The struggling telecom company, Vodafone Idea, successfully completed its follow-on public offer, with bids for 6.35 times the total offer size. The FPO was subscribed 17.56 times by qualified institutional bidders and 4.13 times by non-institutional investors. Retail investors, however, only showed interest in 0.90 times of their designated quota. The FPO, which offered equity shares at a discount to the current market price, attracted a large number of anchor investors, including Life Insurance Corporation and One 97 Communications, raising ₹5,400 Crores. The funds raised through this FPO will help Vodafone Idea to compete with larger players like Reliance Jio and Bharti Airtel in the Indian telecom sector, and also improve its 4G and 5G services.