January 30, 2023

IHC To Invest $400 Million In Adani Enterprises FPO

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On the first day of Adani Enterprises’ INR 20,000-crore follow-on public offer (FPO), only 1 per cent of the shares on sale were subscribed. On Monday, International Holding Company (IHC), the diversified Abu Dhabi-based conglomerate, announced it would be investing $400 million into the Adani Enterprises Further Public Offering (FPO), through its subsidiary Green Transmission Investment Holding RSC Limited. “IHC subscribed to 16 per cent of Adani Enterprises’ $2.5 billion FPO,” said a statement by IHC.

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IHC’s first investment of the year comes as the company continues to scale and diversify its investments locally and internationally, focusing on Europe, Africa, Asia, and South America markets in 2023.

“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders,” said Syed Basar Shueb, CEO, IHC, in the statement.

This is the second investment deal International Holding Company has completed with India’s Adani Group after last year’s $2 billion investment in three green-focused companies of the Adani Group, including Adani Green Energy, Adani Transmission and Adani Enterprises.

“The advantage of the FPO is the historical reference for the company’s earnings report, company’s management, business practices, and much data to bank on before making any investment decision,” Shueb explained.

IHC aims to increase its global acquisition by 70 per cent in 2023, with the clean energy and food processing sectors being a key focus.

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