The Indian Renewable Energy Development Agency (IREDA)’s IPO began trading with a 56% premium over the issue price of Rs 32. The stock soared 56.25% on BSE and NSE to Rs 14,460.17 crore.
On Wednesday, the IPO of Indian Renewable Energy Development Agency (IREDA) Limited made a fantastic stock market debut. Against the offering price of Rs 32, the business listed at almost 56% premium. The company’s shares were listed on BSE and NSE.
On the BSE and NSE, the shares listed at Rs 50, up 56.25 percent from issuance. It rose 74% to Rs 55.70 on both benchmarks. In early trade, the firm was worth Rs 14,460.17 crore.
On last day, IREDA IPO subscribed 38.80 times.
The Indian Renewable Energy Development Agency’s IPO was subscribed 38.80 times on Thursday (November 23). QIBs received 104.57 times subscriptions. Non-institutional investors subscribed 24.16 times and Retail Individual Investors (RIIs) 7.73 times.
The IPO offered 26,87,76,471 equity shares and issued 40,31,64,706 equity shares. The offer price was Rs 30-32 per share. This was the first public issue by a public company after Life Insurance Corporation’s IPO in May. The new offering will increase IREDA’s financial base for future capital needs and lending.
Mini Ratna company IREDA is regulated by the Ministry of New and Renewable Energy. From project inception to completion, the company provides fund- and non-fund-based financial products and services for renewable energy projects and related operations such equipment production and transmission. SBI Capital Markets, IDBI Securities, and BOB Capital Markets managed the offer.
Conclusion
On Wednesday, the Indian Renewable Energy Development Agency (IREDA) Limited’s Initial Public Offering (IPO) listed with a 56% premium above the issue price of Rs 32. The shares were listed on BSE and NSE. The stock floated at Rs 50, up 56.25% from the issue price on the BSE and NSE, then soared 74% to Rs 55.70 on both benchmark indices. Early trade valued the company at Rs 14,460.17 crore. On the last day of bidding, 38.80 times were subscribed to the IPO, which issued up to 40,31,64,706 equity shares and sold up to 26,87,76,471. The revenues will boost IREDA’s capital basis for future lending and capital needs.
