Investor Frenzy Pushes Adani Enterprises To Upsize QIP To Rs 15,000 Crore

Adani Enterprises has raised the size of its qualified institutional placement to Rs 15,000 crore, up from the originally planned Rs 10,000 crore, particularly due to the rise in investor demand post the issue. 

The share sale attracted bids worth around Rs 38,000 crore, nearly 3.8 times the base offer size, marking one of the strongest responses to a QIP in recent years. 

The company set the issue price at Rs 2,883 per equity share, reflecting a 5% discount to SEBI's floor price of Rs 3,034.68 and a 9.27% discount to the July 2 closing price of Rs 3,177.50. Adani Enterprises said the proceeds will go toward funding capital expenditure to support the growth of its incubation businesses.

The latest offering drew participation from some of the world's largest institutional investors, including Capital Group, Goldman Sachs, BlackRock, Blackstone and Nomura. 

Domestic investor interest was equally broad-based, with HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund and Tata Mutual Fund also among the participants. 

According to people familiar with the transaction, the order book was fully covered even before the issue officially opened, with bankers noting that investors were eager to secure allocations.

The fundraising underscores a marked turnaround in investor sentiment toward the Adani Group. Having once been among the least favoured names for several institutional investors, Adani stocks have now emerged as some of the most sought-after picks among both global funds and domestic asset managers.

Over the past year, top institutional investors have taken part in fundraisings and secondary deals across group companies such as Adani Power, Adani Ports & SEZ, Adani Energy Solutions and Adani Green Energy, in addition to Adani Enterprises. The consistent presence of some of the world's largest asset managers, alongside nearly every major domestic mutual fund, points to growing confidence in the group's long-term growth pipeline.

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