NEW DELHI: Mumbai: Support from high networth financiers guaranteed India's most significant follow-on public offering (FPO), the Rs 20,000-crore Adani Enterprises (AEL) concern, attained complete subscription on the last day of bidding.
Nevertheless, there was a lukewarm reaction from retail financiers and employees.The flagship of the Adani Group received overall bids for 5.1 crore shares, against the offer size of 4.6 crore shares, on January 31, the third and last day of retail bidding, representing a 112% membership.
This omits the Rs 5,985-crore anchor book, a part of the QIB portion, that was entirely subscribed a day before the FPO had actually opened on January 28.
The high networth individuals (HNIs) part was subscribed 332%, with bidding for 3.2 crore shares, against the 96 lakh shares that were booked for this classification.
Within HNIs, the part booked for ultra HNIs was subscribed nearly five times, that included family offices of India Inc, market sources stated.
Retail financiers and AEL employees categories were subscribed 12% and 55%, BSE information showed.
There was a muted response from retail financiers as AELs stock was offered listed below the FPO rate band of Rs 3,112-Rs 3,276 a share, market watchers stated.
AEL had actually offered a discount rate of Rs 64 to retail financiers.
On Tuesday, the AEL stock on BSE closed at Rs 2,975, up 3.4% over the previous close but still at a 4% discount to the lower band of the FPO price of Rs 3,112.
New Delhi: Mumbai: Support from high networth investors made sure India's most significant follow-on public offering (FPO), the Rs 20,000-crore Adani Enterprises (AEL) concern, attained full subscription on the last day of bidding.
However, there was a warm reaction from retail investors and employees.The flagship of the Adani Group received overall quotes for 5.1 crore shares, versus the deal size of 4.6 crore shares, on January 31, the 3rd and last day of retail bidding, representing a 112% membership.
This excludes the Rs 5,985-crore anchor book, a part of the QIB part, that was completely subscribed a day before the FPO had actually opened on January 28.
The high networth individuals (HNIs) part was subscribed 332%, with bidding for 3.2 crore shares, against the 96 lakh shares that were scheduled for this classification.
Within HNIs, the part reserved for ultra HNIs was subscribed nearly five times, which included family offices of India Inc, market sources said.
Retail financiers and AEL staff members categories were subscribed 12% and 55%, BSE information showed.
There was a muted action from retail investors as AELs stock was available listed below the FPO cost band of Rs 3,112-Rs 3,276 a share, market watchers said.
AEL had used a discount of Rs 64 to retail financiers.
On Tuesday, the AEL stock on BSE closed at Rs 2,975, up 3.4% over the previous close however still at a 4% discount rate to the lower band of the FPO rate of Rs 3,112.