell shares of at least five companies to the public between 2026 and 2028.

“In the next three to five years, at least five units will be ready to go to market,” Jugeshinder Singh, CFO of Adani Group, said in an interview. He said that Adani New Industries Ltd., Adani Airport Holdings Ltd., Adani Road Transport Ltd., AdaniConnex Pvt Ltd. and the metals and mining units of the group would become independent units.

Jugeshinder Singh said companies like the airport operator are consumer platforms serving nearly 300 million customers and need to operate independently and manage their capital needs for continued growth. He said the companies must demonstrate they can pass basic tests of independent execution, operations and capital management before a formal split can be made.

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“Scale is already there for the five units,” said Jugeshinder Singh. The “airport company is already independent, while Adani New Industries is doing well in green energy. Adani Road is demonstrating new build-operate-transfer models to the country as data center operations continue to grow. Metals and mining would cover our aluminum, copper and mining services.”

Gautam Adani has drawn criticism for the group’s rapid expansion from a traditional port operator to a sprawling conglomerate with assets such as media, cement and green energy that some say has increased debt and financial complexity. Research firm CreditSights last year issued a red flag to the Adani Group’s “increased” influence. The group opposed the report, calling leverage ratios “healthy.”

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The conglomerate’s flagship company, Adani Enterprises, plans to sell new shares at a discount and allow payments in three installments when it rolls out a $2.5 billion follow-up offer later this month — an unusual move for one of its largest stocks. of the country designed to attract domestic mom-and-pop investors. A diversified shareholder base would help make the little-traded stocks more liquid and provide money to pay down debt.

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Adani Group has consistently aligned itself to support Prime Minister Narendra Modi’s agenda. It has pledged more than $70 billion to help India transition from a fossil fuel importer to a renewable energy producer.

“These splits will result in massive cash flow and make the conglomerate a more valuable platform that showcases India’s infrastructure prowess globally,” said Jugeshinder Singh.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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