Adani Capital has plans to raise funds at least Rs 1,500 crore ($188 million) in an IPO in Mumbai as soon as in 2024. Adani Capital’s first-time share sale will offer about a 10 per cent stake in the shadow bank and target a valuation of around $2 billion, Managing Director and Chief Executive Officer Gaurav Gupta said.

“If you are listed then your ability to raise incremental capital is higher,” Gupta said in an interview in Mumbai, where the lender to farmers and small and medium-sized businesses is based.

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“We are not a fintech company, but a credit company which is leveraging technology to acquire or underwrite customers more effectively,” said Gupta. The lender uses a direct-to-customer distribution model and 90 per cent of the business is self-generated, he said.

In 2016, Gupta joined up with Adani after two decades in banking at firms including Nomura Holdings Inc. and Rothschild & Company. Recently serving as Macquarie Group Ltd.’s head of India investment banking.