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Business News/ Markets / Stock Markets/  Adani Enterprises FPO: GMP, subscription status, other details. Apply or not?
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Adani Enterprises FPO: GMP, subscription status, other details. Apply or not?

Adani Enterprises FPO price has been fixed at ₹3,112 to ₹3,276 per equity share

 Adani Enterprises FPO GMP today is ₹45, say market observers. (AFP)Premium
Adani Enterprises FPO GMP today is 45, say market observers. (AFP)

Adani Enterprises FPO: The follow-on public offer (FPO) of Adani Enterprises is going to hit primary markets today and it will remain open for bidding till 31st January 2023. The flagship Adani group company aims to raise 20,000 crore from its follow-on offer and the company has already made it clear that net proceeds of the FPO will be used for debt repayment and capital expenditure of Adani Enterprises Ltd and its subsidiary companies. Company has fixed Adani Enterprises FPO price band at 3,112 to 3,276 per equity share whereas Adani Enterprises share price today is around 2,900. So, the FPO is available at a higher price of around 12-13 per cent against the upper price band of the FPO.

Meanwhile, grey market sentiments have remained flat in regard to Adani Enterprises FPO. According to market observers, Adani Enterprises FPO grey market premium (GMP) today is 45, which is 55 lower from its Wednesday morning GMP of 100 per equity share.

Here we list out important Adani Enterprises FPO details:

1] Adani Enterprises FPO price: Flagship Adani group company has fixed price of its FPO at 3,112 to 3,276 per equity share.

2] Adani Enterprises FPO subscription status: By 4:25 PM on day one of bidding, the FPO has been subscribed 0.02 times in retail category whereas it has been subscribed 0.04 times in employees category.

3] Adani Enterprises FPO size: The Adani group company aims to raise 20,000 crore from its follow-on offer.

4] Adani Enterprises FPO allotment date: Tentative date for share allocation is 3rd February 2023.

5] Adani Enterprises FPO lot size: A bidder will be able to apply in lots and one lot comprises four Adani Enterprises shares.

6] Adani Enterprises FPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the FPO.

7] Adani Enterprises FPO listing: The issue is proposed for listing on both NSE and BSE.

8] Adani Enterprises FPO listing date: As per the tentative schedule of the FPO, share listing may take place on 8th February 2023.

9] Offer for retail investors: Out of 20,0000 crore fresh shares offered, 35 per cent of the net offer has been fixed for retail investors.

10] Adani Enterprises FPO review: Giving 'subscribe' tag to the FPO, Ventura Securities says, "Over the period of FY22-25E, we are expecting AEL’s revenue/ EBITDA/ net profit to grow at a CAGR of 16.9%/ 89.8%/ 128.1% to INR 1,10,822 cr/ INR 25,373 cr/ INR 9,220 cr respectively. EBITDA and net margins are expected to improve by 1755bps to 22.9% and 720bps to 8.3% respectively by FY25. Subsequently, return ratios – RoE and RoIC – to improve by 1187bps to 15.4% and 386bps to 8.0% respectively by FY25. We value AEL on a SOTP basis for a price target of INR 5,999 per share and recommend a BUY at the CMP of 3,640, for a potential upside of 64.8% over the next 24 months."

"Over the years, the company has seeded new business interests for the Adani group, developed them into sizeable and self sustaining business verticals and subsequently demerged them into independently listed and scalable platforms, thereby unlocking value for shareholders. The company has a demonstrated track record of creating sustainable infrastructure businesses since 1993," Nirmal Bang report on Adani Enterprises FPO says.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Updated: 27 Jan 2023, 04:30 PM IST
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