Anchor book of Adani Enterprises FPO oversubscribed 1.51 times

27 Jan 2023 , 09:19 AM

Adani Enterprises has raised around Rs 6000 crore from anchor investors on January 25. The company has finalized the allocation of 18.26 million FPO equity shares to 33 investors. these investors includes Abu Dhabi Investment Authority, Maybank Asia, Goldman Sachs, Nomura, Societe Generale, Jupiter, BNP Paribas, Al Mehwar, Citigroup and Morgan Stanley.

A number of Mauritius-based funds such as ELM Park Fund, The Great International Tusker Fund, Ayushmat Ltd, Coeus Global Opportunities Fund, Tara Emerging Asia Liquid Fund and Resonance Opportunities Fund were among the participants. Domestic investors include SBI Employee Pension Fund, HDFC Life, Life Insurance Corporation of India and SBI Life were also part of the anchor book. However, no mutual fund participated.

As per the report, anchor investors have bid for around Rs 9000 crore in India’s largest follow-on public offering (FPO), compared to the Rs 6,000 crore allocated to them. Adani enterprises has opened its anchor book to raise Rs 5,984.9 crore of 1.82 crore shares at an offer price of Rs 3,276 per share.

The company plans to raise Rs 20,000 crore from follow-on public offer. The funds will be utilised for projects of the green hydrogen ecosystem; improvement works of certain existing airport facilities; and construction of greenfield expressway. It will also repay debt and the rest will be used for general corporate purposes. 

Adani Enterprises FPO opens for subscription today, January 27 at an offer price band of Rs 3112 to Rs 3276 per share. Investors can bid for 4 shares in a lot. The offer will close for subscription on January 31.

ICICI Securities, Jefferies India, SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities, JM Financial, IIFL Capital Services, Monarch Networth Capital, and Elara Capital (India) are the book running lead managers to the issue.