IREDA share price hits all-time high, up 218% from its issue price
- IREDA share price has continued to rise since listing, breaking through the ₹100 mark on Tuesday and reaching an all-time high of ₹102.02 per share on the BSE.
IREDA share price today gained 20% to reach an all-time high, rising 218% from the ₹32 IPO price in just nine sessions. IREDA shares have continued to rise since listing, breaking through the ₹100 barrier on Tuesday and reaching an all-time high of ₹102.02 per share on the BSE. IREDA share price opened at ₹93.31 apiece on BSE today.
Considerable trading volume and exclusive buyer interest were present during this significant upswing in the stock price. A total of 235.5 million equity shares have changed hands in the stock today, indicating strong trading activity, as per data available on NSE.
"The share price of IREDA after listing is really incredible. The shares were issued at a price of ₹32 in a crowded market with four other issues. The PSU company IREDA received great response to its shares, which were issued at ₹32. The market is now trading at a threefold issue price in less than ten trading sessions. Testimonies that the government has given deep value to investors.
A couple of years ago, another finance company called IRFC, which financed the railways, had an issue price of ₹26 that went down to ₹21, but it picked up steam, and now it's trading at 3.5x, way above ₹80. I believe markets, with the kind of response PSU shares have seen in the last 6 to 12 months, saw an amazing recovery return to investors. This will certainly infuse fresh offerings that the government brings," said Kris Arun Kejriwal, Founder, Kejriwal Research and Investment Services an advisory firm.
During Monday's trading session, Indian Renewable Energy Development Agency (IREDA) shares saw a rise of over 19.97%, reaching ₹85 per share on the NSE.
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IREDA share price made a stellar debut on the exchange listing on November 29 at a premium of 56%. The scrip listed at a premium of 56.25% for ₹50 per share on the BSE and NSE, respectively. The closing prices of the company's shares were ₹60 per share on the NSE, an 87.50% premium, and ₹59.99 per share on the BSE, an 87.47% premium.
The total quantity traded on the NSE was 5798.10 lakh shares, while the total quantity traded on the BSE was 381.55 lakh shares. On the first day, the total turnover (BSE+NSE) was ₹3393.13 crore.
Indian Renewable Energy Development Agency IPO was subscribed 38.80 times on day 3. IREDA IPO opened for subscription on Tuesday, November 21, and closed on Thursday, November 23.
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 was subscribed 9.80 times, as per BSE data.
Indian Renewable Energy Development Agency IPO was subscribed 1.96 times on day 1. IREDA IPO subscription status was 4.56 times on day 2.
The IPO comprised 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 included a reservation for subscription by employees. IREDA IPO size was ₹2,150.21 crore.
The Indian Renewable Energy Development Agency Limited is an enterprise under the Government of India (GoI) that has been designated as a "Public Financial Institution" (PFI). It is registered as an Infrastructure Finance Company (IFC) and is a Systemically Important Non-Deposit-taking Non-Banking Finance Company (an NBFCND-SI).
This financial institution has more than 36 years of experience in developing, promoting, and providing funding for energy efficiency and conservation projects as well as new and renewable energy projects.
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