Adani Enterprises Follow-On Public Offering (FPO) is a major win for billionaire Gautam Adani as the shares of his flagship company have been fully subscribed. Despite a report from US short seller Hindenburg Research, which caused a dip in Adani Group stocks, the record breaking Rs 20,000 crore FPO received 112% subscription, with bids for 50.86 million shares against an offer size of 45.5 million shares. However, retail investors shied away, bidding for only 12% of the shares set aside for them. Non-institutional investors subscribed for 332% of their portion and employees for 55%. The FPO, which opened on January 27, marks a triumph for Adani Enterprises, even in the wake of the Hindenburg report.
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