The share allotment of IREDA IPO is expected to be finalised today. Investors will get shares on a lottery basis and the whole process is to be supervised by the registrar.
On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. They can check the allotment status through the BSE or by visiting the registrar’s website. Here’s how you can check the status on BSE.
Step 1: Visit the BSE Website
Step 2: Please select the issue name, that is the company’s name in the drop down.
Step 3: Enter the application number or PAN number to check the allotment status.
The company’s shares are expected to get listed on the exchanges on November 29. According to market sources, IREDA is commanding a premium of Rs 12 in the unlisted market.
Considering the upper price band of Rs 32, the stock is likely to debut with a healthy premium of 37%.The state-owned renewable financing company’s public offer was booked nearly 39 times at close, driven by heavy bidding from QIB investors.
IREDA is India’s largest pure-play green energy financing NBFC and plays a strategic role in the development of renewable energy with a comprehensive suite of financial products and other value chain activities, such as equipment manufacturing and transmission.
The company has a track record of strong loan growth, geared towards high-quality assets which reflects in the improving asset quality, says Nirmal Bang Securities.
For the half year ended September 2023, its revenue jumped 47% to Rs 2,320 crore, while profit increased 41% to Rs 579 crore.
Based on annualized FY24 earnings and fully diluted post-IPO paid-up capital, the company is asking for a price-to-book (P/B) multiple of 1.02 times.
Given the government’s ambitious plans for renewable energy transition and IREDA being a front runner in renewable energy financing, analysts expect the company to deliver robust long-term returns.
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