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IREDA Sets Price Band for Upcoming IPO
IREDA Sets Price Band for Upcoming IPO
Indian Renewable Energy Development Agency (IREDA) has announced its initial public offering (IPO) with a price band ranging from ₹30 to ₹32 per equity share. The IPO is scheduled to open on November 21 and will close on November 23. A special allocation for anchor investors is set for November 20.
IPO Pricing and Lot Size
The floor price is set at 3 times the face value of the equity shares, and the cap price is 3.20 times the face value. The IPO’s price-to-earnings ratio is pegged between 7.94 times at the floor price and 8.47 times at the cap price, based on the diluted EPS for the fiscal year 2023. The minimum lot size for the IPO is 460 shares, and multiples thereof.
Allocation and Reservation in IPO
The IPO allocates 50% of its shares to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% for retail investors.
Company Background and Industry Standing
IREDA is a Government of India enterprise under the Ministry of New and Renewable Energy (MNRE). It is the country’s leading dedicated green financing non-banking financial company (NBFC). The company’s peers in the listed space include REC Ltd and Power Finance Corporation.
Use of IPO Proceeds and Company Outlook
The IPO comprises both a fresh issue and an offer for sale (OFS) by the President of India. The fresh issue proceeds are intended for capital augmentation and meeting future capital requirements. IREDA’s diverse investment portfolio, spanning across multiple states and union territories in India, stands at ₹47,206.66 crore.
Financial Performance
IREDA’s standalone revenue from operations for the fiscal year 2023 saw a substantial increase of 21.75%, amounting to ₹3,481.97 crore. The rise is attributed to the growth in term loans outstanding during the fiscal year.
Issue Management
IDBI Capital Markets & Securities Ltd, BOB Capital Markets Ltd, and SBI Capital Markets Ltd are the appointed managers for the IREDA IPO.
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