IREDA IPO: Check Allotment Status, Listing Date, and Grey Market Premium Details Here

The Indian Renewable Energy Development Agency (IREDA), the largest pure-play green financing NBFC owned by the Indian government, has concluded its initial public offering (IPO) with an overwhelming response from investors. With the subscription period running from November 21 to 23, the IPO saw a subscription rate of 38.8 times, making it one of the most sought-after IPOs in recent times.

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The IPO, valued at Rs 2,150 crores, comprised a fresh issue of Rs 1,290 crores worth of shares by IREDA itself, along with an offer-for-sale of Rs 860 crores by the government. The share price was set in the range of Rs 30 to Rs 32 per share.

Qualified institutional buyers took the lead in subscribing to the IPO, with an astonishing oversubscription rate of 104.57 times their allocated quota. High net worth individuals followed suit, subscribing 24.16 times, while retail investors showed strong interest with an oversubscription rate of 7.73 times their quota. Additionally, employees participated actively, subscribing 9.8 times their reserved quota.

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In light of the overwhelming response, equity shares will be allocated to investors on a proportionate basis. Investors eagerly anticipating the share allotment status and other details can follow the steps below:

BSE Website:

  1. Select issue type ‘equity’ and issue name ‘Indian Renewable Energy Development Agency Limited’ in the dropdown.
  2. Enter either the ‘application number’ or ‘PAN number’.
  3. Check the box confirming you are not a robot and click on the ‘search’ button.

IPO Registrar Portal (Link Intime India):

  1. Select ‘Indian Renewable Energy Development Agency Limited – IPO’.
  2. Choose and enter either ‘PAN number’, ‘application number’, or ‘DP client ID’.
  3. Click on the ‘search’ button.

Successful investors can expect their equity shares to be credited to their demat accounts by November 28, while trading in these shares is anticipated to commence on the BSE and NSE starting from November 29. However, please note that these dates are tentative and subject to change.

Analysts have noted that IREDA IPO shares have been trading at a significant premium of more than 30 percent over the upper price band in the grey market. The grey market serves as an unofficial platform for trading in IPO shares before their official listing and provides valuable insights into potential listing prices.

Also Read: How to Open a Demat Account on Groww

The strong demand for the IREDA IPO can be attributed to its attractive pricing, with the issue being valued at 1.0x 1HFY24 P/BV (on an annualized & diluted basis), and the growing focus on renewable energy in India. With the government’s increased emphasis on renewable energy, IREDA is poised for rapid growth in this niche segment.

Moreover, IREDA’s elevation to the ‘Schedule A’ category positions it for “Navratna” status, which is expected to strengthen its balance sheet further. Combined with its low cost of funding and robust corporate governance, this gives IREDA a competitive edge in the market.

IREDA, a wholly-owned enterprise of the Government of India, boasts over 36 years of experience in providing green financial assistance. It offers a comprehensive suite of financial products for renewable energy projects and emerging technologies.

Also Read: IPO Subscription Status Live Today

India’s ambitious target of achieving 500 GW of non-fossil fuel-based capacity installation by 2030, along with the aim of net-zero emissions by 2070, underscores the significance of IREDA’s role. With its fastest growth in gross loan portfolio and a 30 percent CAGR over FY21-23 compared to peers, IREDA is well-positioned to capitalize on these opportunities, holding a 31 percent market share in the sector.

Mehta Equities also recognizes IREDA as a trusted brand in the rapidly expanding renewable energy sector. The brokerage believes that IREDA plays a pivotal role in shaping and implementing policies for the renewable energy sector, aligning with the Government of India’s objectives.

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