Adani Enterprises FPO Update:  Hindenburg, Anchors, and Righteous Indignation

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Adani Enterprises - A Record Follow-On Public Offering May Be in the Works

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>After the postal ballot approved the offering in December 2022, <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> is on track to conduct a Rs 200bn or US$2.4bn+ Equity Offering.</li>
<li>One exchange <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/080ed615-f2a6-4f08-b287-8eb0b1622c75.pdf" target="_blank" rel="noopener">release</a> today gave the timing, and following  few articles in recent days suggesting it, another <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/372e7564-839a-47d2-8a86-834217b3a190.pdf" target="_blank" rel="noopener">release</a> said the offering would be partly paid shares.  </li>
<li>The structure of the Offer and risks are detailed below but investors should remember, it was illiquidity which got the price here. Liquidity is a Bug not a Feature.</li>
</ul>


After the postal ballot approved the offering in December 2022, Adani Enterprises (ADE IN) is on track to conduct a Rs 200bn or US$2.4bn+ Equity Offering.
One exchange release today gave the timing, and following  few articles in recent days suggesting it, another release said the offering would be partly paid shares.  
The structure of the Offer and risks are detailed below but investors should remember, it was illiquidity which got the price here. Liquidity is a Bug not a Feature.


Adani Enterprises Offering - A Discount and a Put Option But Liquidity Is a Bug Not A Feature