The IPO for the Indian Renewable Energy Development Agency (IREDA) kept gaining significant traction among investors. By 10:09 am on the second day of bidding, which fell on November 22, 2023, the subscription rate reached 2.19 times the total issue size. This demonstrated a strong interest from investors in securing a stake in the company.
The ongoing response indicated a robust demand for the IREDA IPO within a short period. It highlighted the appeal of investing in the renewable energy sector, reflecting investor confidence in the company’s potential and the broader sustainable energy market.
With each passing day of the bidding process, the subscription rate showcased a consistent increase, portraying the widespread interest and positive sentiment surrounding the IREDA IPO. This heightened response hinted at the anticipation and eagerness among investors to be part of India’s renewable energy growth story.
NII category led the subscriptions at 3.23 times, followed by retail investors at 2.22 times. QIBs saw 1.34% subscription while employees’ portion reached 2.33 times.
The company’s shares are trading at a good premium of ₹10 in the grey market, signaling a more than 31 percent increase at listing. It’s important to remember that the grey market premium is just a way to see how the company’s shares are doing before they officially start trading, and it can change rapidly.
The PSU’s IPO worth ₹2,150.21 crore started on November 21 and will end on November 23. It offers shares at a price range of ₹30-32 each. Bidders can apply in lots, with one lot consisting of 460 company shares. For retail investors, the minimum amount required to apply is ₹14,720 (which equals ₹32 multiplied by 460 shares).
The Indian Renewable Energy Development Agency is a government enterprise with ‘miniratna’ status (Category-I). Established in 1987, IRDEA is a well-experienced financial institution. It specializes in promoting, developing, and providing financial aid for new and renewable energy projects.