Adani Capital planning IPO as soon as 2024 at $2-bn valuation: CEO

The Gautam Adani-backed NBFC is planning to raise at least Rs 1,500 cr through IPO, says MD & CEO Gaurav Gupta

A non-bank lender backed by Gautam Adani, Asia’s richest person, is planning to raise at least Rs 1,500 crore ($188 million) in an initial public offering in Mumbai that could take place as early as 2024.

Adani Capital’s first-time share sale will offer about a 10% stake in the shadow bank and target a valuation of around $2 billion, Managing Director and Chief Executive Officer Gaurav Gupta said.

“If you are listed then your ability to raise incremental capital is higher,” Gupta said in an interview in Mumbai, where the lender to farmers and small and medium-sized businesses is based.