IREDA IPO: The initial public offering (IPO) of Indian Renewable Energy Development Agency (IREDA), which was open for public subscription between November 21 and November 23, received an overwhelming response from investors with a whopping 38.80 times subscription on the last day of bidding on Thursday. Now, reports suggest that the IPO allotment date is likely to be today, Friday. Amid this, the company’s GMP or grey market premium indicates 37.5 per cent listing gains.
Though the IPO allotment is likely to take place today as the stock market will remain closed on Monday or November 27 on account of Gurunanak Jayanti, the listing is likely to follow T+3 and the shares might list on Wednesday, November 29.
IREDA IPO GMP Today
According to market observers, unlisted shares of IREDA were trading Rs 12 higher in the grey market as compared with its issue price. The Rs 12 grey market premium or GMP means the grey market is expecting a 37.5 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The price range for the offer stood at Rs 30-32 a share.
IREDA IPO: Step-By-Step Guide To Check Allotment Status
Here’s how you can check IREDA IPO allotment status via BSE website:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Indian Renewable Energy Development Agency Limited’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Link Intime portal — linkintime.co.in/mipo/ipoallotment.html and check IREDA IPO allotment status.
IREDA IPO Subscription Status
The IPO received a total 38.80 times subscription in three days of bidding between November 21 and November 23.
The Rs 2,150-crore IPO received bids for 18,27,24,58,560 shares against 47,09,21,451 shares on offer, as per NSE data.
The category for Qualified Institutional Buyers (QIBs) received a whopping 104.57 times subscription. The quota for non-institutional investors got subscribed 24.16 times and the portion for Retail Individual Investors (RIIs) received 7.73 times subscription. The IPO has a fresh issue of up to 40,31,64,706 equity shares and an offer for sale of up to 26,87,76,471 equity shares.
The price range for the offer was Rs 30-32 a share. Indian Renewable Energy Development Agency has mobilised Rs 643 crore from anchor investors.
This is the first public issue by a public sector enterprise after Life Insurance Corporation’s IPO in May last year. Proceeds from the fresh issue will be used for augmenting IREDA’s capital base to meet its future capital requirements and onward lending.
IREDA is a mini Ratna firm with administrative controls with the Ministry of New and Renewable Energy. The organisation offers a comprehensive array of financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.
SBI Capital Markets, IDBI Capital Markets and Securities and BOB Capital Markets were the managers to the offer. Shares of the company will be listed on the BSE and NSE.
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