© Reuters.
Enthusiasm for the Indian Renewable Energy Development Agency’s (IREDA) initial public offering (IPO) has led to a significant oversubscription, with the allotment of shares expected to be announced on November 28. The forthcoming listing on November 29 follows a robust response from investors, with overall subscriptions reaching nearly forty times the number of available shares and retail subscriptions nearly eight times.
The IREDA IPO, which commenced on Thursday, aimed to raise ₹2,150 crore, setting the share price between ₹30-32. The offering included ₹1,290 crore in fresh issues and ₹860 crore in government sales. Institutional buyers demonstrated substantial interest, subscribing over a hundred times their quota. High net worth individuals and employees also participated actively, with share distribution set to follow a proportionate model due to the oversubscription.
On Friday, investors were anticipating the allotment outcomes after the robust subscription response. The grey market activity further indicated strong demand as share premiums increased from ₹7 to ₹13.
Once the share allotments are announced, investors will have the ability to check their status using application numbers and PAN details on both the Bombay Stock Exchange’s and Link Intime Private Limited’s websites. With market sentiment poised to potentially elevate IREDA’s prospects as trading recommences after a public holiday on Monday, all eyes are on the upcoming listing date.
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