The initial public offering (IPO) of Indian Renewable Energy Development Agency (IREDA) opened today, November 21, 2023. The IPO, which is being offered on a price band of ₹145-150 per share, is expected to raise ₹2,150.21 crore.
The IPO will close on November 23, 2023. Qualified institutional buyers (QIBs) will be allotted 50% of the shares on offer, retail investors will be allotted 35% of the shares, and non-institutional investors will be allotted 15% of the shares.
IREDA is a non-banking financial company (NBFC) that provides loans and other financial assistance to renewable energy projects in India. The company has a portfolio of over ₹20,000 crore and has supported the development of over 20,000 megawatts (MW) of renewable energy capacity.
The IPO is being managed by Axis Capital, Citigroup Global Markets India, ICICI Securities, and SBI Capital Markets.
In addition to IREDA, four other IPOs are scheduled to open tomorrow, November 22, 2023. These include:
- Tata Technologies: The IPO of Tata Technologies, a subsidiary of Tata Group, is being offered on a price band of ₹1,700-1,800 per share. The IPO is expected to raise ₹1,200 crore.
- Fedelity Information Services: The IPO of Fidelity Information Services, a provider of information technology services, is being offered on a price band of ₹300-325 per share. The IPO is expected to raise ₹1,000 crore.
- Flemish Investments: The IPO of Flemish Investments, a provider of financial services, is being offered on a price band of ₹1,000-1,100 per share. The IPO is expected to raise ₹500 crore.
- Gujarat Mineral Development Corporation: The IPO of Gujarat Mineral Development Corporation, a government-owned company that produces and sells minerals, is being offered on a price band of ₹100-110 per share. The IPO is expected to raise ₹300 crore.
The IPO market in India has been strong in recent months, with several large IPOs being successfully completed. The IREDA IPO is expected to be in high demand, given the strong growth potential of the renewable energy sector in India.
Here are some key statistics from the IREDA IPO:
- Issue size: ₹2,150.21 crore
- Price band: ₹145-150 per share
- Offer to the public:Â 125.7 million shares (60.00%)
- Offer to QIBs:Â 75.2 million shares (35.00%)
- Offer to NII:Â 14.8 million shares (7.00%)
- Dates:
- Issue opens: November 21, 2023
- Issue closes: November 23, 2023
- Listing: December 4, 2023
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