The Follow-on Public Offer (FPO) of Adani Enterprises was subscribed to 29 per cent, as of 12:30 PM on January 31, 2023, according to data on BSE. The highest interest was seen from the Non-Institutional Investors (NIIS), who have subscribed to 55 per cent of their share.
The interest from retail individual investors (RIIs) has been low, with only 7 per cent subscriptions in this category so far.
Out of 4,55,06,791 shares offered, the bids have been received for only 1,32,54,968 shares. Tuesday is the last day for the subscription of the FPO.
The employees have bid for 29 per cent of the shares marked for them. The data showed that the Qualified Institutional Buyers (QIBs) have bid for 49 per cent of the total shares in the category.
The FPO was subscribed only 3 per cent by Monday. It was buoyed by the Abu Dhabi-based International Holding Company (IHC) decision to get a 16 per cent share for $400 million (Rs 3,260.8 crore).
AEL had earlier received commitments for Rs 5,985 crore from anchor investors. Maybank Securities has subscribed to shares worth Rs 2,040 crore in the anchor category, while state-owned Life Insurance Corporation of India submitted bids worth Rs 300 crore. The announcement by IHC came at a time when AEL’s share price continues to languish below its FPO price.
Syed Basar Shueb, chief executive officer of IHC, said the decision to invest in the FPO was “driven by our confidence and belief in the fundamentals” of the company.
“We see strong potential for growth from a long-term perspective,” he added.
The firm is issuing partly paid-up shares. Those participating in the FPO will have to pay 50 per cent now, and the balance in one or more tranches to be decided by the company over 18 months.