IREDA IPO To Open For Subscription Next Week: Know Price Band, Important Details Before Subscribing To The Iss

The initial public offering (IPO) of the Indian Renewable Energy Development Agency (IREDA) will open for subscription on November 21. The Rs 2,150.21 crore IREDA IPO will close for subscription on November 23, 2023.

The offer comprises a fresh issue of 40.31 crore shares and an offer-for-sale of 26.87 crore shares. The company is looking to raise Rs 2,150.21 crore via the issue. One should note that the IPO of IREDA is the first IPO by a government-owned company since LIC hit the market in May last year.

IREDA IPO Important Dates:

The IPO will open for subscription on November 21, 2023, and close on November 23, 2023. The IREDA shares will commence trading on Indian bourses with effect from December 1, as per the IPO schedule.

IREDA IPO Price Band:

The price band for the issue has been fixed at Rs 30-32 a share.

At the upper price band, the IREDA is valued at Rs 8,600 crore. As of now, the government owns a 100% stake in the firm. The anchor book will open for a day on November 20.

The company intends to utilize the net proceeds to increase the capital base to meet future capital requirements and onward lending. The company expects to receive the benefits of listing the equity shares on the Indian bourses.

IREDA IPO Lot Size:

Investors can place bids for a minimum of 460 equity shares and multiples of 460 thereafter. Hence the minimum investment by retail investors would be Rs 13,800 (460 (Lot size) x 30. At the upper end, the bidding amount will rise to Rs 14,720.