Indian billionaire Gautam Adani is now Asia’s richest person after turning a small commodities trading company into a conglomerate encompassing ports, mines, and green energy.
The 59-year-old mogul’s net worth surpassed Mukesh Ambani‘s $87.9 billion on Monday, according to Bloomberg’s Billionaires Index.
Adani is now one of the top 10 wealthiest people in the world. His wealth has grown by 12 billion USD year-to-date, whereas Ambani’s wealth has declined nearly 2 billion USD year-to-date.
The Adani Group has entered every sector at the right time, which appeals to a select band of foreign portfolio investors, says Deepak Jasani, head of retail research at HDFC Securities.
“The sectors are capital-intensive, and the company has had little difficulty raising funds to expand,” Jasani added.
Since the beginning of the COVID-19 pandemic, the Adani Group has performed exceptionally well on the stock market.
His stocks on the National Stock Exchange have increased by over 1,000% since June 2020. (NSE).
Adani Wilmar Ltd’s stock had a sluggish start on Tuesday, but quickly recovered to gain over 8% against the issue price of Rs 230.
On the BSE, the stock debuted at Rs 221, a discount of 3.91 percent from the issue price. However, it quickly made up for lost ground, rising 6.52 percent to Rs 245.
Similarly, on the National Stock Exchange, it dropped 1.30 percent to Rs 227.
However, the stock rebounded and did rise 8.26% to Rs 249. On the Bombay Stock Exchange, the company was valued at Rs 31,770.64 crore.
The demand for Adani Wilmar’s initial public offering (IPO) was more than 17 times what was available last month.
Adani Wilmar, a joint venture between Adani Group and Singapore’s Wilmar Group, set a price range of Rs 218-230 per share for the initial public offering, which began bidding on January 27.
