IHC, located in Abu Dhabi, intends to purchase the largest portion of this share sale, amounting to almost $200 million. IHC invested about $2 billion in Adani’s businesses last year.

According to persons aware with the situation, Middle Eastern investors like International Holding Co PJSC and Abu Dhabi Investment Authority are competing to purchase stock in the $2.5 billion follow-on share offer made by Indian billionaire Gautam Adani’s flagship.

According to the sources, Mubadala Investment Co PJSC and BNP Paribas SA also submitted bids. According to the sources, the so-called anchor book for Adani Enterprises Ltd. was 1.8–2 times oversubscribed.

Global company commitments will be completed on Wednesday, while smaller potential investors’ bids will be accepted from January 27 through January 31. The decision to invest in the empire built by Asia’s richest man comes as US-based Hindenburg Research, which alleges financial irregularities, has taken a short position in the firm.

According to one of the persons, Abu Dhabi-based IHC, which invested about $2 billion in Adani’s businesses last year, wants to purchase the largest portion of this share sale, or about $200 million. According to the source, other bidders have submitted offers between $25 million and $50 million. According to the persons knowledgeable, Indian institutions including Life Insurance Corporation of India and SBI Life Insurance Co. have also made bids for shares.

ADIA’s spokesperson declined to respond. IHC, Mubadala, and BNP media spokespeople did not immediately respond to emails. Calls and emails seeking comment from LIC and SBI Life did not immediately receive a response. Adani Enterprises’ spokesman was not immediately available for comment.

In order to attract India’s mom and pop investors, Adani has discounted the price of the share sale. His group’s barely traded equities and mounting debt are points of criticism, but expanding his investor base would silence them. The ports-to-power company has been expanding at a dizzying pace, branching into industries like as cement, media, airports, and data centres, among others.