Adani’s $2.5 bn FPO faces critical final day amid Hindenburg turmoil
Tuesday marks a critical day for Asia’s richest man Gautam Adani as his flagship firm closes books on a 200-billion rupee ($2.5 billion) share sale amidst the turmoil triggered by short-seller Hindenburg Research.
Shares of Adani Enterprises Ltd. have plunged about 7% below the floor price set for the follow-on equity sale owing to a broad three-day selloff that’s erased more than $68 billion of market value from Adani Group companies. Overall subscription for the offer, India’s largest follow-on equity sale, stood at just 3% as of end Monday.
That’s caused some analysts following the share sale to be skeptical about whether there will be enough demand under the current terms.
