Another IPO coming soon from the House of Adani

Asia's richest person Gautam Adani is going to give the public another chance to get share of the business pie as the group looks at an IPO for the NBFC unit of the Adani Group.

Bloomberg reports that non-bank lender Adani Capital will look to raise Rs 1,500 cr through a stake sale but you may have have to be patient as the timeline is set for 2024. Reports indicate that the company aims for a $2 billion valuation in offering.

Adani Capital is the non-banking financial company (NBFC) arm of Adani Group and commenced lending operations in April 2017. The lender uses a direct-to-customer distribution model, and the firm has 154 branches in eight states and about 60,000 borrowers.

Adani Wilmar was the latest Adani Group firm to enter stock exchanges. The FMCG firm that debuted in market on February 8 has already given investors a 3-fold return on their bets as the stock price has risen from Rs 260 to Rs 645 in a matter of 6 months.