IREDA IPO: This information is helpful if you enjoy investing in public offerings. On Tuesday, November 21, 2023, the government-affiliated NBFC company IREDA (Indian Renewable Energy Development Agency) will begin its initial public offering (IPO). Through this IPO, the company hopes to raise Rs 2150.21 crore. We are providing you with information about this IPO’s specifics in case you are considering investing money in it as well. Tell us about the price range, lot size, and other details that the company has set.
Recognize the key IPO details:
Through November 21, 2023, the company will offer 67.19 crore equity shares through IREDA’s initial public offering (IPO). 40.32 crore new shares have been issued out of this total. Through an offer for sale, the Indian government is selling a total of 26.88 equity shares. The IPO’s price range, set by the company, is Rs 30 to Rs 32 per share. The IPO is open for investors to subscribe to through November 23.
Which lot size was chosen by the business?
As per the details provided on chittorgarh.com, retail investors are required by IREDA to invest in a minimum of one lot size. One lot contains 460 shares in total. A maximum of 13 lot sizes may be purchased. Retail investors in this scenario are able to participate in the IPO for a minimum of Rs 14,720 and a maximum of Rs 191,360. On November 29th, the company’s shares will be distributed. Conversely, investors who were not successful will begin receiving their money back on November 30. On December 1st, shares will be moved to the demat account. On December 5, 2023, the company’s shares will be listed on the BSE and NSE.
This sum was raised by the business from anchor investors.The company has set aside 50% of the shares for institutional investors, 15% for non-institutional investors, and 35% for retail investors in this initial public offering. On Monday, November 20, the company opened its initial public offering (IPO) to anchor investors. Through this IPO, the company has raised a total of Rs 643.26 crore. Ten anchor investors have been given equity shares worth Rs 32 each, totaling 20,10,19,726. ICICI Prudential Midcap Fund, SBI Banking & Financial Services Fund, HDFC Mutual Fund, White Oak Midcap Fund, Gam Star Emerging Equity, and others are some of these anchor investors.
What is the share price of the company’s GMP?
In terms of the company’s financial situation, between April and September of the 2023–24 fiscal year, earnings increased by 47% to Rs 2320 crore. During this time, the company’s profit climbed by 41% to Rs 578 crore. The Central Government had previously authorized IREDA to raise capital through an initial public offering (IPO) in March 2023. Regarding the GMP for this IPO, it stands at Rs 7 per share at the moment.
IREDA IPO: On Tuesday, November 21, the Indian Renewable Energy Development Agency (IREDA), a state-run non-banking financial company (NBFC), is expected to begin its initial public offering (IPO), with a valuation estimated at around Rs 2,150 crore. The issue consists of an offer for sale (OFS) worth Rs 860 crore and a new share issuance worth Rs 1,290 crore.
Crucial dates for the IREDA IPO
The IPO subscription window will be open for three trading days, ending on November 23, from 10 a.m. to 5 p.m. On November 29, it is anticipated that the terms of the share allotment under the IPO will be tentatively finalized.
On November 30, refunds will be tentatively initiated for unsuccessful bidders’ applications; on December 1, winning bidders’ shares will be credited to their demat accounts.
Date of IREDA’s IPO listing
On December 4, IREDA shares are probably going to be provisionally listed on the BSE and NSE stock exchanges.
Issue price of IREDA’s IPO
The price range for the issue, as determined by the company’s board, is Rs 30-32 per share.
Size of the IREDA IPO lot and price range
During the IPO, prospective investors will be able to bid in multiples of 460 shares for IREDA shares, which translates to Rs 13,800–14,720 per lot.
IREDA IPO: Registrar and book-running lead managers
Link Intime India is the issue’s registrar, and IDBI Capital Markets & Securities, BOB Capital Markets, and SBI Capital Markets are the book-running lead managers.
What carries out IREDA?
Offering a wide range of financial products and related services, from project conceptualization to post-commissioning, for renewable energy projects and other value chain activities, like equipment manufacturing and transmission, IREDA is involved in promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects.
It is also the biggest pure-play NBFC for green financing in India.
As of September 30, the company had term loans outstanding in 23 states and five Union Territories, indicating a geographically diversified portfolio. To optimize its territory, the company has four strategically located branches: Hyderabad, Chennai, Bhubaneshwar, and Mumbai.
