IREDA listing: On its listing date, the Initial Public Offering (IPO) of Indian Renewable Energy Development Agency (IREDA) Limited made a remarkable stock market debut on Wednesday. The company listed with a premium of over 56 per cent, against the issue price of Rs 32.?The shares of the company were listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).?
The stock listed at Rs 50, up 56.25 per cent from the issue price on both the BSE and NSE. It further rallied 74 per cent to Rs 55.70 on both the benchmark indices. In the early trade, the firm was valued at a market value of Rs 14,460.17 crore.?
IREDA IPO subscribed 38.80 times on last day of offer
On the final day of bidding on Thursday (November 23), the Indian Renewable Energy Development Agency's Initial Public Offering was subscribed 38.80 times.?The category for Qualified Institutional Buyers (QIBs) received a whopping 104.57 times subscriptions.?The quota for non-institutional investors got subscribed 24.16 times and the portion for Retail Individual Investors (RIIs) received 7.73 times subscription.
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?The IPO had a fresh issue of up to 40,31,64,706 equity shares and an offer for sale of up to 26,87,76,471 equity shares. The price range for the offer was Rs 30-32 a share.?This was the first public issue by a public sector enterprise after Life Insurance Corporation's IPO in May last year.?Proceeds from the fresh issue will be used for augmenting IREDA's capital base to meet its future capital requirements and onward lending.
About?IREDA
It should be noted here that IREDA is a mini Ratna firm with administrative controls with the Ministry of New and Renewable Energy. The organisation offers a comprehensive array of financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission. SBI Capital Markets, IDBI Capital Markets and Securities and BOB Capital Markets were the managers to the offer.
(With inputs from PTI)