Adani Enterprises’ Follow-On Public Offer Fully Subscribed
According to market data, the next sale of shares of Adani Enterprises Ltd has been fully booked on the last day of the issuance worth Rs 20,000 crore.
Investors were looking for at least 4.62 crore of shares compared to an offer of 4.55 crore of shares.
Non-institutional investors have bid more than three times the 96.16 lakh shares offered to them. According to Bombay Stock Exchange data, 1.28 crore of shares available to qualified institutional buyers, or QIBs, are almost fully registered.
The FPO passed despite harsh reports of short sellers driving down the share prices of Adani group companies.
“Investors will see the successful completion of the FPO as a welcome relief as it implies that the company still has the support of institutional investors. The FPO will help expand its equity weighting. Adani Enterprises’ public vote (thereby solving somewhat the problem of promoter concentration, Leonard Law, senior credit analyst at Singapore’s Lucor Analytics told Reuters news agency.