The Indian Renewable Energy Development Agency was incorporated on March 11, 1987. It is a wholly-owned enterprise of the Government of India, operating under the administrative control of the Ministry of New and Renewable Energy. With over 36 years of experience, this financial institution specializes in promoting, developing, and providing financial assistance for new and renewable energy projects, as well as for energy efficiency and conservation projects
| Bidding Dates |
|---|
| 21 Nov 2023 - 23 Nov 2023 |
| Subscription |
|---|
| 38.8x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,800 | 1 | 13 | 460 | 671.9 M | ₹30 - ₹32 | 75 % | ₹20158.2 M - ₹21502.1 M | RHP DOC |
Indian Renewable IPO SUBSCRIPTION STATUS
23 Nov '23Indian Renewable IPO overall subscription rate was 38.8 times the total available shares
Indian Renewable IPO retail subscription rate was 7.73 times in the retail segment
Indian Renewable IPO non-institutional investor subscription rate was 24.16 times in the non-institutional investor category
Indian Renewable IPO Qualified Institutional Bidder subscription rate was 104.57 times the available shares for Qualified Institutional Bidder
Indian Renewable IPO Employees subscription rate was 9.8 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
23 Nov 2023 (Day 3) | 7.73x | 24.16x | 104.57x | 9.8x |
22 Nov 2023 (Day 2) | 5.38x | 11.2x | 2.71x | 6.41x |
21 Nov 2023 (Day 1) | 1.97x | 2.73x | 1.34x | 2.11x |
Indian Renewable FINANCIALS
| Period | Net Profit (Rs in millions) | Interest Income (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) |
| H1FY24 | 5,793.2 | 22,856.9 | 2,860.1 | 2,828.2 |
| H1FY23 | 4,102.7 | 15,329.4 | -5,367.2 | -5,374.4 |
| FY23 | 8,646.3 | 33,738.3 | -1,23,430.8 | -1,23,476.1 |
| FY22 | 6,335.3 | 27,132.2 | -52,541.2 | -52,591.0 |
| FY21 | 3,463.8 | 25,643.4 | -32,591.4 | -32,610.9 |
Indian Renewable IPO SUBSCRIPTION STATUS DETAILS
Indian Renewable had 671.9 M shares on offer
Indian Renewable IPO offer price was in the range ₹30 - ₹32
Indian Renewable IPO minimum Investment was ₹13800
Indian Renewable IPO issue size was ₹ 20158.2 M - ₹ 21502.1 M
Indian Renewable had a minimum lot size of 460 Shares per application
Indian Renewable NUMBER OF SHARES ON OFFER
Indian Renewable IPO IMPORTANT DATES
| Issue Open Date | 21 Nov 2023 |
| Issue close Date | 23 Nov 2023 |
| Allotment Date | 25 Nov 2023 |
| Refund Date | 28 Nov 2023 |
| Demat Account Credit Date | 28 Nov 2023 |
| Listing Date | 29 Nov 2023 |
| Listing on Exchange(s) | NSE and BSE |
| Indian Renewable Allotment Status | Exchange |
Indian Renewable IPO subscription opened on 21 Nov 2023, and closed on 23 Nov 2023
IPO allotment for Indian Renewable was finalized on Saturday, 25 Nov 2023
IPO listing for Indian Renewable was on NSE and BSE on Wednesday, 29 Nov 2023
Indian Renewable IPO LISTING GAINS
| Issue Price (adjusted) | 32.0 |
| Listing Open Price | 50.0 |
| Listing Close Price | 60.0 |
| Listing Gain% | 56.3% |
| Current Gain% | 263.3% |
Indian Renewable Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indian Renewable Energy Development Agency Ltd. | 116.2 | 31245.3 | 16.6 | 0.6 | 3.8 | 13.6 | 2 | 8338.9 | 23.4 | 1874 | 10.3 | 7 | 25.9 |
| Power Finance Corporation Ltd. | 376 | 124083.8 | 4.8 | 0.7 | 1.1 | 19.5 | 2.1 | 115526.9 | 8.4 | 25901 | 12.7 | 78.9 | 7.1 |
| Indian Railway Finance Corporation Ltd. | 87.6 | 114440.9 | 15.9 | 2 | 4 | 12.4 | 1.4 | 27338.1 | 0.7 | 7009.2 | 7.8 | 5.5 | 7.8 |
| REC Ltd. | 335 | 88213 | 5.5 | -1.1 | 1.5 | 19.3 | 2.5 | 59628.4 | 5.7 | 16308.2 | 2.7 | 60.9 | -5.1 |
| Housing and Urban Development Corporation Ltd. | 190 | 38034.1 | 8.9 | 0.2 | 2.7 | 19.6 | 2.4 | 13327.1 | 28.8 | 4034.4 | 48.9 | 21.3 | 53 |
| IFCI Ltd. | 76.9 | 20730.1 | 118.8 | -2.6 | 10.4 | 2 | 0.7 | 2134.3 | 3.4 | 180.9 | 5.7 | 0.6 | -45.3 |
Indian Renewable INFORMATION ON IPO ISSUE
About Indian Renewable
The Indian Renewable Energy Development Agency was incorporated on March 11, 1987. It is a wholly-owned enterprise of the Government of India, operating under the administrative control of the Ministry of New and Renewable Energy. With over 36 years of experience, this financial institution specializes in promoting, developing, and providing financial assistance for new and renewable energy projects, as well as for energy efficiency and conservation projects
Object of the Issue
- To utilise the net proceeds from the fresh issue towards augmenting the company's capital base to meet future capital requirements and onward lending
Indian Renewable - PROMOTERS
| Name |
|---|
| Government of India |
Indian Renewable Book Running Lead Manager
IDBI Capital Markets and Securities Limited
ireda.ipo@idbicapital.com
SBI Capital Markets Limited
ireda.ipo@sbicaps.com
Indian Renewable Book Running Lead Managers
BOB Capital Markets Limited
ireda.ipo@bobcaps.in
Indian Renewable Registrar to the Offer
Link Intime India Private Limited
indianrenergy@linkintime.co.in
Indian Renewable Strengths
Track record of growth
The company boasts a track record of growth, focusing on high-quality assets, a diversified asset book, and stable profitability
Credit appraisal process
The company has a comprehensive, data-based credit appraisal process and employs risk-based pricing. Additionally, it maintains efficient post-disbursement project monitoring and recovery processes
Cost-effective long-term borrowing sources
The company enjoys access to diversified and cost-effective long-term borrowing sources, coupled with a judicious approach to asset-liability management
Indian Renewable Risks
Inherent risks
Projects focused on generating electricity and energy through renewable sources and emerging technologies carry inherent risks. Should these risks materialize, they could adversely affect the business
Credit ratings
The company has experienced credit rating downgrades in the past. Any further downgrades in the future could negatively impact the business
Concentrated in renewable energy sector
The business is solely concentrated in the Indian renewable energy sector, which generally faces many challenges. If risks in this sector are not effectively managed, the business will be adversely affected
Outstanding litigations
The company is involved in outstanding litigations, and any adverse outcome in these cases may negatively impact the business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 860.1 crore, of 268,776,471 shares. It also consists of a fresh issue of Rs 1,290.1 crore.
The promoter of the company is Government of India.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 30.0 - 32.0.
The IPO application opens on Nov 21, 2023 and closes on Nov 23, 2023.
The minimum lot size for the IPO is 460. The maximum lot size for the IPO is 5980.
For all category investors, the minimum application amount for this IPO is Rs. 13,800.0, the maximum value for this IPO is Rs 191,360.0.
This IPO will be allotted on Nov 25, 2023.
The refund will be credited to your account on Nov 28, 2023.
The allotted shares will be credited to your demat on Nov 28, 2023.
Indian Renewable Energy Development Agency Ltd.’s shares listed on the stock exchanges on Nov 29, 2023.