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Adani Enterprises FPO sees 3% subscription on second day of bidding

The flagship company of Adani Group plans to use issue proceeds for some green hydrogen projects, improving airport facilities and building expressways

January 30, 2023 / 05:35 PM IST
Gautam Adani.

Gautam Adani.

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The Follow-On Public Offering (FPO) by Adani Enterprises has managed to garner bids for 1.39 million shares against its offer size of 45.5 million shares, representing 3 percent subscription so far on January 30, the second day of the sale.

Retail investors remained at the forefront, buying 4 percent of their allotted quota, followed by high networth individuals, who subscribed to 4 percent of the portion set aside for them.

Qualified institutional buyers (QIB) bought 4,576 shares of the 12.8 million shares reserved for them.

Days before the issue opened, on January 25, anchor investors, a part of the qualified institutional buyers had subscribed nearly Rs 6,000 crore worth of shares.

The company owned by billionaire Gautam Adani has reserved 1.6 million shares for its employees, who have bought 13 percent of them.

On the closing of day 1, January 27, the Rs 20,000-crore FPO had been subscribed 1 percent.

The offer, which closes on January 31, has a price band of Rs 3,112-3,276 per share.

The flagship company of Adani Group intends to use the proceeds to fund some projects in the green hydrogen ecosystem, improve existing airport facilities and construct new expressways.

Some debt owed by the company and its subsidiaries (Adani Airport Holding, Adani Road Transport, and Mundra Solar) will also be repaid with the proceeds.

Adani Enterprises shares rebounded after a sharp correction in the previous session, gaining 4.2 percent to Rs 2,878 on the BSE.

Sunil Shankar Matkar
first published: Jan 30, 2023 05:35 pm