Indian Renewable Energy Development Agency (IREDA) shares have returned 156% in eight sessions compared to the IPO issue price of Rs 32. IREDA shares touched an intraday high of Rs 81.90 on the BSE today, representing a 155.93% increase over the IPO price. IREDA's share price gained 15.59% intraday in early trades. On the BSE, 149.36 lakh shares changed hands, amounting to a high turnover of Rs 117.01 crore. The company's market capitalization increased to Rs 22,493.90 crore.

"Ireda stock price looks bullish on the Daily charts with next resistance at Rs 88.2," Tips2trades' Abhijeet remarked. Allotted investors can hold purchase positions until the daily close falls below the support level of Rs 73.5." DRS Finvest founder Ravi Singh predicted that the stock would reach Rs 80 in the near future. Singh advised keeping a stop loss at Rs 65.

"Support will be at Rs 65 and resistance may be seen above Rs 75," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers. For the next few months, the stock could trade in a band of Rs 60 to Rs 85."

On November 29, IREDA shares made a good market debut, trading at a 56.25% premium to the IPO issue price. The IREDA shares were launched on the BSE at Rs 50, a premium of 56.25% over the IPO issue price of Rs 32.

On the NSE, the stock was listed at Rs 50

The IPO price band for IREDA was Rs 30-32 per share, with a lot size of 460 shares. Bidding on the shares was open from November 21 to November 23. The IPO garnered a total of Rs 2,150.21 crore for the state-run PSU player, which included a fresh share sale of Rs 1,290.13 crore and an offer-for-sale (OFS) of 26,87,76,471 equity shares.

The issue's book running lead managers were IDBI Capital Markets, BoB Capital Markets, and SBI Capital Markets, while the registrar was Link Intime India.

Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Moon Capital Trading, and Copthall Mauritius were among the 58 anchor investors that contributed Rs 643.26 crore. The company issued 20,10,19,726 equity shares at Rs 32 each to 13 mutual funds as anchor investors. These 13 mutual funds applied via 32 different schemes in the IREDA IPO anchor book.

IREDA is a government enterprise classified as a Mini Ratna (Category - I). The Ministry of New and Renewable Energy (MNRE) is in charge of its administration. For more than 36 years, IREDA has been actively advocating, developing, and extending financial aid for new and renewable energy projects, as well as energy efficiency and conservation programmes.