December 12, 2023
New Delhi, India
IREDA Stock Hits Record High with 218% Surge
Investors are buzzing as Indian Renewable Energy Development Agency Limited (IREDA) sees an unprecedented surge in its stock price, reaching an all-time high of ₹102.02 per share on the Bombay Stock Exchange (BSE). The remarkable rise of 218% from its ₹32 IPO price in just nine sessions has captured the attention of traders and analysts alike.
Strong Trading Activity and Volume
The surge in IREDA’s share price is accompanied by robust trading activity, with 235.5 million equity shares changing hands. This surge highlights the considerable interest and confidence in the company’s performance.
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India Shelter Finance IPO Creates Anticipation
As IREDA steals the spotlight, the upcoming initial public offering (IPO) of India Shelter Finance Corporation Limited is creating anticipation in the market. The IPO is set to open for bidding on December 13 and close on December 15, offering a book-built issue of ₹1,200 crores.
Key IPO Details
The IPO comprises a fresh issue of 1.62 crore shares, aggregating ₹800 crores, and an offer for sale of 0.81 crore shares, aggregating ₹400 crores. The price band is set at ₹469 to ₹493 per share, with a face value of ₹5.
Investor Considerations
Retail investors are invited to participate with a minimum lot size of 30 shares, requiring a minimum investment of ₹14,790. The floor price, at an impressive 93.80 times the face value, and the cap price, set at 98.60 times the face value, offer insights into the pricing dynamics.
Allotment and Listing Details
Promoted by Anil Mehta, WestBridge Crossover Fund, LLC, and Aravali Investment Holdings, India Shelter Finance IPO is generating interest with a Grey Market Premium (GMP) of +150, indicating a ₹150 premium in the grey market. The IPO allotment is expected to be finalized on December 18, 2023, with a tentative listing date set for December 20, 2023.
Lead Managers and Registrar
ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, and Ambit Private Limited are the book running lead managers. Kfin Technologies Limited will act as the registrar for the issue.
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Disclaimer:
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