Adani Enterprises Ltd, the flagship company of Asia’s richest man, is considering a new share offering of at least $1.8 billion, according to people familiar with the matter.

Billionaire Gautam Adani’s conglomerate is working with advisers on follow-up issues and could sell the shares as soon as next year, people familiar with the matter said. One of the people said the sale could raise as much as $2.4 billion.

The people said the offering would diversify the shareholder base and build the company’s credibility and investor acceptance. One of the people said that more research firms are expected to conduct research on the company over the next six months.

Shares of Adani Enterprises have risen about 136% so far this year, giving it a market value of approximately $56.3 billion, according to Bloomberg calculations. India’s benchmark S&P BSE Sensex rose just 5.4% over the same period, with analysts highlighting that Adani Group’s shares are vulnerable to wild swings and have low liquidity relative to peers.

Adani Group, which previously attributed the small amount of free float to the Adani family, which owns about 75% of Adani Enterprises, said earlier this year that it was drawing up plans to increase the free float.

Deliberations are still ongoing, and details of the fundraising, including its size and timing, could still change, the people said. A representative for Adani Enterprises declined to comment. The company’s board of directors will meet on November 25 to discuss the fundraising, the company said in a stock exchange filing on Tuesday.

Adani’s group is seeking to raise at least $10 billion in new debt next year to refinance its high-cost borrowing and projects in the pipeline, Bloomberg News reported last month. The work could begin in the ongoing December quarter, the people said.

Gautam Adani has dabbled in various businesses through deals in recent months. Adani’s $10.5 billion acquisition of Holcim Ltd’s local cement assets was India’s second-biggest deal this year. The company is also bidding to acquire New Delhi Television Limited, with the disclosure of an indirect 29.2% stake in the broadcaster triggering a public offer that was launched on Tuesday and will run until December 5.