Construction Industry News
The initial public offering of Indian Renewable Energy Development Agency Ltd was subscribed almost 39 times on the closing day of the issue opening on Thursday. The IPO, which saw a strong response in the first two days, continued to attract investors on the last day.
The offering received bids for 1,827.25 million shares against 47.09 million shares on offer. The non-institutional investors category was subscribed 24.16 times, while the retail investors section was subscribed 7.73 times. The Qualified Institutional Buyers (QIB) quota received a strong response by being subscribed 104.57 times and that of employees 9.80 times.
The launch came out with a price range of ₹30-32. The size of the IPO was Rs 2,150.21 crore - a fresh issue of shares of 40.32 crore aggregating to Rs 1,290.13 crore and an offer for sale (OFS) of shares of 26.88 crore worth Rs 860.08 crore.
As part of the IPO process, on November 20, IREDA had raised ₹643.26 crore from anchor investors by deciding to allot 20.10 crore shares at ₹32 a share, including 13 mutual funds.
The main objectives of the issue are to augment its capital base for future capital requirements and onward lending.
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 provides funding for projects in several renewable energy sectors, including waste-to-energy, compressed biogas, ethanol, solar power, wind, hydropower, gearbox, biomass, hybrid RE, EEC, and green mobility.
28309
56599
33939
67899
29569
59099
850
1100
24659
49299
43710
87420
30300
60600
500
680
3513
5972
11099
22199
599
1800
30280
60560
1899
2800
2480
3999
5822
11062
702
1190
