https://www.wsj.com/articles/small-investors-avoided-adani-shares-before-collapse-d858e7c1
• High valuations, limited public floats, and questions about the conglomerate’s business have made small investors avoid shares linked to Adani Group.
• The mutual fund and individual investor ownership of almost all Adani companies was below that of their sector rivals.
• The prices of Adani shares were too high compared with their earnings, which led to many actively managed funds not owning Adani company shares.
• Adani Group’s limited quantity of shares available for the public to buy has made it difficult for small investors to buy their shares.
• Only 27% of Adani Enterprise shares are owned by the public, while the rest are owned by the company’s promoters.
• Attracting small investors was one of the objectives of the proposed $2.5 billion follow-on share offering from Adani Enterprises, which was canceled in the wake of the Hindenburg report.
• The fallout of the recent share price rout may be limited due to the low retail ownership of many Adani companies’ shares.
• Two-thirds of the stock funds that owned Adani shares as of Dec. 31 were index trackers.
• In summary, Adani shares were not attractive to retail investors even before the Hindenburg report due to various reasons such as high valuations, limited public floats, and limited availability of shares, among others.
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