Indian Renewable Energy Development Agency IPO subscribed 39 times on Final Day
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The Initial Public Offering of Indian Renewable Energy Development Agency Limited was subscribed 38.80 times on the final day of bidding with QIB leading from the front
The issue received bids of 18,27,25,26,640 shares against the offered 47,09,21,451 equity shares, at a price band of ?30-32, according to the data available on the stock exchanges
Qualified Institutional Buyer Portion was subscribed 104.57 times, Non-Institutional Investors Portion subscribed 24.16 times, whereas Employee Portion was subscribed 9.80 times and Retail Portion was subscribed 7.73 times.
IDBI Capital Markets & Securities Limited, BOB Capital Markets Limited, and SBI Capital Markets Limited are the book-running lead managers.
Company Information
Indian Renewable Energy Development Agency Limited, a Government of India (“GoI”) enterprise notified as a “Public Financial Institution” (“PFI”) registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company (a “NBFCND-SI”), with Infrastructure Finance Company (“IFC”) status.
It is a financial institution with over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects. It provides a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for renewable energy projects and other value chain activities, such as equipment manufacturing and transmission.
It is also India's largest pure-play green financing NBFC in India. IREDA is the issuer of first debt security (green masala bond) in India listed on IFSC exchange. IREDA is the first financial institution in India to raise green masala bonds IREDA is among the first financial institution to raise global funds for climate financing from DFIs / multilaterals in India.
It has a geographically diversified portfolio, with Term Loans Outstanding across 23 States and five Union Territories across India, as of September 30, 2023, and has four strategically located branches in Mumbai, Hyderabad, Chennai, and Bhubaneshwar to maximize geographical range in terms of territory.
IREDA also extends lines of credit to other non-banking financial companies (NBFCs) for lending to RE and EEC projects. Additionally, it offers loans to government entities and financing schemes for RE suppliers, manufacturers, and contractors, while non-fund-based products comprise instruments like letters of comfort, letters of undertaking, payment on order instruments, and guarantee assistance schemes. As of September 30, 2023, it had a diversified portfolio of term loan outstanding amounting to Rs 47,514.48 crore.
For the six months ended September 30, 2023, Net Interest Income stood at Rs 785.42 crore, and profit after tax was Rs 579.31 crore. For the same period, IREDA sanctioned total loans amounting to Rs 4,744.50 crore.
The table below shows subscription data for all the categories of investors:
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