Opportunity to make money! Rs 2150 crore state-owned company’s IPO opens today, know price band GMP

Create Position: If you like investing in public issues, this news is useful for you. The IPO of IREDA (Indian Renewable Energy Development Agency), a state-owned NBFC company in the renewable energy sector, is opening on Tuesday, November 21, 2023. The company is looking to raise Rs 2150.21 crore through this IPO. If you are also thinking of investing in this IPO then we are giving you information about its details. Let us know what the company has fixed its price band, lot size etc.

Know the important details of the IPO.

The company is going to sell 67.19 crore equity shares through IREDA’s IPO opening on November 21, 2023. Out of this 40.32 crore fresh shares have been issued. Government of India is selling a total of 26.88 equity shares through the Offer for Sale. The company has fixed the price band of this IPO at Rs 30 to Rs 32 per share. Investors can subscribe to this IPO till November 23.

Lot size was decided by the company?

According to information on chittorgarh.com, IREDA has made it mandatory for retail investors to invest in a minimum of 1 lot size. There are a total of 460 shares in a lot. You can buy a maximum of 13 lot sizes. In such a situation, retail investors can invest a minimum of Rs 14,720 and a maximum of Rs 191,360 in this IPO. The allotment of the company’s shares will take place on November 29. While unsuccessful investors will start getting their refund from November 30. The shares will be transferred to the demat account on December 1. The company’s shares will be listed on BSE and NSE on December 5, 2023.

The company raised so much money from anchor investors.

In this IPO, the company has reserved 50 percent stake for institutional investors, 15 percent stake for non-institutional investors and 35 percent stake for retail investors. The company’s IPO was opened to anchor investors on Monday, November 20. The company raised a total of Rs 643.26 crore through this IPO. The company has allotted 20,10,19,726 equity shares at Rs 32 per share to ten anchor investors. These anchor investors include Gam Star Emerging Equity, White Oak Midcap Fund, SBI Banking & Financial Services Fund, HDFC Mutual Fund, ICICI Prudential Midcap Fund etc.

What is the GMP of the company shares?

Talking about the financial condition of the company, the company’s revenue has increased by 47% to Rs 2320 crore between April and September in the financial year 2023-24. During this period, the company’s profit increased by 41% to Rs 578 crore. Earlier, in March 2023, the central government had approved IREDA to raise funds through an IPO. Talking about the GMP of this IPO, it is Rs 7 per share.

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