A 900% Stock Jump Mints a Billionaire Shadow Banker in India

Even in Mumbai’s increasingly wealthy financial circles — where initial public offerings have minted billionaires at a fast clip — the swiftness of Sanjay Dangi’s rise is an outlier.

Shares of Authum Investment & Infrastructure Ltd., a shadow bank controlled by Dangi, have surged 900% in the past three years. Authum, which invests in mid- and small-sized companies, has a market capitalization of about 288 billion rupees ($3.3 billion) making it more valuable than London-based Man Group Plc, the world’s biggest publicly traded hedge fund, despite having only a fraction of its assets.

Sanjay Dangi

Source: Sanjay Dangi

In addition, the ...