IREDA Shares Skyrocket 20 Percent to Reach All-Time High, Surging 218% from IPO Price

IREDA Shares Skyrocket 20 Percent to Reach All-Time High, Surging 218% from IPO Price

VoM News Desk | December 12, 2023 | 12:49 PM IST | Breaking News | Follow on Google News

IREDA Shares Skyrocket 20 Percent to Reach All-Time High, Surging 218% from IPO Price Image/iStock

IREDA Shares Skyrocket 20 Percent to Reach All-Time High, Surging 218% from IPO Price

IREDA shares have soared, hitting an all-time high and marking an astounding rise of 20% today, extending its remarkable rally by 218% from the IPO price of ₹32 within just nine trading sessions. The shares opened at ₹93.31 on the BSE today and surged to an all-time high of ₹102.02 per share.

This upward trajectory was accompanied by substantial trading volume, witnessing a remarkable exchange of 235.5 million equity shares, indicating robust investor interest and significant trading activity.

Kris Arun Kejriwal, Founder of Kejriwal Research and Investment Services, expressed amazement at IREDA’s post-listing performance.

He emphasized the incredible value that investors have reaped, stating that the stock, issued at ₹32, has now tripled within a short span. Kejriwal also compared this phenomenal rise to IRFC’s stock trajectory, emphasizing the exceptional recovery PSU shares have showcased in recent times, potentially boosting government offerings in the future.

IREDA’s shares witnessed a surge of over 19.97% during Monday’s trading session, reaching ₹85 per share on the NSE.

The stellar debut on November 29 witnessed the scrip’s listing at a substantial premium of 56.25% for ₹50 per share on the BSE and NSE. The closing prices stood at ₹60 per share on the NSE and ₹59.99 per share on the BSE, reflecting an 87.50% premium.

The IPO, subscribed 38.80 times on day 3, comprised a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares by the President of India, through the Ministry of New and Renewable Energy.

IREDA, designated as a “Public Financial Institution” by the Government of India, boasts over 36 years of experience in funding energy efficiency, conservation projects, and renewable energy initiatives.

This unprecedented surge reflects investors’ heightened confidence in the renewable energy sector and signals a remarkable success story for IREDA post-listing.

IREDA Shares Skyrocket 20 Percent to Reach All-Time High, Surging 218% from IPO Price: Fir any Query

VoM News Desk

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