IREDA IPO: Subscribed 1.95 times on first day, retail investors’ share completely filled

IREDA IPO: The IPO of Indian Renewable Energy Development Agency (IREDA) opens today on 21 November 2023. The issue has been subscribed 1.95 times so far on the first day of subscription. It has received bids for a total of 92.03 crore shares while there are 47.09 crore shares on offer. Investors will have the opportunity to invest in it till November 23. The company intends to raise Rs 2,150.21 crore through IPO. For this, a price band of Rs 30-32 per equity share has been fixed. Here we have given complete details related to subscription.

Subscription related details

Qualified Institutional Buyers (QIB) – 1.34x

Retail Investors – 1.97 times

Total – 1.95 percent

(21 Nov 2023 | 05:00:00 PM)

Rs 643.26 crore raised from anchor investors

IREDA raised Rs 643.26 crore from 58 anchor investors on November 20 ahead of the IPO. Prominent names participating in the anchor book include Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Moon Capital Trading and Copthol Mauritius.

condition of gray market

There is a lot of craze for this IPO in the gray market. Today on November 21, this IPO is trading at a premium of Rs 6. This means that the company’s shares can be listed at a price of Rs 38. If this happens then investors will get a profit of 18.75 percent.

Details related to IPO

For this IPO, investors can bid for a minimum of 460 shares and in multiples thereof. This means that according to the upper price band, investors will have to invest at least Rs 14,720. Under the T+3 schedule, the company can allot shares to successful investors on 24 November 2023 or 27 November 2023. At the same time, the listing of the company’s shares is likely to happen on 28 November 2023.