IREDA IPO subscribed 4 times on Day 2. Check Grey Market Price and other details
About Indian Renewable Energy Development Agency Ltd-
Incorporated in March 1987, Indian Renewable Energy Development Agency Limited is a public limited government company. IREDA is a Mini Ratna (Category – I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE).
In FY 2021-22, IREDA achieved the highest-ever loan sanctions of around Rs. 23921.06 crores and loan disbursements of around Rs. 16070.82 crores.
IREDA is an experienced financial institution that has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years. The company offers a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for RE projects and other value chain activities such as equipment manufacturing and transmission.
IREDA is committed to facilitating the transition towards a greener and more sustainable future, and as a reliable partner, the company ensure that its clients receive the best possible support and guidance throughout their projects.
As of June 30, 2023, the company has a diversified portfolio of Term Loans Outstanding, amounting to ₹ 472,066.63 million.
IREDA IPO: According to the Financial data, the investors made bids for 188.12 crore equity shares, compared to the 47.09 crore equity shares offered for the subscription by 3:40 pm on Wednesday. The 3-day bidding for the issue will close on November 23.
IREDA IPO Details-
- IPO Date-November 21, 2023 to November 23, 2023
- Listing Date-Monday, December 4, 2023
- Face Value-₹10 per share
- Price Band-₹30 to ₹32 per share
- Lot Size-460 Shares
- Total Issue Size-671,941,177 shares
(aggregating up to ₹2,150.21 Cr) - Fresh Issue-403,164,706 shares
(aggregating up to ₹1,290.13 Cr) - Listing At-BSE, NSE
IREDA IPO Lot Size-
Investors can bid for a minimum of 460 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 460 | ₹14,720 |
| Retail (Max) | 13 | 5980 | ₹191,360 |
| S-HNI (Min) | 14 | 6,440 | ₹206,080 |
| S-HNI (Max) | 67 | 30,820 | ₹986,240 |
| B-HNI (Min) | 68 | 31,280 | ₹1,000,960 |
IREDA IPO Promoter Holding-
The promoter of the company is The President of India acting through The Ministry of New & Renewable Energy, Government of India.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 75% |
IREDA IPO Subscription Status (Bidding Details)
The IREDA IPO is subscribed 38.35 times on November 23, 2023 3:57:00 PM (Day 3).
The public issue subscribed 7.38 times in the retail category, 103.67 times in the QIB category, and 24.04 times in the NII category.
IREDA IPO Review (Apply)-
IREDA enjoys front runner company in renewable energy financing and advisory services and is a PSU. It has posted growth in its top and bottom lines for the reported periods. Based on annualized FY24 earnings the issue appears fully priced, but is a long race horse. Well-informed investors may invest in this issue with a long term perspective.