IREDA lists with a bang!

about 3 months ago
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A brand new listing and that has created a big bang! IREDA got listed at Rs.50 v/s the IPO price of Rs.32 and is currently trading at Rs.55.70, which is almost double the IPO price.

The IPO had received a very good response; it was overall subscribed 38.8 times, with lions portion taken by QIBs at 104.57, HNI at 24.16 and Retail investors at 7.72.

Indian Renewable Energy Development Agency Limited (IREDA), is an Infrastructure Finance Company and a Category 1 Mini Ratna company, with a gross loan portfolio of Rs. 47,514 cr, as of 30.9.23, lending 30% for solar projects, 21% wind, 19% to state utilities and 11% hydro power. Loan book has grown at an attractive 24% CAGR in the last 2.5 years and this growth can continue even on the expanded base, given the need and potential of renewable energy sector.

In our IPO Analysis, we had concluded - Company’s presence in a high growth sector coupled with undemanding valuation, we recommend ‘applying to the IPO’.

175.10 (-3.20)

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