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The IPO of government company IREDA has received tremendous response from investors. The company’s IPO has been subscribed more than 38 times. The company is now going to enter the stock market. The shares of IREDA are going to be listed in the market on 29th November. A company’s shares can make huge profits on the day of listing. Shares of IREDA are trading in the gray market with gains of over 37 percent. The company’s IPO opened on 21st November and remained open till 23rd November.
Shares may list around Rs 44
The price band of IPO of state-owned Indian Renewable Energy Development Energy (IREDA) is Rs. was 30-32. The company’s shares were IPOed at Rs. 32 have been allotted at an upper price band. Shares of IREDA in gray market at Rs. are trading at a premium of 12. Shares of the company may be listed around Rs 44. That is, investors who are allotted company shares in the IPO can expect a profit of 37.50% on the very first day.
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The IPO has been subscribed more than 38 times
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. Whereas, the Qualified Institutional Buyers (QIB) quota has been subscribed 104.57 times. 9.80 times the employees’ quota has been subscribed in the IPO. In IREDA’s IPO, retail investors can bid for a minimum of 1 lot and a maximum of 13 lots. Before the IPO, the government’s stake in the company was 100%, which will now be reduced to 75%.
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