Vodafone Idea looks to raise Rs 18,000 crore via India’s biggest FPO

Vodafone Idea Limited (VIL) is set to launch a follow-on public offering (FPO) worth Rs 18,000 crore next week. The move is an attempt by the beleaguered telecom service provider to bolster its balance sheet and hold its own against formidable rivals, such as Reliance Jio Infocomm and Bharti Airtel.

If successful, this will be the biggest FPO in India, surpassing YES Bank’s Rs 15,000 crore share sale in July 2020. Notably, Adani Enterprises’ Rs 20,000 crore FPO was fully subscribed but later cancelled in February 2023 amid the controversy stirred by a report from US-based short seller Hindenburg Research.