The first day pledged about $750 million, the $2.5 billion. The next day, the retail tranche was offered, and nobody was interested. So it looked like it would be a failure. But just before the market closed, a note went out that the underwriting was fully subscribed. Five of the largest buyers were the family offices of five of the largest tycoons in India.
The Adani Group, one of India’s biggest conglomerates, has come under fire from a tiny American research firm. A successful secondary share sale amid a rout in the markets leaves many questions—and proves revealing about India Inc. Our correspondent explains why Mexico is so well-placed to navigate the electric-vehicle transition. And the unlikely rise of MAGA rap artists.
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