Dubious distinction: AEL first to cancel share sale after full subscription

Adani Enterprises (AEL) on Wednesday became the largest company in India to withdraw its share sale. The company, however, joins 29 others to have withdrawn their initial public offering (IPO) or follow-on public offering (IPO) since 2003.

As per data provided by Prime Database, these 29 companies were targeting to raise a cumulative of Rs 11,000 crore. The reason for withdrawals in most cases is insufficient demand. AEL is the first company to withdraw its share sale, despite managing to garner full subscription. The reason being an unprecedented crash in its stock price, triggered by allegations of fraud and manipulation