Adani Airports IPO: Gautam Adani led conglomerate to list airports business by FY28

Adani Enterprises is likely to bring an IPO for its airport business by the financial year 2028, according to a report by CNBC-TV18. The group is also planning to raise $2 billion to $3 billion through the equity route in the current financial year. Adani Enterprises entered into the aviation sector through its airports vertical, Adani Airports Holdings Limited (AAHL) in 2019. Currently, the company controls and manages seven airports located in Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.

The Navi Mumbai International Airport (NMIAL), which is expected to begin operational by March 2025, will be the eighth airport managed by AAHL. Being located in India’s financial capital Mumbai, NMIAL could be a major boost to the company’s portfolio.

The company claimed that Adani Airports, through the Mumbai International Airport, currently oversees 25% of all footfalls and about 33% of national air cargo traffic.

Adani Group’s Seventh IPO

Adani Enterprises went public nearly 30 years ago, in 1994. Since then six of its businesses have also made their debut on the exchanges. The Adani Group companies currently hold a combined market capitalisation of over ₹16 lakh crore.

In 2022, Adani Wilmar went public, becoming the sixth Adani Group company to bring out an IPO. With the expected market debut in FY28, AAHL is likely to be the group’s seventh company to go public.

Adani Airports has a combined annual passenger handling capacity of 100-110 million, and the company is reportedly planning to increase it by 2.5-3 times by 2040.

In January this year, Jeet Adani, vice-president of Adani Enterprises Ltd and son of Gautam Adani, also spoke about plans to list the conglomerate’s airports vertical on the bourses.

“In the near future, yes (on listing its airports vertical). It depends. We have a couple of triggers that we need to cross before we will do that. First big one is obviously Navi Mumbai (airport) being operationalised and having its first stable year of operations. But that is one of the triggers,” Jeet Adani said.

Adani Group has planned to invest ₹30,000 crore for augmenting its airport terminals and airside facilities over the next five years. The Adani Group is also likely to make an infusion of ₹60,000 crore into its airport business over the next decade.

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