Shares in Adani Enterprises have surged 134% in the year to date, giving it a market value of about $55.5 billion. India’s NSE Nifty 50 index — it added Adani’s flagship in the gauge in September — has risen just 5.1% over the same period. Adani Enterprises Ltd., the flagship firm of Asia’s richest person, is considering issuing at least $1.8 billion in new shares, according to sources.

Billionaire Gautam Adani’s conglomerate is working with advisers on the follow-on issue and could sell the shares as soon as next year, the people said, asking not to be identified as the information is private. The sale could raise as much as $2.4 billion, sources said.

The issuance will test investor appetite for a stock that has had outsized gains, compounded by lower liquidity relative to peers and sparse analyst coverage. The conglomerate has previously attributed the small free float to the Adani family holding about 75% of Adani Enterprises, and earlier this year said it is working on plans to increase the free float.

Shares in Adani Enterprises have surged 134% in the year to date, giving it a market value of about $55.5 billion. India’s NSE Nifty 50 index — it added Adani’s flagship in the gauge in September — has risen just 5.1% over the same period. Adani Enterprises is trading at a valuation of 164 times its one-year forward earnings. By comparison, Nifty is trading at a multiple of about 20 times, and Reliance Industries Ltd. India’s largest firm by market value at about 21 times, according to data compiled by Bloomberg.

Deliberations are ongoing and details of the fundraising including size and timing could still change, the sources said. company’s board will meet on Nov. 25 to discuss raising funds, the company said in an exchange filing Tuesday. Adani’s group is looking to raise at least $10 billion in new debt over the next year as the conglomerate seeks to refinance its high-cost borrowings and fund projects in the pipeline, Bloomberg News reported last month. The effort could start as soon as the ongoing December quarter.

The planet’s third richest person has made forays into a diverse array of businesses with dealmaking in recent months. Adani spearheaded a $10.5 billion acquisition of Holcim Ltd.’s local cement assets, India’s second-biggest deal of the year. The firm is also making a bid to take over New Delhi Television Ltd., with the disclosure of an indirect 29.2% stake in the broadcaster triggering an open offer that launched Tuesday and will run until Dec. 5.

The Group’s diverse businesses include port management, electric power generation, and transmission, renewable energy, mining, airport operations, natural gas, food processing, and infrastructure. The group has an annual revenue of over US$25 billion with a net profit of US$2.5 billion and $100 billion in total assets with operations at 100 locations in 70 countries as of 2022. Adani Group expected revenue from $45 billion and $4 billion net profit in 2022-23 to expected revenue of $90 billion and $10 billion profit in 2023-24. Adani Group have over 100,000 total employees directly and indirectly in the world.

In April 2021, Adani Group became the third Indian conglomerate to cross US$100 billion in market capitalization. It crossed the market capitalization of US$200 billion in April 2022 becoming the third Indian conglomerate after Tata Group and Reliance Industries to do so. In November 2022, Adani Group’s market capitalization reached the top $280 billion ( INR 24 trillion), and its market capital vision is $1 trillion by 2029, surpassing Tata Group.