Indian Renewable Energy Development Agency IPO will open for subscription from 21 November 2023. The company aims for an issue size of ₹2,150.21 Cr through this IPO.
Company Overview
| Full name | Indian Renewable Energy Development Agency Limited |
| Sector | Finance |
| Industry | Finance-NBFC |
| Company Website | https://www.ireda.in/ |
About Company
IREDA is a financial institution with over 36 years of experience in promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. The company provides a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for RE projects and other value chain activities, such as equipment manufacturing and transmission.
IREDA is a wholly-owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). The company is a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure Finance Company (IFC) status. IREDA was also conferred with the Mini Ratna (Category I) status in June 2015.
As of 30 June 2023, it had a diversified portfolio of Term Loans Outstanding, amounting to INR 47,207 crore. The company has financed projects across multiple RE sectors such as solar power, wind power, hydropower, transmission, biomass including bagasse and industrial co-generation, waste-to-energy, ethanol, compressed biogas, hybrid RE, EEC, and green-mobility.
The Objectives of the Issue
The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale. Further, the proceeds of the Offer for Sale shall be received by the Promoter Selling Shareholder and will not form part of the Net Proceeds. The company intends to utilize the net proceeds for the following objects:-
- Augmenting the capital base to meet future capital requirements and onwardlending.
- The Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, including enhancing the brand image among existing and potential customers and creating a public market for the Equity Shares in India.
IREDA IPO Timetable
| IPO Opening date | 21 November 2023 |
| IPO Closing | 23 November 2023 |
| Basis of Allotment | 29 November 2023 |
| Initiation Refund | 30 November 2023 |
| Credit to Demat Account | 01 December 2023 |
| Listing Date | 04 December 2023 |
IREDA IPO details
| Issue type | Book Built Issue IPO |
| IPO issue size | ₹2,150.21 Cr – 671,941,177 shares |
| Fresh Issue | ₹1,290.13 Cr – 403,164,706 shares |
| Offer for sale | ₹860.08 Cr – 268,776,471 shares |
| Face value | ₹10 per share |
| Price Band | ₹30 to ₹32 per share |
| Lot size | 460 Shares |
| Shareholding pre-issue | 2,284,600,000 |
| Shareholding post-issue | – |
| Listing Exchange | BSE & NSE |
IREDA IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 460 | ₹14,720 |
| Retail (Max) | 13 | 5980 | ₹191,360 |
| S-HNI (Min) | 14 | 6,440 | ₹206,080 |
| S-HNI (Max) | 67 | 30,820 | ₹986,240 |
| B-HNI (Min) | 68 | 31,280 | ₹1,000,960 |
IREDA IPO Reservation Details
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
IREDA Financial Performance
| FY 2021 | FY 2022* | FY 2023* | H1 FY 2024* | |
| Revenue | 2,654.81 | 2,859.90 | 3,481.98 | 2,319.83 |
| Expenses | 2,088.23 | 2,040.32 | 2,343.80 | 1,501.02 |
| Net income | 346.38 | 633.53 | 864.63 | 579.32 |
| Margin (%) | 13.05 | 22.15 | 24.83 | 24.97 |
IREDA Valuations & Margins
| FY 2021 | FY 2022* | FY 2023* | |
| EPS | 4.41 | 8.03 | 3.78 |
| PE ratio | – | – | 7.94 – 8.47 |
| RONW (%) | 12.56 | 15.33 | 15.43 |
| NAV | 38.18 | 23.06 | 25.98 |
| ROE (%) | 12.56 | 15.33 | 15.44 |
| EBITDA (%) | 76.52 | 81.46 | 90.49 |
| Debt/Equity | 8.01 | 5.24 | 6.77 |
Company Promoters
- The President of India acting through The Ministry of New & Renewable Energy, Government of India.
Promoter Holding
| Pre Issue Share Holding | 100% |
| Post Issue Share Holding |
IREDA Lead Manager(s)
- IDBI Capital Market Services Limited
- BOB Capital Markets Limited
- SBI Capital Markets Limited
IREDA Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: indianrenergy@linkintime.co.in
Website: www.linkintime.co.in
IREDA Contact Details
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED
3rd Floor, August Kranti Bhavan, Bhikaji Cama Place, New Delhi – 110 066
Phone: +91 11 2671 7400 / 2671 7412
Email: equityinvestor2023@ireda.in
Website: www.ireda.in
IREDA IPO Allotment Status
IREDA IPO allotment status will be available on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Final thoughts
Indian Renewable Energy Development Agency IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. study well about the company and subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.
Happy Investing
