IREDA IPO GMP: Fully Subscribed Within Hours; Know Lot Size, Price Range And Expert Advice

IREDA IPO: State-owned Indian Renewable Energy Development Agency's (IREDA) Initial Public Offering (IPO) has fully subscribed within hours after it opened for subscription on the very first day. The IPO which will be closed for subscription on November 23 has seen a strong push from all investors.

The IREDA public offering (IREDA IPO) has been subscribed 1.95 times till 5 Pm. Investors have put bids for over 60 crore equity shares against the issue size of 47 crore shares (till 2 PM).

Not only retail investors, but Non-institutional investors have also shown overwhelming interest in the IPO. The Non-institutional investors segment recorded 2.73 times and the retail investors segment 1.97 times subscription. Shares allotted for Qualified Institutional Buyers (QIB) fetched around 1.34 times bid till 5 pm. The shares reserved for IREDA's employees have also recorded 2.10 times subscriptions.

The IPO drew positive responses from analysts. Reliance Securities has given a 'Subscribe' rating to IREDA's IPO as company has posted healthy profits over the past two years.

Details of the IREDA's IPO

• Price Range - Rs 30- Rs 32
• Lot size - 460
• IPO issue size - 2,150.21 cr
• Min Investment - Rs 13,800
• Regular Investor's can apply upto - Rs 2,00,000
• Investment limit for High Networth Individuals - Rs 2,00,000-Rs 5,00,000
• The company aims to raise ₹2,150.21 crore through the share sale

After the listing, the union government's stake in the company will come down to 75% from the current 100%, while the public's stake will rise to 25%.