IREDA Launches IPO with Price Band Set at ₹30 to ₹32 Per Share

IREDA IPO: The Indian Renewable Energy Development Authority (IREDA) has initiated its initial public offering (IPO), which will be open for subscription until November 23, 2023. Priced at ₹30 to ₹32 per share, the state-owned company aims to raise ₹2,150.21 crore from the IPO. On the opening day, the grey market premium for IREDA shares is noted at ₹7, according to market observers.Key Details of IREDA IPO:

• Grey Market Premium (GMP): The grey market is offering IREDA shares at a premium of ₹7.
• IPO Dates: Open for subscription from November 21, 2023, to November 23, 2023.
• IPO Price: The price band is set at ₹30 to ₹32 per share.
• IPO Size: The company aims to raise ₹2,150.21 crore from the public offering.
• Allotment Date: Share allotment is scheduled for November 24, 2023, or November 27, 2023.
• Investment Limits: With a price range of ₹30 to ₹32 per share and 1 lot comprising 460 shares, the minimum investment for retail investors is ₹14,720 (₹32 x 460).
• Listing: Proposed for listing on BSE and NSE.
• Listing Date: Expected on November 28, 2023.

Analyst Recommendations:

• Arun Kejriwal, Founder of Kejriwal Research and Investment Services, suggests that IREDA’s fundamentals are strong, making it an attractive investment for short and medium-term gains.
• Reliance Securities assigns a ‘subscribe’ tag to the IPO, highlighting IREDA’s strategic role in the promotion of renewable energy in India.
• Nirmal Bang recommends investors to apply for the IPO, citing the company’s growth prospects in emerging green technologies.
• BP Equities, Choice Broking, and Swastika Investmart also advise investors to participate in the IPO.

IREDA’s IPO presents an opportunity for investors to engage in the growing renewable energy sector with positive recommendations from analysts.