The Adani Group is reportedly planning to list its airport business, Adani Airport Holdings, by March 2027. Adani Airport IPO comes as part of a broader and ambitious USD 100 billion (~INR 8.55 lakh crore) capital expenditure (capex) push across the group’s infrastructure, energy, and logistics verticals.
Adani Airport IPO Plans
According to some industry reports, Adani Group is planning to spin off and list Adani Airport Holdings (AAHL) — a wholly owned subsidiary of Adani Enterprises — within the next 21 months. AAHL operates 8 airports in India, including Mumbai, Ahmedabad, Lucknow and Jaipur.
Notably, Navi Mumbai International Airport, a greenfield project considered one of India’s largest infrastructure projects, is nearing operational readiness and is expected to open soon. This project will add to the AAHL IPO value.
Doubling Down on Capex: USD 100 billion in 5-6 years
More than the Adani Airport IPO itself is the scale and speed of Adani Group’s capex plans. The group has ports, power, green energy, cement, airports and media businesses. The Adani Group has accelerated its capex plans. Instead of deploying USD 100 billion over 10 years, it now plans to deploy that amount in 5-6 years.
USD 30 billion (~INR 2.56 lakh crore) will be funded through domestic and international borrowing, USD 50 billion (~INR 4.28 lakh crore) through internal accruals of its listed companies and USD 20 billion (~INR 1.71 lakh crore) through new asset classes like roads, airports and renewable energy by end of the decade.
Fundraising Momentum Back
After a tough phase with allegations of corporate malfeasance by Hindenburg Research in 2023 and a US Department of Justice bribery probe later that year, Adani Group seems to be back in fundraising mode. Adani Airports got USD 750 million (~INR 6,415 crore) in external commercial borrowings from a consortium of banks this month, USD 400 million (~INR 3,421 crore) of which is for debt refinancing. This is after USD 750 million bond issue in April where one-third was subscribed by BlackRock Inc and USD 150 million (~INR 1,283 crore) bilateral loan by Adani Ports from DBS Group Holdings in May.
IPO Pipeline Beyond Airports: Metals Division Also in Sight
Along with the Adani Airport Holdings IPO listing, Adani Group is also planning to list its metals business by 2030, another big milestone in its long term capital market strategy. Executives say the newer businesses will be big drivers of both revenue and valuation going forward.
Strong Numbers Amid Recovery
Adding to the IPO plans is the strong numbers of Adani Enterprises, the flagship company. For Q4 FY25, the company reported a net profit of INR 3,845 crore — a massive 752% YoY growth — driven by a one time gain from sale of 13.5% stake in Adani Wilmar. Despite 7.5% YoY decline in revenue from operations, total income grew 2% to INR 1,00,365 crore.
Global Outreach and Investor Confidence
Gautam Adani recently visited China — his first big international trip since the US DOJ probe started. While details of the visit are not known, it signals a renewed focus on industrial partnerships and supply chain strategies to support the group’s aggressive growth plans.
Conclusion
With Adani Airports IPO and accelerated USD 100 billion investment strategy, Adani Group is back in expansion mode — and believes in India’s long term infrastructure story. But as it courts global investors and ramps up leverage, market will be watching execution risks, regulatory scrutiny and the group’s ability to manage its massive funding pipeline.
If successful, Adani Airports IPO will be one of the biggest listing in India’s infrastructure space, giving investors a rare play on the rapidly growing aviation and transport economy of the world’s most populous country.
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