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Business News/ Markets / Ipo/  IREDA share price makes stellar debut, stock lists at 56.25% premium at 50 on NSE
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IREDA share price makes stellar debut, stock lists at 56.25% premium at ₹50 on NSE

IREDA share price listed at a premium of 56.25% on NSE and BSE, at ₹50 per share, higher than the issue price of ₹32. IREDA IPO was subscribed 38.80 times, with the retail investor portion subscribed 7.73 times and the NII portion subscribed 24.16 times.

IREDA share price makes a stellar debut on the NSE and BSE today. (Getty Images/iStockphoto)Premium
IREDA share price makes a stellar debut on the NSE and BSE today. (Getty Images/iStockphoto)

IREDA share price made a stellar debut on the bourses today. On NSE and BSE, IREDA share price today was listed at 50 per share, 56.25% higher than the issue price of 32.

Indian Renewable Energy Development Agency IPO (IREDA IPO) opened for subscription on Tuesday, November 21, and closed on Thursday, November 23. IREDA IPO price band was fixed in the range of 30 to 32 per equity share of face value of 10. IREDA IPO lot size was 460 equity shares and in multiples of 460 equity shares thereafter. IREDA IPO on Monday, November 20 raised a total of 643.26 crore from anchor investors. 

Also Read: IREDA IPO listing date today. GMP, experts predict up to 30% premium

Indian Renewable Energy Development Agency IPO was subscribed 38.80 times on day 3. IREDA IPO's retail investors portion was subscribed 7.73 times, NII portion was subscribed 24.16 times, and Qualified Institutional Buyers (QIB) portion is booked 104.57 times. Employee portion has been subscribed 9.80 times, as per BSE data, on day 3. 

IREDA IPO was subscribed 1.96 times on day 1, and IREDA IPO subscription status was 4.56 times on day 2.

IREDA IPO reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

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Also Read: IREDA IPO listing date today. GMP, experts predict up to 30% premium

IREDA IPO details

The IPO comprises of a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares by the President of India, acting through the ministry of new and renewable energy. The offer includes a reservation for subscription by employees. IREDA IPO size is 2,150.21 crore.

According to the RHP, the proceeds from the fresh issue will be used for augmenting its capital base to meet its future capital requirements and onward lending.

Also Read: IREDA IPO: Share allotment declared. What GMP signals ahead of listing date

“The main objects and objects incidental and ancillary to the main objects set out in the Memorandum of Association enable us: (i) to undertake our existing business activities; and (ii) to undertake the activities proposed to be funded from the Net Proceeds. Further, our Company expects to receive the benefits of listing of the Equity Shares on the Stock Exchanges, including to enhance our brand image among our existing and potential customers and creation of a public market for the Equity Shares in India," said the company in its RHP.

Also Read: IREDA IPO opens today: 20 key risks from RHP to consider before subscribing to issue

The President of India acting through the Ministry of New and Renewable Energy, Government of India. The Promoter, along with its seven nominees, currently holds 100.00% of the pre-offer paid-up equity share capital of the company, as per RHP.

The registrar for the IREDA IPO is Link Intime India Private Ltd, and the book running lead managers are IDBI Capital Market Services Limited, Bob Capital Markets Limited, and SBI Capital Markets Limited.

Also Read: IREDA IPO: Check today’s GMP, allotment status, listing date and other details

IREDA IPO GMP today

Indian Renewable Energy IPO GMP today or grey market premium is +12. This indicated IRDEA share price today were trading at a premium of 12 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IRDEA share price was indicated at 44 apiece, which is 37.5% higher than the IPO price of 32.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Indian Renewable Energy Development Agency IPO opens: GMP, subscription status, issue details, 10 key things to know

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 29 Nov 2023, 10:00 AM IST
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