On Friday, November 24, or over the weekend, the Indian Renewable Energy Development Agency (IREDA) is expected to finalize the basis of allotment for its recently ended initial public offering. Bidders will begin receiving alerts, emails, and messages regarding the amount deducted or the mandate's revocation by Friday or Monday.
The IREDA IPO was priced at Rs 30-32 per share. The lot size was 460 shares. The issue was published from November 21 to November 23. The IPO raised Rs 2,150.21 crore in total, including a fresh share sale of Rs 1,290.13 crore and an offer-for-sale (OFS) of 26,87,76,471 shares.
During the three-day bidding period, the issue was subscribed 38.80 times. The amount earmarked for qualified institutional bidders (QIBs) was 104.57 times oversubscribed. The portion earmarked for non-institutional investors was bid on 24.16 times. Retail investor and employee quotas were subscribed to 5.09 times and 7.73 times, respectively.
The IREDA grey market premium (GMP) has risen as a result of the significant institutional investor response to the problem. Last heard, IREDA was commanding a premium of Rs 12 per share in the unofficial market, implying a 38% increase in value for investors. This is more than the Rs 8-10 per share GMP it had throughout the bidding stage.
The issue's book running lead managers are IDBI Capital Markets, BoB Capital Markets, and SBI Capital Markets, and the registrar is Link Intime India. On Thursday, November 29, IREDA shares will be listed on both the BSE and the NSE. On Monday, the stock market would be closed.
The Indian Renewable Energy Development Agency is a government enterprise with miniratna status (Category-I). IRDEA, founded in 1987, is a seasoned financial organization that has actively promoted, developed, and extended financial aid for new and renewable energy projects.
Brokerage firms following the PSU were generally enthusiastic about the IPO, recommending subscribe' ratings. In the long run, IREDA's strong bank sheet, diversification and expansion in developing green technologies, healthy order books, and solid asset quality were viewed as important strengths.
Investors who purchased the IREDA issue can check the status of their allotment on the BSE website's IPO application check page. Check equity under the issue type and select Indian Renewable Energy Development Agency Limited from the dropbox; enter in the application number and PAN card number before checking 'I am not a Robot' before clicking the submit button.
The status of allotments can also be monitored via the online portal of Link Intime India, the issue's registrant. Visit the Link Intime website and choose the ASK Automotive IPO from the dropdown menu. To obtain the allotment status for your application, enter the PAN Card number, Application Number, or DP Client ID as the selected tab and click 'search'.
