IREDA IPO Subscription Opens on November 21, Aiming to Raise ₹2,150.21 Crore; Grey Market Premium at ₹9

IREDA IPO: The initial public offering (IPO) of the Indian Renewable Energy Development Authority (IREDA) is set to open on November 21, 2023, and will be open for subscription until November 23, 2023. The IPO aims to raise ₹2,150.21 crores and has a price band of ₹30 to ₹32 per share. Market observers note that the grey market premium (GMP) for IREDA shares is currently at ₹9.

Key Details of IREDA IPO:

1. IPO Dates: The subscription period for the IREDA IPO is from November 21 to November 23, 2023.

2. IPO Price: The price band for the IPO is set at ₹30 to ₹32 per share.

3. IPO Size: IREDA aims to raise ₹2,150.21 crores through this public offering.

4. Grey Market Premium (GMP): The grey market premium for IREDA shares is reported to be ₹9.

5. IPO Allotment Date: The IPO allotment is scheduled after the T + 3 schedule, with the last day for share allocation falling on November 24, 2023, or November 27, 2023.

6. Investment Limits: Retail investors need a minimum amount of ₹14,720 (₹32 x 460 shares) to apply for the IPO.

7. Listing Date: The listing of IREDA IPO shares on BSE and NSE is anticipated on November 28, 2023.

IREDA, a Mini-Ratna Category-I Public Sector Undertaking (PSU), plays a crucial role in financing renewable energy projects in India. As the renewable energy sector gains prominence globally, IREDA’s focus aligns with the shift towards sustainable energy. The IPO presents an investment opportunity, and experts suggest that IREDA’s strong financial health, coupled with the growth potential in the renewable energy sector, makes it an attractive prospect for both listing profits and long-term investment.