The flagship company of Asia’s richest person Gautam Adani is planning a maiden bond sale to individual investors, after the coal-to-ports conglomerate expanded in the past few years into everything from data centers to cement, media and alumina.

Adani Enterprises Ltd. has proposed a 10-billion-rupee ($121 million) public sale of bonds, according to a statement from Care Ratings, which assigned the potential issuance an A+ score.

Credit markets have signaled some concerns. Adani Ports’ seven dollar-denominated notes have lost about 14% on average so far this year, while Adani Electricity Mumbai’s 2030 securities have retreated about 17%. That compares to a 14.3% decline for Indian dollar debt overall.