Indian Renewable Energy Development Agency IPO subscribed 4.56 times on Day 2

The Initial Public Offering of Indian Renewable Energy Development Agency Limited was subscribed 4.56 times on the second day of bidding.

The issue received bids of 2,14,70,52,300 shares against the offered 47,09,21,451 equity shares, at a price band of ₹30-32, according to the data available on the stock exchanges.

Non-Institutional Investors Portion was subscribed 7.74 times, Retail Portion subscribed 4.26 times, whereas Qualified Institutional Buyer Portion was subscribed 2.69 times. Employee Portion was subscribed 4.99 times. The issue kicked off for subscription on Tuesday, November 21, 2023 and will close on Thursday, November 23, 2023.

A day prior to the opening of the issue, Indian Renewable Energy Development Agency Ltd had raised Rs 643 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were SBI Banking & Financial Services Fund, HDFC Mutual Fund, ICICI Prudential Midcap Fund, Nippon Life India AMC, Kotak India Equity Contra Fund, Aditya Birla Sunlife Mutual Fund, Goldman Sachs (Singapore), DSP Tax Saver Fund, BNP Paribas Arbitrage, Societe Generale, Gam Star Emerging Equity, White Oak Midcap Fund, Sundaram Mutual Fund, Copthall Mauritius Investment.

Leading brokerages like Ajcon Global, BP Equities, Choice Broking, Chola Securities, Dalal & Broacha, Hensex Securities, Indsec Securities, Nirmal Bang, Reliance Securities, SMIFS, Stoxbox, Sushil Finance, and Ventura Securities have given a "SUBSCRIBE" rating to the issue, highlighting its consistent track record focused on diversified asset books, high-quality assets, improving GNPA and NNPA and steady profitability. IREDA plays a strategic role in the GoI's initiatives for the promotion and development of the Renewable Energy sector in India.

The company's experienced senior management with in-depth sector expertise and professionally qualified employee base intends to leverage this expertise to enhance presence in new and emerging green technologies.

IDBI Capital Markets & Securities Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers.

Source : Equity Bulls

Keywords

IREDA IPO FundRaising Subscription