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IREDA IPO is a book build issue of ₹2,150.21 crores. The issue is a combination of fresh issue of 40.32 crore shares aggregating to ₹1,290.13 crores and offer for sale of 26.88 crore shares aggregating to ₹860.08 crores.
IREDA IPO bidding started from Nov 21, 2023 and ended on Nov 23, 2023. The allotment for IREDA IPO was finalized on Nov 24, 2023. The shares got listed on BSE, NSE on Nov 29, 2023.
IREDA IPO price band is set at ₹32.00 per share . The lot size for an application is 460. The minimum amount of investment required by an retail is ₹13,800 (460 shares). The lot size investment for sNII is 14 lots (6,440 shares), amounting to ₹2,06,080, and for bNII, it is 68 lots (31,280 shares), amounting to ₹10,00,960.
The issue includes a reservation of up to 18,75,420 shares for employees offered at a discount of ₹0.00 to the issue price.
IDBI Capital Markets Services Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
| IPO Date | November 21, 2023 to November 23, 2023 |
| Listing Date | November 29, 2023 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹30 to ₹32 per share |
| Issue Price Final | ₹32 per share |
| Lot Size | 460 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 67,19,41,177 shares (aggregating up to ₹2,150.21 Cr) |
| Fresh Issue | 40,31,64,706 shares (aggregating up to ₹1,290.13 Cr) |
| Offer for Sale | 26,87,76,471 shares of ₹10 (aggregating up to ₹860.08 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Post Issue | 2,68,77,64,706 shares |
IREDA IPO offers total 67,19,41,177 shares. Out of which 33,50,32,878 (49.86%) allocated to QIB, 13,40,13,152 (19.94%) allocated to QIB, 10,05,09,864 (14.96%) allocated to NII, 23,45,23,015 (34.90%) allocated to RII and 20,10,19,726 (29.92%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 33,50,32,878 (49.86%) | NA |
| − Anchor Investor Shares Offered | 20,10,19,726 (29.92%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 13,40,13,152 (19.94%) | NA |
| NII (HNI) Shares Offered | 10,05,09,864 (14.96%) | NA |
| − bNII > ₹10L | 6,70,06,576 (9.97%) | 10,404 |
| − sNII < ₹10L | 3,35,03,288 (4.99%) | 5,202 |
| Retail Shares Offered | 23,45,23,015 (34.90%) | 5,09,832 |
| Employee Shares Offered | 18,75,420 (0.28%) | NA |
| Total Shares Offered | 67,19,41,177 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
IREDA IPO raises ₹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 | 20,10,19,726 |
| 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 | Tue, Nov 21, 2023 |
| IPO Close Date | Thu, Nov 23, 2023 |
| Tentative Allotment | Fri, Nov 24, 2023 |
| Initiation of Refunds | Sat, Nov 25, 2023 |
| Credit of Shares to Demat | Tue, Nov 28, 2023 |
| Tentative Listing Date | Wed, Nov 29, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Nov 23, 2023 |
Investors can bid for a minimum of 460 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 460 | ₹14,720 |
| Retail (Max) | 13 | 5,980 | ₹1,91,360 |
| S-HNI (Min) | 14 | 6,440 | ₹2,06,080 |
| S-HNI (Max) | 67 | 30,820 | ₹9,86,240 |
| B-HNI (Min) | 68 | 31,280 | ₹10,00,960 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 |
| Total Income | 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 ₹8600.85 Cr.
| KPI | Values |
|---|---|
| ROE | 15.44% |
| Debt/Equity | 6.77 |
| RoNW | 15.44% |
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...
| Listing Date | November 29, 2023 |
| BSE Script Code | 544026 |
| NSE Symbol | IREDA |
| ISIN | INE202E01016 |
| Final Issue Price | ₹32 per share |
| BSE Listing Group | B |
Indian Renewable Energy Development Agency Ltd.
India Habitat Centre
East Court, Core 4A,
1stFloor, Lodhi Road, New Delhi–110003
Delhi, New Delhi
Phone: +91 11 24682206
Email: equityinvestor2023@ireda.in
Website: https://www.ireda.in/
MUFG Intime India Pvt.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 67,19,41,177 equity shares of the face value of ₹10 aggregating up to ₹2,150.21 Crores. The issue is priced at ₹32 per share. The minimum order quantity is 460.
The IPO opens on November 21, 2023, and closes on November 23, 2023.
MUFG Intime India Pvt.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, and the minimum amount required for application is ₹14,720.
You can apply in IREDA IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, 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.
The IREDA IPO listing date is on Wednesday, November 29, 2023.
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