IREDA IPO subscribed 38.80 times on last of offer

New Delhi, Nov 23 (PTI) The Initial Public Offer (IPO) of Indian Renewable Energy Development Agency (IREDA) was subscribed 38.80 times on the last day of bidding on Thursday.

The received bids for 18,27,24,58,560 shares against 47,09,21,451 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) received a whopping 104.57 times subscription. The quota for non-institutional investors got subscribed 24.16 times and the portion for Retail Individual Investors (RIIs) received 7.73 times subscription.

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 was 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 were the managers to the offer.

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