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Investors in state-run Indian Renewable Energy Development Agency’s (IREDA) IPO can reap huge gains on day one. This is indicated by the gray market premium (GMP) of the company’s shares. The gray market premium of IREDA shares has been steadily increasing and has now reached Rs 12. That is, IREDA’s shares are trading in the gray market at a premium of over 37 percent. People have invested a lot of money on the IPO of a government company. The company’s IPO has been subscribed more than 38 times.
Shares may list around Rs 44
The price band of IREDA IPO is Rs. 30-32 is. At the same time, shares of IREDA in the gray market traded at Rs. are trading at a premium of 12. If the shares of a government company are Rs. If allocated to the upper price band of 32, their listing would be Rs. May be around 44. That is, investors who acquire shares of the company in the IPO can expect a profit of more than 37 percent on the day of listing. The allotment of the company’s shares in the IPO will be finalized on November 29. At the same time, IREDA shares will be listed on the stock exchange on December 4.
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More than 38 times the stake was placed on the company’s IPO
IREDA’s IPO has been subscribed a total of 38.80 times. Retail investors have subscribed 7.73 times the quota in the company’s IPO. At the same time, non-institutional investors (NII) have subscribed 24.16 times the quota. While Qualified Institutional Buyers (QIB) share has been 104.57 times the quota. 9.80 times the employee quota has been subscribed in the IPO of the government company. In IREDA’s IPO, retail investors can bid for a minimum of 1 lot and a maximum of 13 lots. One lot of IPO consists of 460 shares.
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