IREDA IPO
IREDA IPO — date, price band, lot size & details 2023
IREDA listed on 29 Nov 2023 at ₹50, 56.3% above the ₹32 issue price.
IREDA is a Government of India financial institution that lends to renewable energy and energy efficiency projects, and the largest pure-play green financing NBFC in India. Its total income was Rs 3,483.04 crore in FY2023.
Stock price
IREDA is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 21 Nov 2023
- Close 23 Nov 2023
- Allotment 24 Nov 2023
- Refund/credit 25 Nov 2023
- Listing 29 Nov 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 21 to 23 Nov, 2023 |
|---|---|
| Price Band | ₹30 – ₹32 |
| Face Value | ₹10 |
| Lot Size | 460 Shares |
| Issue Size | ₹2150.21 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,720 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 460 shares at the ₹32 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 460 | ₹14,720 |
| Retail (max) | 13 | 5,980 | ₹1,91,360 |
| S-HNI (min) | 14 | 6,440 | ₹2,06,080 |
| S-HNI (max) | 67 | 30,820 | ₹9,86,240 |
| B-HNI (min) | 68 | 31,280 | ₹10,00,960 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 346.38 crore in FY2021 to Rs 864.63 crore in FY2023.
- 02Profit after tax was Rs 579.32 crore in the six months to 30 September 2023.
- 03The pre-issue P/E was 8.47 at the upper band of Rs 32, as per the source.
- 04Rs 1,290.13 crore of the issue was fresh capital for lending growth.
- 05Net worth grew from Rs 2,995.60 crore on 31 March 2021 to Rs 6,580.61 crore on 30 September 2023.
Risks · 5
- 01Total borrowing was Rs 39,850.19 crore on 30 September 2023, and the source puts debt to equity at 6.77.
- 02Lending is concentrated in renewable energy projects, so sector stress or policy changes would hit a loan book behind Rs 3,483.04 crore of FY2023 income.
- 03Rs 860.08 crore of the issue was offer for sale by the government.
- 04As a government company, its decisions can be shaped by public policy goals. Assets were Rs 51,256.49 crore on 30 September 2023.
- 05Government holding fell from 100% before the issue to 75% after it.
Three years of numbers
All figures in ₹ crore, as reported in the IREDA offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 51,256.49 | 50,446.98 | 36,708.41 | 30,293.39 |
| Total Income | 2,320.46 | 3,483.04 | 2,874.16 | 2,657.74 |
| Profit After Tax | 579.32 | 864.63 | 633.53 | 346.38 |
| NET Worth | 6,580.61 | 5,935.17 | 5,268.11 | 2,995.60 |
| Total Borrowing | 39,850.19 | 40,165.28 | 27,613.07 | 24,000.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the IREDA RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
IREDA IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 8.47 | 7.42 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹32 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹1,258.95 Cr of the issue is earmarked to named objects.
About the company
For over 36 years it has promoted, developed and financed new and renewable energy projects and energy efficiency and conservation projects. It offers financial products and services from project conception to post-commissioning, including for equipment manufacturing and transmission.
As per the RHP, IREDA is the largest pure-play green financing NBFC in India. Its promoter is the President of India, acting through the Ministry of New and Renewable Energy.
The IPO was Rs 2,150.21 crore, with Rs 1,290.13 crore of fresh issue and Rs 860.08 crore of offer for sale by the government. The fresh money was meant to augment the capital base for future lending.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
IREDA IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
IDBI Capital Markets & Securities Ltd.
12 issues handledBest listing: Route Mobile (+104.9%). Weakest: Inox Green Energy Services (-7.7%).
BOB Capital Markets Ltd
9 issues handledBest listing: P N Gadgil Jewellers (+72.9%). Weakest: Kalyan Jewellers India (-15.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of IREDA?
The current Grey Market Premium is ₹10, or 31% over the issue price.
What is the IREDA IPO price band?
₹30 to ₹32, on a face value of ₹10.
When is the allotment?
The basis of allotment is 24 November 2023, with listing on 29 November 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
