IREDA IPO receives 4.56 times subscription on Day 2 of offer

New Delhi: The Initial Public Offer (IPO) of state-owned Indian Renewable Energy Development Agency (IREDA) received 4.56 times subscription on the second day of bidding on Wednesday.

The Rs 2,150 crore IPO received bids for 2,14,52,83,140 shares against 47,09,21,451 shares on offer, as per data available with the NSE.

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The category meant for non-institutional investors received 7.74 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 4.25 times. The portion for Qualified Institutional Buyers (QIBs) was subscribed 2.69 times.

The IPO has a fresh issue of up to 40,31,64,706 equity shares and an offer for sale of up to 26,87,76,471 equity shares.

The price range for the offer is Rs 30-32 a share.

Indian Renewable Energy Development Agency has mobilised Rs 643 crore from anchor investors.

This is the first public issue by a public sector enterprise after Life Insurance Corporation's IPO in May last year.

Proceeds from the fresh issue will be used for augmenting IREDA's capital base to meet its future capital requirements and onward lending.

IREDA is a mini Ratna firm with administrative controls with the Ministry of New and Renewable Energy.

The organisation offers a comprehensive array of financial products (fund and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.

SBI Capital Markets, IDBI Capital Markets and Securities and BOB Capital Markets are the managers to the offer.

Shares of the company will be listed on the BSE and NSE.

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