Gautam Adani strikes gold: Adani Enterprises' NCDs fully subscribed in 45 minutes
According to subscription data released by the company, non-institutional investors placed the highest bids by mid-morning, totaling Rs 651.45 crore.
Masterstroke by Gautam Adani
New Delhi: Adani Enterprises, the flagship company of the Adani Group, saw overwhelming demand for its Non-Convertible Debentures (NCDs). The company's Rs 1,000 crore public issue of NCDs was fully subscribed within just 45 minutes of opening on Tuesday, 06 January 2026, the company announced. The initial base issue of Rs 500 crore was subscribed in just 10 minutes. This indicates strong investor interest in high-rated corporate debt at the beginning of 2026.
Bids Started Pouring In Immediately After The Issue Opened
The company stated that bids for its secured NCD offer started pouring in immediately after the issue opened at 10:21 AM on January 6. Within less than an hour, the total subscription reached Rs 1,000 crore. The issue was scheduled to remain open until January 19, with allotment on a 'first-come, first-served' basis, but the rapid subscription clearly demonstrates the strong investor appetite.
Subscription Data
According to subscription data released by the company, non-institutional investors placed the highest bids by mid-morning, totaling Rs 651.45 crore. High Net-Worth Individuals (HNIs) subscribed for Rs 71.90 crore, while retail investors placed bids worth Rs 87.15 crore. Institutional investors had not placed any bids at this time. When this data was compiled, the total bids amounted to Rs 810.50 crore, but the issue was fully subscribed within minutes.
Adani Enterprises Had Planned To Raise Rs 1,000 Crore Through This Issue
Adani Enterprises had planned to raise Rs 1,000 crore through this public issue. There was also a greenshoe option of an additional Rs 500 crore if demand exceeded expectations. These bonds were offered with maturities of two, three, and five years, carrying an annual coupon (interest rate) of up to 8.9%. Under the annual payment option, the two-year notes offered an 8.60% coupon, the three-year notes 8.75%, and the five-year notes 8.90%. Investors also had the option of quarterly interest payments or a lump-sum structure. The issue received ratings of CARE AA- (Stable) and ICRA AA- (Stable).
Bond Sale
This is Adani Enterprises' third public bond sale. Previous issues were launched in September 2024 and July 2025. It appears that large Indian conglomerates are taking advantage of the domestic debt market to raise funds early in the year. The arrangers for this issue are Nuvama Wealth Management, Trust Investment Advisors, and Tipsons Consultancy Services.
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