State-run Indian Renewable Energy Development Agency Ltd. has raised a sum of ₹643.2 crore from anchor investors like Goldman Sachs and other funds. The three-day Initial Public Offering of the company opens for subscription on Tuesday (November 21) and will close on Thursday (November 23).
NSE
The company has approved the allotment of 20,10,19,726 (20.1 crore) equity shares at a price of 32 apiece to the anchor investors. 13 Mutual Funds via 32 schemes applied in the company's anchor book.
Among those who have been allotted shares include SBI Banking & Financial Services Fund, HDFC Mutual Fund, ICICI Prudential Midcap Fund, Nippon Life India AMC, Kotak Flexicap Fund, Aditya Birla Sunlife MF, DSP Tax Saver Fund, BNP Paribas Arbitrage, Goldman Sachs (Singapore), Societe Generale and others.
| Anchor Investor | No. Of Shares Allocated | % Of Anchor Book |
| Public Sector Pension Investment Board - IIFL AMC | 1.25 Crore | 6.22% |
| SBI Banking & Financial Services Fund | 1.01 Crore | 5.05% |
| Goldman Sachs India Equity Fund | 93.75 Lakh | 4.66% |
| Aditya Birla Sun Life Trustee Pvt. Ltd. | 93.75 Lakh | 4.66% |
| Societe Generale - ODI | 42.19 Lakh | 2.10% |
| LIC MF Large & Mid Cap Fund | 31.25 Lakh | 1.55% |
Indian Renewable Energy Development Agency (IREDA) is India's first PSU IPO to hit the market in 2023 and the first after LIC's stock market debut in May 2022. LIC currently is India's largest IPO.
IREDA's IPO comprises of a fresh issue of 40.3 crore shares along with an Offer for Sale of 26 crore shares of face value of ₹10 each. Price band for the issue has been fixed between ₹30 - ₹32 per share and investors can bid in lots of 460 shares and in multiples thereof.
At the current price band, the post issue implied market capitalisation of the company would range between ₹8,063 crore and ₹8,601 crore.
The funds raised from the IPO will be utilised for augmenting IREDA's capital base to meet its future capital requirements and onward lending.
50% of the IPO has been reserved for the ₹2,150 crore IPO has been reserved for institutional investors, while 15% of the same is for non-institutional investors. 35% of the issue has been reserved for retail investors, while employees of the company can bid in their quota, for which 18.75 lakh shares have been set aside.
IDBI Capital, BoB Capital and SBI Capital Markets are the Book Running Lead Managers for the issue.
Ahead of its issue opening today, the Grey Market Premium for the company's shares is currently at ₹7 per share, according to reports.
An enterprise under the ministry of new and renewable energy, IREDA is engaged in the financing of renewable energy projects.
First Published:Nov 21, 2023 4:54 AM IST
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