Following a robust response to its IPO, state-run IREDA’s shares are set to be listed on the exchanges on November 29. Ahead of the listing, the company’s shares are commanding a premium of ₹11 in the grey market, indicating a possible gain of 34% on debut.
Indian Renewable Energy Development Agency (IREDA), a PSU miniratna, will be the first company among five mainboard IPOs to debut on the bourses. The other companies include Tata Technologies, Flair Writing, Fedbank Financial Services, and Gandhar Oil Refinery India. State-run IREDA’s shares are set to be listed on the exchanges on Wednesday, November 29, following a strong response to its IPO.
IREDA subscription status : IREDA’s IPO was priced at ₹32 per share and was subscribed 38.8 times on the last day of the bidding process. The company raised ₹2,150 crore through a fresh issue and an offer for sale. The funds raised will be used to augment the capital base to meet future capital requirements and onward lending.
Financials : IREDA recorded a total income of ₹2,320.46 crore and net profit of ₹579.32 crore for the six months ended September 2023. The company finances renewable energy projects across various sectors.
