Gautam Adani plans to have IPOs for at least five companies.

Asia’s richest man, Gautam Adani, plans to sell shares to the public in at least five companies between 2026 and 2028, helping the port-to-power conglomerate improve debt ratios and broaden its investor base.

“At least five units will be ready to go to the market in the next three to five years,” Jugeshinder Singh, Adani Group chief financial officer said in an interview. 

He also said that Adani New Industries Ltd., Adani Airport Holdings Ltd., Adani Road Transport Ltd., AdaniConnex Pvt Ltd. and the group’s metals and mining units would become independent units.

Singh said "businesses such as the airport operator are consumer platforms servicing nearly 300 million customers and need to operate on their own and manage their capital requirements for further growth. He said the businesses would need to show they can clear the basic tests of independent execution, operations and capital management before a formal demerger can be implemented."

“Scale is already there for the five units,” Singh said. The “airport business is already independent, while Adani New Industries is going strong on the green energy side. 

Adani Group has consistently aligned itself to support Prime Minister Narendra Modi’s agenda. It has pledged more than $70 billion to help India pivot from being a fossil fuel importer to a generator of renewable energy.

“These demergers will result in massive cash flow and make the conglomerate a more valuable platform globally showcasing India’s prowess of infrastructure,” Singh said.