Adani Airports IPO: Parent company shares a major update on the timeline

Adani Enterprises will look to list its Airports business by financial year 2028, senior officials of the company told CNBC-TV18.At the group level, there is also a plan to raise between $2 billion to $3 billion via equity in the current financial year, the officials said.Since the flagship company went public in 1994, Adani Enterprises has incubated and listed six other independent businesses, which have a combined market capitalisation of over $10 billion. Earlier this year, brokerage firm Cantor Fitzgerald had initiated coverage on the stock with a "buy" rating and a price target of ₹4,368 per share. It wrote in its note that the valuation for Adani Enterprises is driven by three main businesses, primary of them being the airports business.Adani Enterprises owns eight airports in the country, seven of which are operational and the Navi Mumbai International Airport is likely to be completed by the end of the year. Cantor Fitzgerald valued the airports business at ₹1,622 per share.Jefferies too has a buy recommendation on Adani Enterprises with a price target of ₹3,800 per share. It recently wrote in its note that the company aims to bid for new airports under India's Airports privatisation plan.Jefferies and Cantor Fitzgerald are the only two analysts that have coverage on Adani Enterprises. Cantor had written in its note back then that the lack of analyst coverage on Adani Enterprises has served as a hindrance to investor education for all Adani-named businesses. "We believe that much of what the investor community knows about Adani has come from a short report published in early 2023," the note said, referring to the Hindenburg saga.Adani Enterprises shares recovered all of their losses they made during the Hindenburg days.Shares of Adani Enterprises are trading 0.6% lower on Monday at ₹3,177.25. The stock is up 9% so far in 2024.