International Holding Co., based in Abu Dhabi, announced the return of funds invested in Adani Enterprises’ Follow-On Public Offer (FPO). The company invested AED 1.4B, approximately $400M, in the FPO, but Adani group canceled the share sale after facing a loss of billions and a sharp decline in shares due to accusations of market manipulation and fraud by US short-seller Hindenburg Research against the group’s billionaire owner, Gautam Adani.
The massive market losses, totaling over $100B, have raised concerns about potential systemic impact, according to Zawya. IHC, an anchor investor in the FPO, said in a statement on Thursday to Abu Dhabi’s ADX, where its shares trade, that the decision by Adani to pull the flotation isn’t unique and “we understand floats get pulled for various reasons…”
