IREDA is into Financial Services-NBFC and is looking raise funds through Fresh Issue and Offer For Sale
IREDA IPO is a public offering of shares by The President of India acting through The Ministry of New and Renewable Energy, Government of India. The IPO will open on November 21 and will close on November 23. The price band is ₹30 to ₹32 per share and the lot size is 460 shares. The issue size is ₹2,150.21 crore. The shares are expected to be listed on NSE, BSE on December 01 (^). Some additional information that you may find useful are: Term Loans Outstanding of ₹27853.9 crores as of March 31, 2021, ₹339,30.6 crores as of March 31, 2022, ₹47075.5 crores as of March 31, 2023 and ₹47206.6 crores as of June 30, 2023, reflecting a CAGR of 30.00% between FY21-23; Loans sanctioned amounting to ₹11001.3 crores, ₹23921.0 crores, ₹32586.6 crores and ₹1892.4 crores in FY21, FY22, FY23 and 3MFY24, respectively; Loans disbursed amounting to ₹8828.3 crores, ₹16070.8 crores, ₹21639.2 crores and ₹3173.9 crores in FY21, FY22, FY23 and 3MFY24, respectively. : (**) - based on higher price band (^) indicative date
READ: NBFC Company IREDA files DRHP with SEBI for the proposed IPO; Key Details here
Promoters of the company are The President of India acting through The Ministry of New and Renewable Energy, Government of India Currently promoters hold 100% stake in the company.
Watch Interactive Indian Renewable Energy Development Agency Limited IPO Video
Quick Pointers
- Company aims to raise between Rs 2,016 to 2,150 crs through this IPO.
- The net proceeds of the issue will be utilized to Augmenting capital base to meet future capital requirements and onward lending. and
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 20-Nov-23.
- Price band for the IPO has been fixed at Rs 30 to 32 per share and bid lot are in multiple of 460 shares. The implied market cap post-issue at Rs 8,063 to 8,601 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on November 28 and share are expected to be listed on NSE, BSE on December 01.
- Company has direct competition in the Renewable Energy lending - NBFC space. It is competing with listed players including REC Limited and Power Finance Corporation amongst others.
- IDBI Capital Markets & Securities, BOB Capital Markets, SBI Capital Markets has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.
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About Company
Established in 1987, IREDA is a Government of India enterprise under the administrative control of the Ministry of New and Renewable Energy. It is a “Public Financial Institution”, registered as a Systemically Important Non-Deposittaking Non-Banking Financial (NBFC) Company, with Infrastructure Finance Company status. Having over 36 years of experience in promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects. Company provide 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.
Term Loans Outstanding of ₹27853.9 crores as of March 31, 2021, ₹339,30.6 crores as of March 31, 2022, ₹47075.5 crores as of March 31, 2023 and ₹47206.6 crores as of June 30, 2023, reflecting a CAGR of 30.00% between FY21-23; Loans sanctioned amounting to ₹11001.3 crores, ₹23921.0 crores, ₹32586.6 crores and ₹1892.4 crores in FY21, FY22, FY23 and 3MFY24, respectively; Loans disbursed amounting to ₹8828.3 crores, ₹16070.8 crores, ₹21639.2 crores and ₹3173.9 crores in FY21, FY22, FY23 and 3MFY24, respectively.
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About Industry
In Fiscal 2023, the outstanding credit of key power financing Non-Banking Financial Companies (“NBFCs”) reached approximately ₹9,399billion, at a CAGR of approximately 10% since Fiscal 2019. In Fiscal 2024, power financing NBFCs are expected to continue this growth momentum, driven by increase in power demand, rise in population, renewable integration and sustainability goals of India. Financing requirement for renewable energy sectors such as solar and wind are set to expand prominently in line with the Government’s target of 500 GW installed non-fossil fuel-based power capacity by 2030.
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| Please check below or visit Link Intime (India) Pvt. Ltd. link at here to check allotment status of IPO |
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