Adani Enterprises' public debt issue oversubscribed on launch day, bankers say

Time of India

09-07-2025

Indian billionaire
Gautam Adani
's flagship firm saw strong
demand
for its second public bond issue in less than a year, with the offering oversubscribed on launch day, three merchant bankers said on Wednesday.
Adani Enterprises
plans to raise up to 10 billion rupees ($116.7 million) through the sale of two-, three- and five-year bonds.
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The issue opened for subscription earlier in the day and received bids worth 15 billion rupees as of 5 p.m. IST, the bankers said.
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It will now close on Friday, ahead of its earlier schedule of July 22, Adani Enterprises said in a public notice.
"We think the company will tap this market on a regular basis considering the strong response," one of the bankers said.
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They are directly involved in the issue and requested anonymity as they are not authorised to speak to the media.
Adani Enterprises will pay an annual coupon of between 8.95% and 9.30%, they said.
Corporates led demand for the issue, followed by high net-worth individuals and retail investors, they added.
This is India's biggest public issue in 14 months and comes after a subdued first quarter where firms were able to raise only about 15 billion rupees.
Nuvama Wealth Management
,
Trust
Investment Advisors and Tip Sons Consultancy Services are the lead managers for the issue.
Adani Enterprises did not immediately respond to a Reuters request for comment.
Last September, the company raised 8 billion rupees in its debut public issue, offering yields 30-60 basis points higher across tenors.
Adani Enterprises was able to garner over 7 billion rupees in bids on the first day until 5:00 p.m. IST last year.
($1 = 85.6800 Indian rupees)