IREDA makes impressive debut, lists at 56% to issue price

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by mydhanush on 29 November 2023,  3 min read

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IREDA IPO made an impressive market debut on November 29, listing at a 56.25 percent premium to the issue price of Rs 32. The stock opened at Rs 50 on both NSE and BSE. The offer was subscribed 38.8 times with investors across categories buying a total of 1,827.25 crore equity shares.

The India Renewable Energy Development Agency (IREDA) made an impressive market debut on November 29, listing at a 56.25 percent premium to the issue price of Rs 32. The stock opened at Rs 50 on both NSE and BSE.

Before listing, the stock was trading at a 37 percent premium to the issue price in the grey market, an unofficial ecosystem where shares start trading much before the allotment and continue till the listing day. 

The offer was subscribed 38.8 times with investors across categories buying a total of 1,827.25 crore equity shares, valued at Rs 58,472.07 crore at the upper price band), against the issue size of 47.09 crore.

The price band for the issue, which opened on November 21 and closed on November 23, was fixed at Rs 30-32 a share. IDBI Capital Market Services, BoB Capital Markets and SBI Capital Markets were the lead managers to the issue, while Link Intime India was the registrar.

Also Read: IREDA IPO : Check out Public Issue, Face Value & Financials

The state-run company raised Rs 2,150.21 crore through the initial public offering that consisted of a fresh issue of 40.31 crore shares worth Rs 1,290.13 crore and an offer-for-sale (OFS) of 26.87 crore shares worth Rs 860.08 crore.

IREDA is a wholly owned government of India enterprise under the administrative control of the ministry of new and renewable energy. It provides financial products and related services, from project conceptualisation to post-commissioning, for renewable energy projects and other value chain activities such as equipment manufacturing and transmission. IREDA is a Mini Ratna (Category – I) government enterprise.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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