IREDA IPO: Indian Renewable Energy Development Agency Limited IPO Details

The Indian Renewable Energy Development Agency Limited (IREDA) is set to launch its Initial Public Offering (IPO), marking a significant development in the renewable energy sector in India. IREDA is a government-owned company that plays a crucial role in financing and promoting renewable energy projects in the country. In this blog, we will delve into the details of the IPO, including its key dates, price band, reservation, objectives, and financial information.

Also See: IREDA IPO GMP

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IREDA IPO Overview

The IREDA IPO is a book-built issue with a total size of Rs 2,150.21 crores. It consists of a fresh issue of 40.32 crore shares, aggregating to Rs 1,290.13 crores, and an offer for sale of 26.88 crore shares, amounting to Rs 860.08 crores. Here are some crucial details of the IREDA IPO:

  • IPO Dates: The subscription for the IREDA IPO will open on November 21, 2023, and close on November 23, 2023.
  • Basis of Allotment: The basis of allotment is expected to be finalized on Wednesday, November 29, 2023.
  • Listing Date: The IPO is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) with a tentative listing date of Monday, December 4, 2023.
  • Face Value: Each share has a face value of ₹10.
  • Price Band: The price band for the IREDA IPO is ₹30 to ₹32 per share.
  • Lot Size: The minimum lot size for an application is 460 shares.
  • Minimum Investment: Retail investors need a minimum investment of ₹14,720.

IREDA IPO Details

IPO NameIREDA IPO
IPO DateNovember 21, 2023, to November 23, 2023
Basis of AllotmentWednesday, November 29, 2023
Listing DateMonday, December 4, 2023
Face Value₹10 per share
Price Band₹30 to ₹32 per share
Lot Size460 Shares
Total Issue Size671,941,177 shares (₹2,150.21 Cr)
Fresh Issue403,164,706 shares (₹1,290.13 Cr)
Offer for Sale268,776,471 shares of ₹10 (₹860.08 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
Shareholding Pre-Issue2,284,600,000

Also Read: IREDA IPO Opens on November 21, Price Band Set at ₹30-32 Per Share

IREDA IPO

IREDA IPO Reservation

The IPO reservation policy for IREDA is as follows:

  • QIB Shares Offered: Not more than 50% of the Net Issue
  • Retail Shares Offered: Not less than 35% of the Net Issue
  • NII (HNI) Shares Offered: Not less than 15% of the Net Issue

IREDA IPO Lot Size

Investors can bid for a minimum of 460 shares and in multiples thereof. Here’s a breakdown of the minimum and maximum investment for different investor categories:

ApplicationLotsSharesAmount
Retail (Min)1460₹14,720
Retail (Max)135980₹191,360
S-HNI (Min)146,440₹206,080
S-HNI (Max)6730,820₹986,240
B-HNI (Min)6831,280₹1,000,960

IREDA Financial Information

IREDA has shown impressive financial performance, with its revenue increasing by 21.18% and profit after tax (PAT) rising by 36.48% between the financial year ending on March 31, 2023, and March 31, 2022.

Amount in ₹ Crore

Financial Data

IREDA IPO Objectives

The IREDA IPO consists of a Fresh Issue and an Offer for Sale. The company will not receive any proceeds from the Offer for Sale. The net proceeds from the IPO will be utilized for the following objectives:

  1. Augmenting the capital base to meet future capital requirements and onward lending.
  2. Gaining the benefits of listing the Equity Shares on the Stock Exchanges, including enhancing the brand image among existing and potential customers and creating a public market for the Equity Shares in India.

About IREDA

Indian Renewable Energy Development Agency Limited (IREDA), incorporated in March 1987, is a public limited government company and a Mini Ratna (Category – I) 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 ₹23,921.06 crores and loan disbursements of around ₹16,070.82 crores. The company 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.

IREDA IPO Registrar

Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://linkintime.co.in/mipo/ipoallotment.html

IREDA IPO Lead Manager(s)

  • Idbi Capital Market Services Limited
  • Bob Capital Markets Limited
  • SBI Capital Markets Limited

IREDA IPO Timeline (Tentative Schedule)

  • IPO opens on November 21, 2023, and closes on November 23, 2023.
  • Basis of Allotment on November 29, 2023.
  • Initiation of Refunds on November 30, 2023.
  • Credit of Shares to Demat on December 1, 2023.
  • Listing Date on December 4, 2023.
  • Cut-off time for UPI mandate confirmation: 5 PM on November 23, 2023.

Conclusion

The IREDA IPO presents an opportunity for investors to participate in India’s renewable energy sector, which is witnessing significant growth. With a strong track record and a focus on promoting renewable energy projects, IREDA’s IPO is expected to garner significant interest from investors. It’s essential for potential investors to carefully review the IPO prospectus and consult with financial experts before making investment decisions.

IREDA IPO

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