13-Nov-2023
2 mins read
The IPO date for Indian Renewable Energy Development Agency is November 21, 2023 to November 23, 2023. The issue pertains to the fresh issue of 403,164,706 equity shares and the sale of 268,776,471 equity shares of Rs 10 each. Thanks to approval from the capital markets regulator SEBI, Indian Renewable Energy Development Agency Ltd. is now eligible to raise capital through an initial public offering (IPO).
Indian Renewable Energy Development Agency Limited IPO Product Portfolio
Established in March 1987, the Indian Renewable Energy Development Agency Limited (IREDA) is a government-owned public limited company classified as a Mini Ratna (Category – I) enterprise. It functions under the administrative purview of the Ministry of New and Renewable Energy (MNRE). In the fiscal year 2021-22, IREDA achieved record-high loan sanctions totalling approximately Rs 23,921.06 crores and loan disbursements of around Rs 16,070.82 crores.
With over 36 years of experience, IREDA operates as a pivotal financial institution actively involved in promoting, developing, and providing financial assistance for new and renewable energy projects, along with initiatives focused on energy efficiency and conservation. The company offers a wide range of financial products and services, covering project conceptualization to post-commissioning, encompassing renewable energy projects, equipment manufacturing, and transmission within the value chain. Committed to fostering a transition toward a greener and more sustainable future, IREDA acts as a reliable partner, ensuring clients receive optimal support and guidance throughout their projects.
As of June 30, 2023, the company boasts a diversified portfolio of Term Loans Outstanding, amounting to Rs 472,066.63 million.
The Objectives of Indian Renewable Energy Development Agency Limited IPO
The offering comprises both the Fresh Issue and the Offer for Sale. The company will not derive any proceeds from the Offer for Sale. The funds generated from the Offer for Sale will be received by the selling shareholders and will not be considered part of the Net Proceeds.
The company has outlined the following objectives for utilizing the net proceeds:
(i) Strengthening the capital base to meet future capital requirements and support lending activities.
(ii) Anticipating the advantages of listing the Equity Shares on Stock Exchanges, which include enhancing the brand image among existing and potential customers, and establishing a public market for the Equity Shares in India.
Financial Performance of Indian Renewable Energy Development Agency Limited (In Crore)
| Period Ended | 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 51,208.36 | 50,446.98 | 36,708.41 | 30,293.39 |
| Revenue | 2,320.46 | 3,483.04 | 2,874.16 | 2,657.74 |
| Profit After Tax | 579.32 | 864.63 | 633.53 | 346.38 |
| Net Worth | 6,580.61 | 5,935.17 | 5,268.11 | 2,995.60 |
| Reserves and Surplus | 2,550.36 | 2,310.96 | 1,776.05 | 1,386.12 |
| Total Borrowing | 39,850.19 | 40,165.23 | 27,613.07 | 24,000.00 |
Key Performance Indicator
| KPI | Values |
| P/E (x) | 8.47 |
| ROE | 15.44% |
| Debt/Equity | 6.77 |
| EPS (Rs) | 3.78 |
| RoNW | 15.44% |
Important Dates for Indian Renewable Energy Development Agency Limited IPO
| IPO Date | November 21, 2023 to November 23, 2023 |
| Listing Date | 4-Dec-23 |
| Face Value | Rs 10 per share |
| Price | Rs 30 to Rs 32 per share |
| Lot Size | 460 Shares |
| Total Issue Size | 671,941,177 shares (aggregating up to Rs 2,150.21 Cr) |
| Fresh Issue | 403,164,706 shares (aggregating up to Rs 1,290.13 Cr) |
| Offer for Sale | 268,776,471 shares of Rs 10 (aggregating up to Rs 860.08 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 2,284,600,000 |
Indian Renewable Energy Development Agency Limited IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
Indian Renewable Energy Development Agency Limited IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 460 | Rs 14,720 |
| Retail (Max) | 13 | 5980 | Rs 191,360 |
| S-HNI (Min) | 14 | 6,440 | Rs 206,080 |
| S-HNI (Max) | 67 | 30,820 | Rs 986,240 |
| B-HNI (Min) | 68 | 31,280 | Rs 1,000,960 |
Promoters of the Company
The President of India acting through the Ministry of New & Renewable Energy, Government of India are the promoters of the company.
Indian Renewable Energy Development Agency Limited IPO Promoter Holding
| Shareholding Pre Issue | 100.00% |
| Shareholding Post Issue |
Indian Renewable Energy Development Agency Limited IPO Lead Manager(s)
The lead managers of the IPO are Idbi Capital Market Services Limited, Bob Capital Markets Limited and SBI Capital Markets Limited.
How to Apply for Indian Renewable Energy Development Agency Limited IPO?
Wait for the public issue to open for subscription, then click on this link to apply for the Indian Renewable Energy Development Agency Limited IPO with Bigul https://ipo.bonanzaonline.com/.
How to Check the Allotment Status of Indian Renewable Energy Development Agency Limited IPO?
The registrar for Indian Renewable Energy Development Agency Limited IPO is Link Intime India Private Ltd. To check your allotment status, please click on this link https://linkintime.co.in/
FAQs
- What is the Indian Renewable Energy Development Agency Limited IPO?
The Indian Renewable Energy Development Agency Limited IPO is a forthcoming public offering comprising a fresh issuance worth Rs 1,290.13 Cr and an offer for the sale of about 268,776,471 shares of Rs 10 each.
- Who are the main coordinators for this IPO?
The lead managers for the IPO are Idbi Capital Market Services Limited, Bob Capital Markets Limited and SBI Capital Markets Limited.
- How can I apply for the Indian Renewable Energy Development Agency Limited IPO?
Once the public issue opens for subscription, you can apply for the Indian Renewable Energy Development Agency Limited IPO through the given link: https://ipo.bonanzaonline.com/.
- How do I check my allotment status for the Indian Renewable Energy Development Agency Limited IPO?
The registrar for Indian Renewable Energy Development Agency Limited IPO is Link Intime India Private Ltd. To check your allotment status, please click on this link https://linkintime.co.in/
- Who are the promoters of Indian Renewable Energy Development Agency Limited?
The company is promoted by the President of India acting through the Ministry of New & Renewable Energy, Government of India.
- What is the financial performance of Indian Renewable Energy Development Agency Limited?
Financial highlights include growth in total assets, total revenue, profit after tax, net worth, reserves and surplus, and total borrowings from 2021 to 2023, as provided in the provided data. Indian Renewable Energy Development Agency’s revenue increased by 21.18%, and PAT grew by 36.48% between the financial year ending with March 31, 2023 and March 31, 2022.
- What will be the use of the net proceeds from the IPO?
The offering includes both a Fresh Issue and an Offer for Sale. However, the company won’t receive any proceeds from the Offer for Sale, as the funds will go to the selling shareholders and won’t be part of the Net Proceeds. The net proceeds will be utilized to bolster the capital base for future requirements and lending activities. Additionally, the company anticipates the benefits of listing equity shares on Stock Exchanges, such as enhancing its brand image and establishing a public market for the shares in India.
- What is the expected listing date for the Indian Renewable Energy Development Agency Limited IPO?
The exact listing date is December 4, 2023.
- What is the issue type of the IPO?
It’s a Book Built Issue IPO.
- How many shares are being offered for sale?
The offer for sale consists of 268,776,471 shares of Rs 10 each.