IREDA's Green Leap: India's Renewable Energy Powerhouse Goes Public On Nov 21st

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IPO Details:

IREDA sets IPO price at Rs 30-32 per share, opening on Nov 21, closing on Nov 23. Govt to sell 268.78M shares; fresh issue of 403.16M shares. Anchor book opens on Nov 20.

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Financial Snapshot:

IREDA aims to raise Rs 1,290 crore via fresh issue and Rs 860 crore via OFS. The company is valued at Rs 8,600 crore. Govt currently holds 100% stake.

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Utilization of Funds:

Proceeds to augment capital base, meet future requirements, and support lending. CRAR at 20.92% as of Sept 2023. IREDA supports renewable energy and energy efficiency projects.

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Financial Performance:

Total income for H1 2023 at Rs 2,320.46 crore (up from Rs 1,577.75 crore). Net profit at Rs 579.32 crore (up from Rs 410.27 crore). Improved NPA at 3.13% and 1.65%

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Provision Coverage and Listing:

Provision coverage ratio at 48.11%. Listing on exchanges set for Dec 1. Basis of allotment on Nov 23, initiation of refund on Nov 28.

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Conclusion

IREDA's IPO marks a significant step in India's green finance journey. A boost for renewables, the IPO showcases IREDA's strong financials, commitment to sustainability, and the nation's growing focus on clean energy

Source- moneycontrol