IPO News: IREDA Listing Opens With 56 Percent Premium, Records 70% Gains

01 Dec, 2023 Author: Ayushee Joshi

IPO News: The India Renewable Energy Development Agency (IREDA) initial public offering (IPO) began with excellent gains for investors, with shares trading at Rs 50 on the NSE and BSE, compared to the issue price of Rs 32. This direct listing was discovered with a premium of more than 56%. The IPO share price was Rs 32, and the listing price was Rs 50, giving investors an immediate income of Rs 18 on each share. As soon as the shares got listed on the NSE, IREDA shares soared to Rs 55.70, providing listing gains of up to 70%. IREDA is traded on the NSE and BSE at Rs 50 per share.

IREDA IPO Details

Even in the gray market, IREDA received a positive response from investors and was trading at a 37 percent premium. The IREDA IPO was open to retail investors on November 21 and closed on November 23, 2023. This public issue received up to 38 subscriptions. Retail investors were subscribed to 7.73 times, qualified institutional buyers were subscribed to 104.57 times, and non-institutional buyers were subscribed to 24.16 times. Employees of the company had subscribed to their shares 9.80 times. IREDA is a government NBFC company involved in the renewable energy sector that has been approved by the Central Cabinet for IPO on stock exchanges in March 2023.