In its IPO, IREDA has specified a price range of Rs 30-32

 In its IPO, IREDA has specified a price range of Rs 30-32

November 23 will be the basis for allocation; on November 28, the reimbursement process will begin; and on December 1, the company will list on exchanges.

Indian Renewable Energy Development Agency (IREDA), a state-run organization, has established a price range for its initial public offering at Rs 30-32 per share. The state-run company will collect around Rs 1290 crore via fresh issues and Rs 860 crore through OFS on the higher price band. November 21 is when the issue opens, and November 23 is when it closes. On November 20, the anchor book will open.

November 23 will be the basis for allocation; on November 28, the reimbursement process will begin; and on December 1, the company will list on exchanges.

The issue comprises of the Government of India's offer for sale (OFS) of up to 268.78 million shares and a new issuance of up to 403.16 million shares. The state-run company would raise around Rs 1290 crore via new issues and Rs 860 crore through OFS on the higher price band. At the top end of the pricing range, the company is worth Rs 8600 crore. At the moment, the government has a 100% share in the company.

The lender intends to use the proceeds from the new issuance to enhance its capital base, therefore meeting future capital needs and facilitating further lending. Its CRAR as of September 2023 was 20.92 percent.

A 36-year-old financial company, IREDA provides a comprehensive variety of financial products and services from project development to post-commissioning, including equipment production and transmission. The organization promotes energy efficiency and renewable energy projects.

The lender recorded total revenue of Rs 2320.46 crore for the six months ended September 2023, up from Rs 1577.75 crore in the same period the previous year. Comparing the half-year net profit to the previous year's, it was Rs 410.27 crore vs Rs 579.32 crore. After rising from 5.06 percent and 2.72 percent to 3.13 percent and 1.65 percent, respectively, over the first half of the year. The percentage of provision coverage was 48.11 percent.

The issue's primary managers are IDBI Capital, BoB Caps, and SBI Caps.