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Adani Energy Solutions Limited (AESL) announced today the successful completion of its INR 8,373 crores (USD 1 billion) Qualified Institutional Placement (QIP), marking the largest transaction of its kind in India’s power sector. This achievement underscores AESL’s leading role in India’s energy transition and highlights strong investor confidence in the nation’s power sector.
This QIP represents AESL’s first equity raise in the capital markets since its demerger and subsequent listing from Adani Enterprises Limited (AEL) in July 2015. The company’s consistent double-digit EBITDA growth since 2016 reflects the success of AEL’s incubation model.
Launched after market hours on July 30, 2024, the QIP initially offered a base deal size of INR 5,861 crores (USD 700 million), with a green shoe option to increase the total to INR 8,373 crores (USD 1 billion). The offering saw exceptional demand, with bids amounting to approximately six times the base deal size. This interest came from a diverse investor base, including utility-focused US investors entering the Indian market for the first time, sovereign wealth funds, major Indian mutual funds, and insurance companies, allowing AESL to fully utilize the green shoe option. |
