Investor response to IREDA’s IPO was overwhelming during the three-day subscription period.
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IREDA IPO reserved no more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), no less than 15% for Non-Institutional Investors (NII), and no less than 35% of the offer is reserved for Retail Investors. .
On day 3, the retail investors portion of IREDA IPO was subscribed 7.73 times, NII portion was subscribed 24.16 times, and Qualified Institutional Buyers (QIB) portion is reserved 104.57 times. Employee share was subscribed 9.80 times, according to BSE data.
Indian Renewable Energy Development Agency IPO was subscribed 1.96 times on day 1. IREDA IPO subscription status was 4.56 times on day 2.
IREDA IPO subscription status
IREDA IPO received bids for 18,27,25,22,960 shares against 47,09,21,451 shares offered, at 19:00 IST, according to data from the BSE.
Indian Renewable Energy Development Agency IPO portion of retail investors received bids for 1,81,23,13,060 shares against 23,45,23,015 shares offered for this segment.
The non-institutional investors portion of Indian Renewable Energy IPO received bids for 2,42,82,92,620 shares as against 10,05,09,864 offered for this segment.
The Qualified Institutional Buyers (QIBs) portion of Indian Renewable Energy Development Agency IPO received bids for 14,01,35,36,140 shares against 13,40,13,152 shares offered for this segment.
The employee portion of Indian Renewable Energy IPO received bids for 1,83,81,140 shares against 18,75,420 shares offered for this segment.
Also read: IREDA IPO: GMP jumps on strong subscription status. Do you have to apply?
Details of IREDA IPO
The IPO will consist of a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares by the President of India, acting through the ministry of new and renewable energy. The offer includes a reservation for an employee subscription. IREDA IPO size is ₹2,150.21 crores.
According to the RHP, the proceeds of the fresh issue will be used to expand its capital base to meet its future capital requirements and onward lending.
Also Read: Tata Technologies IPO Day 2: Check latest GMP, subscription status, other details. Do you have to apply?
“The main objects and objects incidental and ancillary to the main objects set out in the Memorandum of Association enable us to: (i) undertake our existing business activities; and (ii) undertake the activities proposed to be financed from the Net Proceeds. Further, our Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, including enhancing our brand image among our existing and potential customers and creating a public market for the Equity Shares in India,” the company said in its RHP.
The President of India acting through the Ministry of New and Renewable Energy, Government of India. The promoter, together with its seven nominees, currently holds 100.00% of the pre-offer paid-up equity share capital of the company, according to RHP.
The registrar for the IREDA IPO is Link Intime India Private Ltd, and the book-running lead managers are IDBI Capital Market Services Limited, Bob Capital Markets Limited, and SBI Capital Markets Limited.
Also Read: Gandhar Oil IPO subscribed 9.24 times on Day 2: From GMP to brokerage views, here’s all you need to know
IREDA IPO GMP today
IRDEA IPO gray market premium is +11. This indicated that IRDEA share price is today trading at a premium of ₹11 in the gray market on Thursday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the gray market, the estimated list price of IRDEA share price was indicated at ₹43 per which is 34.38% higher than the IPO price of ₹32.
“Grey market premium” indicates the willingness of investors to pay more than the issue price.
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Updated: 23 Nov 2023, 19:53 IST
(tagsTo Translate)IREDA