Adani Share Sale Bids Rise as Demand Jumps on Last Day
- Adani sought to raise $2.5 billion in biggest ever India FPO
- Overall subscription stands at 85%, excluding anchor portion
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Gautam Adani inched closer to completing his flagship company’s $2.5 billion share sale, a feat that could offer Asia’s richest man some reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research.
Investors had placed orders for about 85% of the total shares on sale in the follow-on offering by Adani Enterprises Ltd. as of 2:39 p.m. in Mumbai on Tuesday, the final day of bidding, excluding the amount allotted to anchor investors. While the company’s shares were up about 3%, they continued to trade in the market for less than Adani is charging in the offering.