Indian conglomerate Adani Enterprises’ public bond issue oversubscribed at launch, sources say

MUMBAI: Adani group’s flagship company saw strong demand for its third public bond issue, with the offering oversubscribed on launch day, two people aware of the deal said on Tuesday.

Adani Enterprises had planned to raise 10 billion rupees ($110.86 million) through the sale of two-, three- and five-year bonds. The issue opened for subscription earlier in the day, receiving bids worth more than double the issue size as of 4:30 p.m. IST, the sources said.

The two sources are directly involved with the deal and requested anonymity as they are not authorised to speak to the media. Subscription will likely end before the slated January 19 date it was originally slated to close on, they said.

Corporates led demand for the issue, oversubscribing their allotment more than 4 times, followed by high net-worth individuals and retail investors, both bidding more than 1.4 and 1.5 times their earmarked size, the sources added.

The sale marks Adani Enterprises’ third public issue. It last raised 10 billion rupees via a public bond issue in July 2025 across two-, three- and five-year tranches, after its first such issuance in September 2024.

In total, Indian firms issued 34 public bonds in 2025, raising an aggregate of 72.56 billion rupees.

Adani Enterprises will pay an annual coupon of 8.60%, 8.75% and 8.90% to investors on two-year, three-year and five-year notes respectively. The bonds have an option of paying coupons on a quarterly or cumulative basis.

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.