New Delhi: Vodafone Ideas 18,000-crore follow-on public offer, the largest so far by an Indian company, was subscribed more than six times on Monday, the last day of bidding, led by qualified institutional buyers that subscribed 19.3 times the portion reserved for them.The FPO, which is larger than the 15,000-crore FPO by Yes Bank in 2020, had opened for anchor investors on 16 April and retail investors on 18 April, closed on Monday. It also placed under review its stance of Sell on the stock.The firms analysts, however, noted that the current funding and tariffs werent adequate for the carrier to tide over spectrum or adjusted gross revenue payments beyond September 2025, when the government-backed moratorium on payments due for spectrum bought in 2022 and related payments end, but QIBs appear to believe that they dont have much to lose but can gain disproportionately if the carrier thrives.VIs current debt stands at 2.1 trillion, including more than 1.3 trillion for spectrum and another 65,000 crore as part of a revenue-sharing mechanism that it owes the government.VI appears to have succeeded with its current equity fund-raise with the backing of a wide gamut of QIBs," it said. This is unexpected, so we place our SELL stance on VI and Indus Towers Under Review," Ambit added.Vodafone Ideas stock closed 0.23% lower at 12.89 on the BSE on Monday. The telco intends to raise the remaining 25,000 crore from banks through credit lines for which it has begun discussions.VI now has funding to expand 4G and roll out 5G services and improve its market competitiveness. The telco plans to roll out 5G services in six-nine months, focusing on geographies that account for about 40% of its revenue.After the FPO and a preferential allotment of shares worth 2,075 crore to promoters, promoter shareholding will be about 38%, government shareholding at 24%, and the remaining 38% will be held by the public.Last week, chief executive officer Akshaya Moondra told Mint that it would prioritise payments to vendors from its equity fundraise.