The initial public offering (IPO) of the Indian Renewable Energy Development Agency (IREDA) has opened for subscription on November 21st, 2023, and will continue accepting bids until November 23rd, 2023. This state-owned company aims to raise approximately ₹2,150.21 crore from its public offer.
IREDA, the nodal agency for renewable energy in India, has garnered positive attention in the grey market, with shares currently trading at a premium of ₹7. Market observers foresee a promising future for IREDA in the renewable energy sector, making this IPO an enticing prospect for investors.
Here are some key details regarding the IREDA IPO:
1. IPO Price and Lot Size
IREDA has fixed the price band for its IPO at ₹30 to ₹32 per equity share. Investors will have the opportunity to apply for the IPO in lots, with each lot consisting of 460 company shares.
2. IPO Size and Listing
IREDA aims to raise ₹2,150.21 crore through its public offer. The company has plans to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
3. IPO Allotment and Listing Dates
As per the T+3 schedule, the tentative date for the finalization of share allocation is either November 24th, 2023, or November 27th, 2023. The listing of IREDA shares is expected to occur on November 28th, 2023.
4. Investment Limit and Eligibility
With a price band of ₹30 to ₹32 per share and a lot size of 460 shares, the minimum amount required for a retail investor to apply for the IREDA IPO is ₹14,720. Investors are advised to consult their financial advisors and evaluate their risk appetite before making any investment decisions.
5. Expert Recommendations
Renowned experts in the field of investments have given positive recommendations on the IREDA IPO. Arun Kejriwal, Founder at Kejriwal Research and Investment Services, sees potential in the company for short and medium-term appreciation. Reliance Securities also recommends subscribing to the IPO, citing IREDA’s strong track record, diversified asset book, and consistent profitability. Nirmal Bang, another reputed firm, encourages investors to apply for the IPO, emphasizing IREDA’s expansion into emerging green technologies.
In conclusion, the IREDA IPO offers investors a unique opportunity to contribute to India’s renewable energy sector while potentially reaping significant returns. With positive market sentiments and favorable expert recommendations, investors are advised to carefully evaluate the IPO and consider investing in IREDA.
FAQ
1. How long is the IREDA IPO open for subscription?
The IREDA IPO is open for subscription from November 21st, 2023, to November 23rd, 2023.
2. What is the price range of the IREDA IPO?
The price band for the IREDA IPO is set at ₹30 to ₹32 per equity share.
3. What is the lot size for the IREDA IPO?
One lot of the IREDA IPO consists of 460 company shares.
4. How much does a retail investor need to apply for the IREDA IPO?
The minimum investment amount required for a retail investor to apply for the IREDA IPO is ₹14,720.
5. When will the shares of IREDA be listed?
IREDA shares are expected to be listed on the BSE and NSE on November 28th, 2023.
6. What do experts say about investing in the IREDA IPO?
Experts have given positive recommendations for the IREDA IPO, highlighting its potential for short and medium-term appreciation, strong track record, and expansion into emerging green technologies.