Everything you need to know about Indian Renewable Energy Development Agency Limited (IRDEA) IPO

Indian Renewable Energy Development Agency Limited IPO (IREDA) is launching its IPO. The opens for subscription on 21st November and will close on 23rd November 2023.

What does IREDA do?

Incorporated in 1987, Indian Renewable Energy Development Agency Limited is a wholly owned Government of India enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE).

In September 2023, the company was upgraded from Schedule B to Schedule A in the list of CPSEs by the Department of Public Enterprises (DPE). They were also conferred with the Mini Ratna (Category I) status in June 2015 by the DPE. Since Fiscal 2021, we have consistently been rated ‘Excellent’ by the MNRE in the course of evaluation of our performance in achieving key targets.

They are a financial institution with over 36 years of experience in the business of promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects such as solar power, wind power, hydropower, transmission, biomass including bagasse and industrial co-generation, waste-to-energy, ethanol, compressed biogas, hybrid RE, EEC, and green-mobility.

They also offer financial products and schemes for new and emerging RE technologies such as biofuel, green hydrogen and its derivatives, battery energy storage systems, fuel cells, and hybrid RE projects.

As of September 30, 2023, They had a diversified portfolio of Term Loans Outstanding, amounting to ₹ 475,144.83 million.

What is the issue size of the IREDA IPO?

The 2150.21 crore public offer of the company is a combination of a Fresh equity issue worth 1290.13 crore and an offer for sale (OFS) worth Rs. 860.08 crore from the existing shareholders.

Financials of IREDA

Financial Year Total Assets (₹ crores) Total Revenue (₹ crores) Profit After Tax (₹ crores) EPS
March 31, 2021 30,293.39 2,657.74 346.38 4.41*
March 31, 2022 36,708.41 2,874.16 633.53 8.03
March 31, 2023 50,446.98 3,483.04 864.63 3.78

*Consolidated figures. The figures from 2022 and 2023 are standalone.

Schedule/Timeline of IREDA IPO

Issue Period 21st November to 23rd November 2023
Price band ₹ 30 to 32
Minimum Bid quantity 460 & Multiples thereof
Deadline for accepting UPI mandate Until 5 PM on the issue closing day
Finalization of Allotment November 29, 2023
Initiation of Refunds November 30, 2023
Credit of Shares December 1, 2023
Date of Listing December 4, 2023
Mandate end date December 8, 2023
Anchor Investors Lock-In End Date December 23, 2023

How to apply to the IREDA IPO?

You can apply for the IREDA IPO using any supported UPI app by following two steps:

  • Enter your bid on Kite
  • Accept the UPI mandate on your phone

On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.

How to check the allotment status for IREDA IPO?

You can check the allotment status for the IREDA IPO on the website of the Registrar and Transfer agent. Alternatively, you can also check the allotment status on the NSE website.