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IREDA IPO is a book built issue of Rs 2,150.21 crores. The issue is a combination of fresh issue of 40.32 crore shares aggregating to Rs 1,290.13 crores and offer for sale of 26.88 crore shares aggregating to Rs 860.08 crores.
IREDA IPO bidding started from November 21, 2023 and ended on November 23, 2023. The allotment for IREDA IPO was finalized on Friday, November 24, 2023. The shares got listed on BSE, NSE on November 29, 2023.
IREDA IPO price band is set at ₹30 to ₹32 per share. The minimum lot size for an application is 460 Shares. The minimum amount of investment required by retail investors is ₹14,720. The minimum lot size investment for sNII is 14 lots (6,440 shares), amounting to ₹206,080, and for bNII, it is 68 lots (31,280 shares), amounting to ₹1,000,960.
Idbi Capital Market Services Limited, Bob Capital Markets Limited and SBI Capital Markets Limited are the book running lead managers of the IREDA IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to IREDA IPO RHP for detailed information.
| IPO Date | November 21, 2023 to November 23, 2023 |
| Listing Date | November 29, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹30 to ₹32 per share |
| Lot Size | 460 Shares |
| Total Issue Size | 671,941,177 shares (aggregating up to ₹2,150.21 Cr) |
| Fresh Issue | 403,164,706 shares (aggregating up to ₹1,290.13 Cr) |
| Offer for Sale | 268,776,471 shares of ₹10 (aggregating up to ₹860.08 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 2,284,600,000 |
| Share holding post issue | 2,687,764,706 |
IREDA IPO offers 671,941,177 shares. 134,013,152 (19.94%) to QIB, 100,509,864 (14.96%) to NII, 234,523,015 (34.90%) to RII, 1,875,420 (0.28%) to employees and 201,019,726 (29.92%) to Anchor investors. 509,832 RIIs will receive minimum 460 shares and 5,202 (sNII) and 10,404 (bNII) will receive minimum 6,440 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 201,019,726 (29.92%) | NA |
| QIB Shares Offered | 134,013,152 (19.94%) | NA |
| NII (HNI) Shares Offered | 100,509,864 (14.96%) | |
| bNII > ₹10L | 67,006,576 (9.97%) | 10,404 |
| sNII < ₹10L | 33,503,288 (4.99%) | 5,202 |
| Retail Shares Offered | 234,523,015 (34.90%) | 509,832 |
| Employee Shares Offered | 1,875,420 (0.28%) | NA |
| Total Shares Offered | 671,941,177 (100%) |
IREDA IPO raises Rs 643.26 crore from anchor investors. IREDA IPO Anchor bid date is November 20, 2023. IREDA IPO Anchor Investors list
| Bid Date | November 20, 2023 |
| Shares Offered | 201,019,726 |
| Anchor Portion Size (In Cr.) | 643.26 |
| Anchor lock-in period end date for 50% shares (30 Days) | December 24, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | February 22, 2024 |
IREDA IPO opens on November 21, 2023, and closes on November 23, 2023.
| IPO Open Date | Tuesday, November 21, 2023 |
| IPO Close Date | Thursday, November 23, 2023 |
| Basis of Allotment | Friday, November 24, 2023 |
| Initiation of Refunds | Saturday, November 25, 2023 |
| Credit of Shares to Demat | Tuesday, November 28, 2023 |
| Listing Date | Wednesday, November 29, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 23, 2023 |
Investors can bid for a minimum of 460 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 460 | ₹14,720 |
| Retail (Max) | 13 | 5980 | ₹191,360 |
| S-HNI (Min) | 14 | 6,440 | ₹206,080 |
| S-HNI (Max) | 67 | 30,820 | ₹986,240 |
| B-HNI (Min) | 68 | 31,280 | ₹1,000,960 |
| Lot Size Calculator | |||
The promoter of the company is The President of India acting through The Ministry of New & Renewable Energy, Government of India.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 75% |
Incorporated in March 1987, Indian Renewable Energy Development Agency Limited is a public limited government company.
IREDA is an experienced financial institution that has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.
The company offers a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for RE projects and other value chain activities such as equipment manufacturing and transmission. IREDA is committed to facilitating the transition towards a greener and more sustainable future, and as a reliable partner, the company ensure that its clients receive the best possible support and guidance throughout their projects.
As on March 31, 2023, our Term Loans Outstanding stood at ₹ 470,755.21 million, compared to ₹ 278,539.21 million as on March 31, 2021, increasing at a CAGR of 30.00%, and as of September 30, 2022 and September 30, 2023, our Term Loans Outstanding were ₹ 337,833.59 million and ₹ 475,144.83 million, respectively.
As of September 30, 2023, the company have 175 employees out of which 152 are professionally qualified with engineering, finance, legal, human resource and IT background.
Indian Renewable Energy Development Agency Limited's revenue increased by 21.18% and profit after tax (PAT) rose by 36.48% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 51,208.36 | 50,446.98 | 36,708.41 | 30,293.39 |
| Revenue | 2,320.46 | 3,483.04 | 2,874.16 | 2,657.74 |
| Profit After Tax | 579.32 | 864.63 | 633.53 | 346.38 |
| Net Worth | 6,580.61 | 5,935.17 | 5,268.11 | 2,995.60 |
| Reserves and Surplus | 2,550.36 | 2,310.96 | 1,776.05 | 1,386.12 |
| Total Borrowing | 39,850.19 | 40,165.23 | 27,613.07 | 24,000.00 |
| Amount in ₹ Crore | ||||
The market capitalization of IREDA IPO is Rs 8600.85 Cr.
| KPI | Values |
|---|---|
| ROE | 15.44% |
| Debt/Equity | 6.77 |
| RoNW | 15.44% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.78 | |
| P/E (x) | 8.47 | 7.42 |
The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale. Further, the proceeds of the Offer for Sale shall be received by the Promoter Selling Shareholder and will not form part of the Net Proceeds. The company intends to utilize the net proceeds for the following objects:-
[Dilip Davda] IREDA enjoys front runner tag in renewable energy financing and advisory services and is a PSU. It has posted growth in its top and bottom lines for the reported periods. Based on annualized FY24 earnings the issue appears fully priced, but is a long race horse. Well-informed investors may invest in this issue with a long term perspective. Read detail review...
The IREDA IPO is subscribed 38.80 times on November 23, 2023 5:39:00 PM. The public issue subscribed 7.73 times in the retail category, 104.57 times in the QIB category, and 24.16 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 104.57 |
| NII | 24.16 |
| bNII (bids above ₹10L) | 26.99 |
| sNII (bids below ₹10L) | 18.50 |
| Retail | 7.73 |
| Employee | 9.80 |
| Total | 38.80 |
Total Application : 2,858,909 (5.61 times)
| Listing Date | November 29, 2023 |
| BSE Script Code | 544026 |
| NSE Symbol | IREDA |
| ISIN | INE202E01016 |
| Final Issue Price | ₹32 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹32.00 |
| ₹50.00 |
| ₹49.99 |
| ₹59.99 |
| ₹59.99 |
| NSE |
|---|
| ₹32.00 |
| ₹50.00 |
| ₹50.00 |
| ₹60.00 |
| ₹60.00 |
Indian Renewable Energy Development Agency Ltd
India Habitat Centre
East Court, Core 4A,
1stFloor, Lodhi Road, New Delhi–110003
Phone: +91 11 24682206
Email: equityinvestor2023@ireda.in
Website: https://www.ireda.in/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: indianrenergy@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
IREDA IPO is a main-board IPO of 671,941,177 equity shares of the face value of ₹10 aggregating up to ₹2,150.21 Crores. The issue is priced at ₹30 to ₹32 per share. The minimum order quantity is 460 Shares.
The IPO opens on November 21, 2023, and closes on November 23, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in IREDA IPO using UPI as a payment gateway. Zerodha customers can apply in IREDA IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IREDA IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The IREDA IPO opens on November 21, 2023 and closes on November 23, 2023.
IREDA IPO lot size is 460 Shares, and the minimum amount required is ₹14,720.
You can apply in IREDA IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for IREDA IPO will be done on Friday, November 24, 2023, and the allotted shares will be credited to your demat account by Tuesday, November 28, 2023. Check the IREDA IPO allotment status.
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