On one hand, Tata Group's IPO is coming on 22nd. On the other hand, Narendra Modi government is also coming to make investors rich through its company. Actually, the IPO of government company IREDA is coming on 21st November. The price band of the IPO has been fixed between Rs 30 to Rs 32 with a face value of Rs 10. IREDA IPO will open for subscription on Tuesday, November 21 and will close on Thursday, November 23. The allotment to anchor investors for this IPO is going to happen on Monday, November 20.
What is the lot size?
The floor price is 3 times the face value of the equity shares and the cap price is 3.20 times the face value of the equity shares. One lot size of IREDA IPO is 460 shares. If you want to invest in more shares then you will have to invest in multiple of 460 equity shares. The value of one lot size at Rs 32 per share is Rs 14,720. IREDA IPO has reserved not more than 50 percent shares for QIBs, 15 percent for NIIs and 35 percent for retail investors. According to the RHP of the company, Indian Renewable Energy Development Agency Limited i.e. IREDA is under the Ministry of New and Renewable Energy (MNRE). The Government of India has 100 percent stake in this company.
Where will the company spend the money?
LIC's issue came in May 2022. After that, IREDA is the second government company whose IPO is coming. The IPO consists of a fresh issue of 403.16 million shares and 268.78 million equity shares have been included under the OFS. According to RHP, the proceeds from the fresh issue will be used to meet future capital requirements. Apart from this, under the loan given by the company, expenditure will also be incurred to increase its capital base. The company has appointed IDBI Capital Markets & Securities Limited, BOB Capital Markets Limited and SBI Capital Markets Limited as managers to the issue.
how much is the investment
IREDA is India's largest dedicated green financing non-banking finance company. The company has invested Rs 47,206.66 crore in 23 states and 5 union territories. IREDA's fund-based products are long term, mid term and short term, top-up loans, bridge loans, takeover finance, loans secured against future cashflows and NBFC credit lines.
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