IREDA IPO: PSU raises ₹643 crore from anchor investors ahead of the issue opening – EQ
In Short : Indian Renewable Energy Development Agency is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
In Detail : Indian Renewable Energy Development Agency Ltd. (IREDA) on November 20 raised a total of ₹643.26 crore from anchor investors including Goldman Sachs, ahead of the launch of its initial public offering (IPO). IREDA IPO opens for subscription on Tuesday, November 21, and will close on Thursday, November 23.
The company allotted 20,10,19,726 equity shares at ₹32 apiece to the anchor investors which include 13 mutual funds. These 13 mutual funds have applied through a total of 32 schemes in the IREDA IPO anchor book.
Some of the anchor investors in IREDA IPO are 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 and others.
Indian Renewable Energy Development Agency is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
IREDA IPO Details
IREDA IPO price band has been fixed at ₹30 to ₹32 per share. The company plans to raise ₹2,150.21 crore from the public issue that comprises a fresh issue of 40.32 crore shares aggregating to ₹1,290.13 crore and an offer for sale (OFS) of 26.88 crore shares aggregating to ₹860.08 crore.
IREDA IPO lot size is 460 shares and the minimum investment amount required by retail investors is ₹14,720. The equity shares of IREDA will be listed on BSE and NSE.
IDBI Capital Market Services, Bob Capital Markets and SBI Capital Markets are the book running lead managers of the IREDA IPO, while Link Intime India Private Ltd is the IPO registrar.
