IREDA IPO to open today: Check GMP, price, lot size and more

The initial public offering (IPO) for the Indian Renewable Energy Development Agency (IREDA) is set to open on Tuesday, November 21. The company plans to raise 2150 crore through the issue, and mentioned below is all the information you need to know before subscribing.

IREDA IPO is set to open today, November 21.
IREDA IPO is set to open today, November 21.

The IREDA IPO has got a ‘Subscribe’ rating from the analysts at Reliance Securities, Choice and Mehta Equities. The IPO will be going live with 67.19 crore shares, which includes a fresh issue of 40.32 crore equity shares by the company and an offer-for-sale of 26.88 crore shares by the Government of India.

The IPO, aimed at raising 2150 crore, will go live on Tuesday, November 21, and will close on November 23. Further, the IPO allotment is expected to take place on November 29, and share listing might take place on December 4.

IREDA IPO: GMP and price band

IREDA is launching an IPO with a price band 30-32 per share. the company will use the money raised to meet the capital requirements, and augment capital base and future lending requirements.

As compared to the issue price, the unlisted shares of IREDA have been trading at 7 higher than the issue price in the grey market premium. The 7 GPM indicates that investors are ready to pay a higher rate than the issue price. The GMP of any company is based on the market sentiments, and is subject to change.

IREDA IPO: Lot size

As per the lot size fixed by the company, the subscribers of IREDA IPO can bid for a minimum of 460 equity shares and in multiples of 460 equity shares. The calculations state that the minimum investment will be 13,800 at a lower price band ( 30) and 14,720 at the upper price band ( 32).

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