Bengaluru: Shares of Indian Renewable Energy Development Agency ,IREDA) surged as much as 74% in its trading debut on Wednesday, valuing the state-owned firm at 149.71 billion rupees ($1.80 billion).
The stock, which listed at Rs 50, climbed to a high of Rs 55.70, and remained above its initial public offering (IPO) price of Rs 32 in the session so far.
Last week, the company – a non-banking lender that finances renewable energy projects such as solar, hydropower and biofuels – received strong interest for its IPO, which was oversubscribed by 38.8 times.
According to exchange data, investors bid for about 18.3 billion shares worth Rs 584.72 billion.
There was a fresh issue of shares worth up to Rs 12.9 billion in the Rs 21.50 billion IPO, while the government had sold shares worth up to Rs 8.6 billion.
India’s record has been 196 IPO So far this year, the stock market has hit all-time highs as the country’s economic growth prospects and huge consumer base make it an attractive investment destination.
However, companies going public have received a mixed response, with some slow starts attributed to market conditions, valuation concerns, or concerns about competition.
According to LSEG data, these 196 companies have raised about $5.97 billion, which is 22.6% less than the same period last year.
IREDA’s profit rose 41.2% to Rs 5.79 billion for the half year ended September 30, while its interest income rose 49.1%.
The domestic equity market will see a spate of entrants this week, including the Tata Motors-owned company. Tata TechnologiesWhich on Thursday will be the first listing of Tata Group in almost two decades.
The stock, which listed at Rs 50, climbed to a high of Rs 55.70, and remained above its initial public offering (IPO) price of Rs 32 in the session so far.
Last week, the company – a non-banking lender that finances renewable energy projects such as solar, hydropower and biofuels – received strong interest for its IPO, which was oversubscribed by 38.8 times.
According to exchange data, investors bid for about 18.3 billion shares worth Rs 584.72 billion.
There was a fresh issue of shares worth up to Rs 12.9 billion in the Rs 21.50 billion IPO, while the government had sold shares worth up to Rs 8.6 billion.
India’s record has been 196 IPO So far this year, the stock market has hit all-time highs as the country’s economic growth prospects and huge consumer base make it an attractive investment destination.
However, companies going public have received a mixed response, with some slow starts attributed to market conditions, valuation concerns, or concerns about competition.
According to LSEG data, these 196 companies have raised about $5.97 billion, which is 22.6% less than the same period last year.
IREDA’s profit rose 41.2% to Rs 5.79 billion for the half year ended September 30, while its interest income rose 49.1%.
The domestic equity market will see a spate of entrants this week, including the Tata Motors-owned company. Tata TechnologiesWhich on Thursday will be the first listing of Tata Group in almost two decades.
(TagstoTranslate)Business News(T)Tata Technologies(T)IREDA Shares(T)IREDA(T)IPO(T)Indian Renewable Energy Development Agency
