Written By

Avnish Singh

Gautam Adani's firm vets FPO to raise up to $2.4 billion

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According to people familiar with the situation, the flagship company of Asia's richest man is thinking about issuing at least $1.8 billion in new shares.

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The group led by billionaire Gautam Adani is collaborating with advisors on the follow-up issue and could sell the shares soon, according to the people.

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They request anonymity because the information is sensitive. One of the individuals predicted that sales may reach $2.4 billion.

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According to the sources, the matter will increase the firm's credibility and investor approval while also broadening the shareholder base.

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Over the next six months, more research firms are anticipated to cover the company, one of the sources added.

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According to figures by Bloomberg, the market value of Adani Enterprises has increased by around 136% so far this year, or about $56.3 billion.

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The benchmark S&P BSE Sensex index for India has only increased 5.4% during that time.

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Analysts point out that the low relative liquidity of Adani Group shares makes them susceptible to significant swings.

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The Adani family, which owns around 75% of Adani Enterprises, has previously been given credit by the Adani group for the minor free float.