Adani Enterprises FPO gets over the line despite Hindenburg: exchange data
[ad_1]
The Rs 20,000-crore follow-on public offering (FPO) of Adani Enterprises has managed to get over the line despite the storm created by allegations made by US short seller Hindenburg Research.
At 2:40 p.m, the share sale had garnered 84 per cent subscription according to data provided by stock exchanges. It had generated bids of over Rs 12,000 crore. After adding Rs 5,985 crore raised from anchor investors, the issue has crossed the mandatory 90 per cent subscription mark, said investment banker.
For any FPO to be successful, the book is required to be at least 90 per cent covered.
The cumulative bids (anchor included) garnered by the FPO so fare is about Rs 18,000 crore. Investment bankers said more bids will pour in during the next one hour.
Remarkably, the company has managed to sail through despite its secondary market price languishing below the FPO price after a three-day rout that shaved off 16 per cent of its market value.
The price band for the FPO Rs 3,112-3,276 per share. Shares of Adani Enterprises last traded Rs 2,963, up 3 per cent over previous day’s close.
As per exchange data, institutional investors have applied for shares worth Rs 4,076 crore (excluding Rs 5,985 crore garnered in the anchor book); high networth individual bids total Rs 7,661 crore and retail around Rs 700 crore.
[ad_2]
Source link
Comments are closed.