Adani Enterprises raises QIP to Rs 15,000 crore on strong investor demand

Adani Enterprises Ltd has increased the size of its Qualified Institutional Placement (QIP) to Rs 15,000 crore from the initially planned Rs 10,000 crore after the share sale attracted bids worth about Rs 38,000 crore, according to people familiar with the matter.

The offering, launched on Thursday, was subscribed about 3.8 times the original base issue size, with demand led primarily by long-only institutional investors, they said.

Investors in the offering included global asset managers and financial institutions such as Capital Group, Goldman Sachs, BlackRock, Blackstone and Nomura. Domestic participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund and Tata Mutual Fund.

Demand was sufficient to cover the enlarged Rs 15,000 crore issue within 48 hours of the roadshow, with several investors seeking larger allocations than were ultimately available, they added.

The strong response comes even as investors continue to monitor legal proceedings in the United States involving Adani Group chairman Gautam Adani.

The QIP is Adani Enterprises’ second major equity fundraising in the past year, following its Rs 25,000 crore rights issue completed in 2025.

The company said proceeds from the share sale will be used to fund capital expenditure across its incubation businesses, repay debt and pursue strategic investments and acquisitions.

Adani Enterprises, the flagship incubator of the Adani Group, has businesses spanning airports, roads, data centres, renewable energy manufacturing, PVC, metals and mining.

The fundraising follows the company’s announcement this week of an aluminium manufacturing joint venture with Abu Dhabi-based International Holding Company (IHC), involving planned investments of about $11.5 billion (around Rs 1.1 lakh crore).

The indicative issue price was set at Rs 2,883 per share, representing a 5 per cent discount to the Securities and Exchange Board of India floor price of Rs 3,034.68 and a 9.27 per cent discount to the stock’s July 2 closing price of Rs 3,177.50.

Jefferies, SBI Capital Markets, ICICI Securities and IIFL Securities are managing the offering.