The follow-on public offer (FPO) of Adani Enterprises opened for subscription on Friday, but has been subscribed only 0.01 times.

The retail portion of the FPO has been subscribed 0.02 times.

The gray market mood for the company and its promoters is not encouraging with a gray market premium of nil.

This is partly due to a recent report by Hindenburg Research raising concerns over the debt position of Adani group companies.

Market observers believe that an improvement in the gray market mood for the company depends on either a comeback in the Adani.

Enterprises share price on Monday or a reduction in the FPO value. Despite the reduction in the FPO price, a recovery in the share price is still necessary for the FPO to attract investors.

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The market was expecting a rally in Adani Group shares on Friday, but it did not happen.

A lot will depend on the opening of shares of Adani Group, especially Adani Enterprises, on Monday.