Shares of Adani Enterprises fell on Friday after the company fixed the indicative price for its qualified institutional placement (QIP) at Rs 2,883 per share, representing a 9.3 percent discount to Thursday's closing price, even as it upsized the issue to Rs 15,000 crore from an initial base size of Rs 10,000 crore following robust investor demand.

At around noon, Adani Enterprises stock was trading at Rs 3,168, down 0.3 percent for the day after falling as much as 2.3 percent intraday. Despite Friday's decline, the stock has gained more than 40 percent so far in 2026, significantly outperforming the Nifty 50, which is down 6.8 percent over the same period. The company commands a market capitalisation of about Rs 4.12 lakh crore.

According to the deal terms, the Ahmedabad-based conglomerate increased the size of the QIP to Rs 15,000 crore after receiving bids worth around Rs 38,000 crore, or 3.8 times the original base issue size, making it one of the strongest responses to a QIP in recent years.

The indicative issue price has been set at Rs 2,883 per equity share, a 5 percent discount to the SEBI floor price of Rs 3,034.68 per share and about 9.27 percent below the July 2 closing price of Rs 3,177.50.

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The order book was reportedly fully pre-filled before the issue opened, allowing the company to complete the transaction within 48 hours, including investor roadshows. The issue has attracted participation from several marquee domestic and global institutional investors, including Capital Group, HDFC Mutual Fund, ICICI Mutual Fund, Kotak Mutual Fund, SBI Mutual Fund, BlackRock, Blackstone, Tata Mutual Fund and Birla Mutual Fund.

Adani Enterprises had launched the QIP on July 2 with a base issue size of Rs 10,000 crore. The company had fixed the floor price at Rs 3,034.68 per share and stated that it could offer a discount of up to 5 percent to the floor price in accordance with regulatory norms.

The proceeds from the share sale will be used to fund capital expenditure for accelerating the growth of Adani Enterprises' incubation businesses. The company had earlier secured shareholder approval to raise up to Rs 15,000 crore through one or more permissible routes, including a QIP, preferential issue or other eligible securities.

SBI Capital Markets, Jefferies India, ICICI Securities and IIFL Capital Services are acting as the book-running lead managers for the issue.

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