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 pm 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.
The stakes are high for Adani, who has already suffered one of the world’s biggest-ever declines in personal wealth. A successful deal would show he still has the ability to attract investors with bold expansion plans in industries ranging from green energy to ports and e-commerce. But failure to reach his target would represent a major blow to the tycoon’s prestige and heighten concerns about the conglomerate’s debt load.