Adani Enterprises FPO receive muted response on Day 2

The follow-on public offer (FPO) of Adani Enterprises was subscribed only 2% on the day 2 by 04:00 PM. The company is offering its shares at an issue price of Rs 3,112 to Rs 3,276. The offer will conclude on January 31.

According to the BSE website, 9,58,688 applications received against 4,55,06,791 shares offered for subscription. Retail investors put in bids for close to 4% of the shares reserved for them Non-institutional investors only 1% of the reserved shares. Qualified Institutional Buyers category is yet not ticked off.

Last week on Wednesday, the company has raised Rs 5,985 crore from anchor investors ahead of its FPO. The company allotted 1.82 crore equity shares to 33 funds at Rs 3,276 apiece. 

Out of the Rs 20,000-crore proceeds from the offer, Rs 10,869 crore will be used for green hydrogen projects, work at the existing airports and construction of a greenfield expressway.