Last Updated: November 14, 2023, 14:43 IST
Basis of allotment shall be on November 23, initiation of refund shall be on November 28 and the agency will checklist on exchanges on December 1.
State-run Indian Renewable Energy Development Agency (IREDA) has set a value band for its preliminary public providing at Rs 30-32 a share.
IREDA IPO: State-run Indian Renewable Energy Development Agency (IREDA) has set a value band for its preliminary public providing at Rs 30-32 a share. The subject will open on November 21 and shut on November 23. The anchor ebook will open on 20 November.
The allocation to anchor traders for the Indian Renewable Energy IPO is scheduled to happen on Monday, November 20.
The ground value is 3 occasions the face worth of the fairness shares and the cap value is 3.20 occasions the face worth of the fairness shares. The value/earnings ratio based mostly on diluted EPS for fiscal 2023 on the ground value is 7.94 occasions and on the cap value is 8.47 occasions. IREDA IPO lot measurement is 460 fairness shares and in multiples of 460 fairness shares thereafter.
IREDA IPO has reserved no more than 50% of the shares within the public subject for Qualified Institutional Buyers (QIB), not lower than 15% for Non Institutional Investors (NII), and never lower than 35% of the supply is reserved for Retail Investors.
Indian Renewable Energy Development Agency Limited (IREDA) is a completely owned Government of India (GoI) enterprise beneath the executive management of the Ministry of New and Renewable Energy (MNRE), based on Red-herring prospectus (RHP).
The firm’s listed business friends are REC Ltd (with P/E of seven.71), and Power Finance Corporation (with P/E of 4.79), as per the RHP.
Indian Renewable Energy Development Agency’s IPO is first by a public sector enterprise after Life Insurance Corp.’s subject in May 2022.
The IPO will comprise a contemporary subject of as much as 403.16 million shares and a suggestion on the market (OFS) of as much as 268.78 million fairness shares by the President of India, performing by means of the ministry of latest and renewable vitality. The supply features a reservation for subscription by staff. IREDA IPO measurement is Rs 2,150.21 crore.
According to the RHP, the proceeds from the contemporary subject shall be used for augmenting its capital base to fulfill its future capital necessities and onward lending.
“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,” mentioned the corporate in its RHP.
The firm has appointed IDBI Capital Markets & Securities Ltd, BOB Capital Markets Ltd, and SBI Capital Markets Ltd as managers to the difficulty.
IRDEA IPO GMP at present
IRDEA IPO gray market premium is +3. This indicated IRDEA share value at present are buying and selling at a premium of Rs 3 within the gray market on Tuesday, based on investorgain.com.
Considering the higher finish of the IPO value band and the present premium within the gray market, the estimated itemizing value of IRDEA share value was indicated at Rs 35 apiece, which is 9.38% increased than the IPO value of Rs 32.
‘Grey market premium’ signifies traders’ readiness to pay greater than the difficulty value.
