IREDA IPO subscribed 58% in the first two hours

21 Nov 2023 , 12:17 PM

The eagerly awaited Initial Public Offering (IPO) of the Indian Renewable Energy Development Agency (IREDA) has officially commenced in the Indian primary market today and is scheduled to remain open until November 23, 2023. Investors can seize the opportunity to subscribe to the IPO by clicking here.

Early Subscription Highlights: Within the first two hours of its launch, the IPO has garnered substantial attention, with an impressive 58% subscription rate. The retail portion has seen a particularly enthusiastic response, receiving bids for 91% of the offered shares. Non-institutional investors have also shown significant interest, subscribing to 59% of the reserved portion.

Notably, IREDA has set aside a portion of the IPO for its employees, and this segment has witnessed a robust 85% subscription, showcasing strong internal support for the company’s growth.

IPO Details: The IPO is offered in the price band of Rs 30 to 32 per equity share, emphasizing an affordable entry point for potential investors. The book build issue is proposed for listing on both BSE and NSE. With a goal of raising Rs 2,150.21 crore from this IPO, IREDA aims to fortify its financial position for future initiatives in the renewable energy sector.

About IREDA: IREDA plays a pivotal role in promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation initiatives. The agency provides a comprehensive suite of financial products and related services, spanning from project conceptualization to post-commissioning. This includes support for renewable energy projects and activities along the value chain, such as equipment manufacturing and transmission.