IREDA IPO is a book built issue of Rs 2,150.21 crores. The issue is a combination of fresh issue of 40.32 crore shares aggregating to Rs 1,290.13 crores and offer for sale of 26.88 crore shares aggregating to Rs 860.08 crores.
IREDA IPO opens for subscription on November 21, 2023 and closes on November 23, 2023. The allotment for the IREDA IPO is expected to be finalized on Wednesday, November 29, 2023. IREDA IPO will list on BSE, NSE with tentative listing date fixed as Monday, December 4, 2023.
IREDA IPO price band is set at ₹30 to ₹32 per share. The minimum lot size for an application is 460 Shares. The minimum amount of investment required by retail investors is ₹14,720. The minimum lot size investment for sNII is 14 lots (6,440 shares), amounting to ₹206,080, and for bNII, it is 68 lots (31,280 shares), amounting to ₹1,000,960.
Idbi Capital Market Services Limited, Bob Capital Markets Limited and SBI Capital Markets Limited are the book running lead managers of the IREDA IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to IREDA IPO RHP for detailed information.
IREDA IPO Details
| IPO Date | November 21, 2023 to November 23, 2023 |
| Listing Date | [4 DECEMBER 2023] |
| Face Value | ₹10 per share |
| Price Band | ₹30 to ₹32 per share |
| Lot Size | 460 Shares |
| Total Issue Size | 671,941,177 shares (aggregating up to ₹2,150.21 Cr) |
| Fresh Issue | 403,164,706 shares (aggregating up to ₹1,290.13 Cr) |
| Offer for Sale | 268,776,471 shares of ₹10 (aggregating up to ₹860.08 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 2,284,600,000 |
IREDA IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
IREDA IPO Timeline (Tentative Schedule)
IREDA IPO opens on November 21, 2023, and closes on November 23, 2023.
| IPO Open Date | Tuesday, November 21, 2023 |
| IPO Close Date | Thursday, November 23, 2023 |
| Basis of Allotment | Wednesday, November 29, 2023 |
| Initiation of Refunds | Thursday, November 30, 2023 |
| Credit of Shares to Demat | Friday, December 1, 2023 |
| Listing Date | Monday, December 4, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 23, 2023 |
IREDA IPO Lot Size
Investors can bid for a minimum of 460 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 460 | ₹14,720 |
| Retail (Max) | 13 | 5980 | ₹191,360 |
| S-HNI (Min) | 14 | 6,440 | ₹206,080 |
| S-HNI (Max) | 67 | 30,820 | ₹986,240 |
| B-HNI (Min) | 68 | 31,280 | ₹1,000,960 |
| Lot Size Calculator |
IREDA IPO Promoter Holding
The promoters of the company are The President of India acting through The Ministry of New & Renewable Energy, Government of India.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue |
About Indian Renewable Energy Development Agency Limited
Incorporated in March 1987,Indian Renewable Energy Development Agency Limitedis a public limited government company. IREDA is a Mini Ratna (Category – I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). In FY 2021-22, IREDA achieved the highest-ever loan sanctions of around Rs. 23921.06 crores and loan disbursements of around Rs. 16070.82 crores.
IRDEA is an experienced financial institution that has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years. The company offers a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for RE projects and other value chain activities such as equipment manufacturing and transmission. IRDEA is committed to facilitating the transition towards a greener and more sustainable future, and as a reliable partner, the company ensure that its clients receive the best possible support and guidance throughout their projects.
As of June 30, 2023, the company has a diversified portfolio of Term Loans Outstanding, amounting to ₹ 472,066.63 million.
Indian Renewable Energy Development Agency Limited Financial Information (Restated Standalone)
Indian Renewable Energy Development Agency Limited’s revenue increased by 21.18% and profit after tax (PAT) rose by 36.48% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 51,208.36 | 50,446.98 | 36,708.41 | 30,293.39 |
| Revenue | 2,320.46 | 3,483.04 | 2,874.16 | 2,657.74 |
| Profit After Tax | 579.32 | 864.63 | 633.53 | 346.38 |
| Net Worth | 6,580.61 | 5,935.17 | 5,268.11 | 2,995.60 |
| Reserves and Surplus | 2,550.36 | 2,310.96 | 1,776.05 | 1,386.12 |
| Total Borrowing | 39,850.19 | 40,165.23 | 27,613.07 | 24,000.00 |
| Amount in ₹ Crore |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 8.47 |
| ROE | 15.44% |
| Debt/Equity | 6.77 |
| EPS (Rs) | 3.78 |
| RoNW | 15.44% |
Check IREDA IPO Peer Comparison here.
Objects of the Issue (IREDA IPO Objectives)
The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale. Further, the proceeds of the Offer for Sale shall be received by the Promoter Selling Shareholder and will not form part of the Net Proceeds. The company intends to utilize the net proceeds for the following objects:-
(i)Augmenting the capital base to meet future capital requirements and onwardlending.
(ii)The Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, including enhancing the brand image among existing and potential customers and creating a public market for the Equity Shares in India.
Indian Renewable Energy Development Agency Limited Contact Details
Indian Renewable Energy Development Agency Limited
India Habitat Centre
East Court, Core 4A,
1stFloor, Lodhi Road, New Delhi–110003
Phone: +91 11 24682206
Email: equityinvestor2023@ireda.in
Website: https://www.ireda.in/
IREDA IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: indianrenergy@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html