Adani Group pulls off $2.5 billion share sale after jump in final bids

The fully subscribed offering removes one overhang for India's $3.2 trillion stock market, which recently dropped out of the world's five biggest by value

Gautam Adani pulled off a closely watched $2.5 billion equity sale for his flagship company, largely thanks to existing shareholders, earning the Indian billionaire some reprieve after his empire was rocked by fraud allegations by short seller Hindenburg Research.
 

The offering by Adani Enterprises Ltd. was India’s largest follow-on share sale, and was fully subscribed on the final day, aided by a last- minute surge in demand from institutional investors. Interest from retail investors — who Adani was hoping to attract — was notably weak. 
 

While the share sale’s completion is a victory for Adani after Hindenburg’s allegations put the