Adani Energy Solutions QIP Sees Strong Investor Interest
Adani Energy Solutions Limited (AESL), a subsidiary of the Adani Group, successfully concluded its $1 billion qualified institutional placement (QIP) last week. The offering attracted significant investor interest, with over 120 investors seeking shares in the company.
Qatar Investment Authority (QIA): QIA, through its subsidiary INQ Holdings LLC, acquired 15% of the shares sold.
Two Mauritius funds of Citigroup bought 8.88% of the shares.
Four SBI funds together acquired 7.93% of the shares.
Nomura acquired 7.5% of the shares.
Founded by billionaire Stanley Druckenmiller, Duquesne acquired an undisclosed number of shares.
These two US-based long-only funds also participated in the QIP.
The QIP was oversubscribed six times, with demand exceeding $50 billion. This strong investor interest is seen as a vote of confidence in Adani Group, especially after the challenges faced following the Hindenburg report last year.
The successful QIP marks the first public equity raise by the conglomerate since the report. It also highlights the company's ability to attract prestigious long-only investors known for their strong performance and commitment to good governance.
Adani Group has a history of introducing prominent investors to the market, including GQG Partners, International Holding Company (IHC), and QIA. This latest QIP further strengthens the group's investor base and paves the way for future growth.