Adani FPO fully subscribed on last day


Mumbai : Gautam Adani-led Adani Enterprises Ltd’s Rs. 20,000 crore follow-on share sale has been fully subscribed on the last day, according to markets data.

The FPO had received bids for 50.86 million shares against an offer size of 45.5 million shares, representing a 112 percent subscription, on January 31, the third and final day of bidding. This excludes the anchor portion that was fully subscribed.

Retail investors have taken a backseat as the stock price has slid below the FPO price band, bidding for only 12 percent of the shares set aside for them.

The front-runners are qualified institutional buyers (QIB). They submitted bids for 16.1 million of the reserved 12.8 million shares, which is a 1.26 times subscription.

The portion reserved for non-institutional investors has been subscribed by 332 percent. They have bid for 31.93 million shares against the 9.6 million reserved. 55 percent of the shares set aside for staff have already received bids.

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