Indian Renewable Energy Development Agency’s shares are scheduled to debut on the bourses today. Ahead of its listing, IREDA’s shares’ GMP surged 37.5%, indicating a favourable listing. IREDA opened for subscription on Tuesday, November 21, 2023, and closed on Thursday, November 23, 2023. The public issue was subscribed 38.80 times.
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“IREDA, a state-run Mini Ratna NBFC, is poised to make history with its upcoming mainboard IPO, drawing significant attention despite being fully priced. The QIB segment’s oversubscription by 104 times indicates strong market anticipation for its debut on November 29. Mehta Equities predicts a promising 25% or more listing gain against the Rs 32/- issue price, citing IREDA’s leading role in renewable energy financing and potential Navratna company upgrade. The NBFC’s financial autonomy is expected to boost its competitive edge,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
IREDA collected Rs 58,471.92 crore from the public issue, with the Qualified Institutional Buyers (QIBs) category being subscribed 104.57 times, the portion for non-institutional investors receiving 24.16 times subscription and the Retail Individual Investors (RIIs) quota being oversubscribed by 7.73 times.
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“Positioned as India’s largest green financing NBFC, IREDA aligns with the nation’s ambitious renewable energy goals. Short-term investors are advised to consider booking profits above the expected gain, while long-term investors are encouraged to hold for future potential. Mehta Equities suggests accumulating IREDA post-listing dips for promising long-term returns, extending an opportunity for those who missed the public offer,” Prashanth Tapse added.
The IPO comprises fresh issue of 403,164,706 shares aggregating up to Rs 1,290.13 crore and an Offer-For-Sale (OFS) with promoters offloading 268,776,471 shares aggregating up to Rs 860.08 crore. For potential investors, the bidding starts at a minimum of 460 equity shares, with subsequent bids in multiple lots of 460 equity shares each, with a maximum of 13 lots. IREDA collected Rs 643.26 crore from the anchor investors.
