IREDA shares zoom 87% on listing day; what should investors do?
IREDA shares zoomed 87.5% intraday to Rs 60 against the IPO price of Rs 32 on NSE. Market cap of the firm stood at Rs 16,126 crore on NSE.
- Nov 29, 2023,
- Updated Nov 29, 2023 3:40 PM IST
Shares of Indian Renewable Energy Development Agency (IREDA) zoomed over 87% on their market debut, extending gains from their stellar listing earlier in the day. IREDA stock zoomed 87.5% intraday to Rs 60 against the IPO price of Rs 32 on NSE. Later, it closed at the high point of the day. Market cap of the firm stood at Rs 16,126 crore on NSE. The stock gained 20% on NSE against the listing price of Rs 50.
The firm saw 57.88 crore shares changing hands amounting to a high turnover of Rs 3177.20 crore on BSE.
On BSE, the stock zoomed 87.47% intraday from its IPO price to Rs 59.99 today. Later, the stock closed at the high point of the day. Market cap of the firm rose to Rs 16,123.90 crore on BSE.
The firm saw 3.81 crore shares changing hands amounting to a high turnover of Rs 209.73 crore on BSE. The stock gained 20% on BSE against the listing price of Rs 50.
Prashanth Tapse, Senior VP (Research), Mehta Equities has advised those whi have been allotted shares to hold for the long term.
“IREDA listing was above street expectations. We believe post listing there would be decent demand for the shares as it had received overwhelming response from all kinds of investors especially from long term funds. We also believe IREDA can act as a proxy play for the growth in the Indian renewable energy sector. We strongly believe IREDA gives allotted investors a long term opportunity to hold and raid the growth in the sector in serves, hence recommending all allotted investors ‘Hold for long term’ while those who failed to get allotments can accumulate on every dip for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential.”
Abhijeet from Tips2trades said, "IREDA stock price has seen a very strong listing today with next resistance at Rs 68.5. Allotted investors can hold buy positions till Daily close below support of Rs 55.7 is not achieved."
Earlier, the IREDA stock made a strong market debut today, listing at a 56.25% premium over the IPO issue price. IREDA stock listed at Rs 50 on BSE, a premium of 56.25% over the IPO issue price of Rs 32.
Also read: Hot stocks on November 29: Adani Total Gas, Canara Bank, IREDA, Adani Energy and more
The stock listed at Rs 50 on NSE. Market cap of the firm stood at Rs 13,438 crore on NSE.
The price band of IREDA's IPO was Rs 30-32 apiece with a lot size of 460 shares. The share sale was open for bidding between November 21 and November 23. The state-run PSU player raised a total of Rs 2,150.21 crore via the IPO route, which included a fresh share sale of Rs 1,290.13 crore and an offer-for-sale (OFS) of 26,87,76,471 equity shares.
IDBI Capital Markets, BoB Capital Markets and SBI Capital Markets were the book running lead managers to the issue, while Link Intime India was the registrar for the issue.
The firm raised Rs 643.26 crore from 58 anchor investors including Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Moon Capital Trading, and Copthall Mauritius.
The company allotted 20,10,19,726 equity shares at Rs 32 apiece to the anchor investors which include 13 mutual funds. These 13 mutual funds have applied through a total of 32 schemes in the IREDA IPO anchor book.
IREDA is a Mini Ratna (Category - I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.
Also read: Stock recommendations for November 29, 2023: HCL Tech, Max Financial Services and Praj Industries
Also read: $4 trillion market cap! What does it say on stocks, India’s shining economy
Shares of Indian Renewable Energy Development Agency (IREDA) zoomed over 87% on their market debut, extending gains from their stellar listing earlier in the day. IREDA stock zoomed 87.5% intraday to Rs 60 against the IPO price of Rs 32 on NSE. Later, it closed at the high point of the day. Market cap of the firm stood at Rs 16,126 crore on NSE. The stock gained 20% on NSE against the listing price of Rs 50.
The firm saw 57.88 crore shares changing hands amounting to a high turnover of Rs 3177.20 crore on BSE.
On BSE, the stock zoomed 87.47% intraday from its IPO price to Rs 59.99 today. Later, the stock closed at the high point of the day. Market cap of the firm rose to Rs 16,123.90 crore on BSE.
The firm saw 3.81 crore shares changing hands amounting to a high turnover of Rs 209.73 crore on BSE. The stock gained 20% on BSE against the listing price of Rs 50.
Prashanth Tapse, Senior VP (Research), Mehta Equities has advised those whi have been allotted shares to hold for the long term.
“IREDA listing was above street expectations. We believe post listing there would be decent demand for the shares as it had received overwhelming response from all kinds of investors especially from long term funds. We also believe IREDA can act as a proxy play for the growth in the Indian renewable energy sector. We strongly believe IREDA gives allotted investors a long term opportunity to hold and raid the growth in the sector in serves, hence recommending all allotted investors ‘Hold for long term’ while those who failed to get allotments can accumulate on every dip for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential.”
Abhijeet from Tips2trades said, "IREDA stock price has seen a very strong listing today with next resistance at Rs 68.5. Allotted investors can hold buy positions till Daily close below support of Rs 55.7 is not achieved."
Earlier, the IREDA stock made a strong market debut today, listing at a 56.25% premium over the IPO issue price. IREDA stock listed at Rs 50 on BSE, a premium of 56.25% over the IPO issue price of Rs 32.
Also read: Hot stocks on November 29: Adani Total Gas, Canara Bank, IREDA, Adani Energy and more
The stock listed at Rs 50 on NSE. Market cap of the firm stood at Rs 13,438 crore on NSE.
The price band of IREDA's IPO was Rs 30-32 apiece with a lot size of 460 shares. The share sale was open for bidding between November 21 and November 23. The state-run PSU player raised a total of Rs 2,150.21 crore via the IPO route, which included a fresh share sale of Rs 1,290.13 crore and an offer-for-sale (OFS) of 26,87,76,471 equity shares.
IDBI Capital Markets, BoB Capital Markets and SBI Capital Markets were the book running lead managers to the issue, while Link Intime India was the registrar for the issue.
The firm raised Rs 643.26 crore from 58 anchor investors including Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Moon Capital Trading, and Copthall Mauritius.
The company allotted 20,10,19,726 equity shares at Rs 32 apiece to the anchor investors which include 13 mutual funds. These 13 mutual funds have applied through a total of 32 schemes in the IREDA IPO anchor book.
IREDA is a Mini Ratna (Category - I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.
Also read: Stock recommendations for November 29, 2023: HCL Tech, Max Financial Services and Praj Industries
Also read: $4 trillion market cap! What does it say on stocks, India’s shining economy