Adani Enterprises’ FPO subscribed 1% on day 2 so far

The largest ever follow-on public offer by Adani Enterprises has received 1% subscription on day 2 of the offer by 11:00 am. The company has received bids for 5,99,440 equity shares out of 4,55,06,791 shares offered for sale. 

Retail investors bid for 2% of shares reserved while employees have subscribed 8% of the reserved shares. High net-worth individuals (HNIs) subscribed 1% of the reservation whereas qualified institutional buyers (QIBs) category not even ticked off.

However, the anchor book of the FPO was fully subscribed with nearly Rs 6,000 crore. 

The net proceeds from the issue will be utilised for certain projects of the green hydrogen ecosystem; improvement of certain existing airport facilities; and construction of a greenfield expressway.

The offer will close on January 31. Investors can bid for a minimum of 4 shares and in multiples of four shares thereafter.