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Billionaire Adani’s Shadow Bank Plans IPO as Soon as 2024

  • Adani Capital aims for a $2 billion valuation in offering
  • Non-bank finance unit offers small farm and business loans
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A non-bank lender backed by Gautam Adani, Asia’s richest person, is planning to raise at least 15 billion rupees ($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.