Adani Enterprises' follow-on public offering (FPO), the largest ever in the history of Indian capital markets, received bids for 4.7 lakh shares or 1 percent of the issue size of 4.55 crore shares on January 27, the first day of bidding.
Retail investors, employees, high net-worth individuals (HNIs) and qualified institutional buyers (QIBs) have started putting in bids for the offer.
However, the anchor book of nearly Rs 6,000 crore, a part of QIB book, was fully subscribed on January 25. Accordingly, the issue size was reduced to 4.55 crore shares, from 6.47 crore shares initially.
Retail investors have bought 2 percent and employees 4 percent of their allotted quota, while HNIs (non-institutional investors) have bid for 60,456 shares against the reserved portion of 96.16 lakh shares, and QIBs have bought 2,656 shares of the 1.28 crore shares set aside for them.
The offer will close on January 31. Investors can bid for a minimum of four shares and in multiples of four shares thereafter.
Adani Enterprises with a market capitalisation of Rs 3.4 lakh crore plans to raise Rs 20,000 crore via the FPO, at a price band of Rs 3,112-3,276 per share.
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The issue proceeds will be utilised for certain projects of the green hydrogen ecosystem; improvement of certain existing airport facilities; and construction of a greenfield expressway.
Adani Enterprises, controlled by the billionaire Gautam Adani, will also repay certain borrowings via the issue proceeds. It had more than Rs 40,000 crore of borrowings on its books as of September FY23, against over Rs 41,000 crore as of March FY22.
Adani Enterprises shares corrected sharply by 15 percent to Rs 2,882 at the time of writing this article, partly due to negative market sentiment. The BSE Sensex was down over 1,000 points at 12.42 pm.