Asia's richest man, Gautam Adani, is turning to IPOs to expand his port-to-power conglomerate, Adani Group. The group's Chief Financial Officer, Jugeshinder Singh, announced plans to list at least five businesses - Adani New Industries, Adani Airport Holdings, Adani Road Transport, AdaniConnex, and metals and mining units - on the public market between 2026 and 2028. This move will help the group improve debt ratios and open the opportunity for broadened investor reach.

Shares of Adani Enterprises, the flagship group company, finished Monday with a 4.76% uptick. This rise follows a response from the conglomerate to the Hindenburg Research report critiquing the Adani Group's "elevated" leverage. Adani Enterprises is launching its follow-on public offering at a discount, allowing payments in three installments to attract domestic investors - a move that will help the thinly traded stock increase liquidity and reduce debt.

Institutional investors are showing their support for the Rs 20,000-crore FPO, believing that the under-inc