IREDA | Globe Capital Market LTD.
Price Band
₹30 to ₹32 per share
IPO Issue Period
Nov 21, 2023 to Nov 23, 2023
Issue Size
₹2,150.21 Cr
Face value
₹10 per share
Fresh issue
₹1,290.13 Cr
Offer for sale
₹860.08 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Dec 4, 2023

Idbi Capital Market Services Limited
Bob Capital Markets Limited
SBI Capital Markets Limited

Incorporated in March 1987,Indian Renewable Energy Development Agency Limitedis a public limited government company. IREDA is a Mini Ratna (Category – I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). In FY 2021-22, IREDA achieved the highest-ever loan sanctions of around Rs. 23921.06 crores and loan disbursements of around Rs. 16070.82 crores. 

IRDEA is an experienced financial institution that 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. The company offers a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for RE projects and other value chain activities such as equipment manufacturing and transmission. IRDEA is committed to facilitating the transition towards a greener and more sustainable future, and as a reliable partner, the company ensure that its clients receive the best possible support and guidance throughout their projects.

As of June 30, 2023, the company has a diversified portfolio of Term Loans Outstanding, amounting to ₹ 472,066.63 million.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 3483.04 2874.15 2657.74
Profit After Tax 864.62 633.52 346.38
EPS 3.78 8.03 4.41
OPM (%) 32.7% 29.0% 21.4%
PATM (%) 24.8% 22.0% 13.0%


  • Track record of growth, geared towards high quality assets, diversified asset book and stable profitability.
  • Strategic role in Government of India initiatives in the Renewable Energy sector.
  • Established and trusted brand name operating in a rapidly expanding sector.
  • Digitized process for borrower centricity and operational scalability, with presence across India.
  • Comprehensive data-based credit appraisal process and risk-based pricing, with efficient post-disbursement project monitoring and recovery processes.
  • Access to diversified and cost-effective long-term sources of borrowing with a judicious approach towards asset-liability management.
  • Experienced senior management with in-depth sector expertise and professionally qualified employee base.

The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale. Further, the proceeds of the Offer for Sale shall be received by the Promoter Selling Shareholder and will not form part of the Net Proceeds. The company intends to utilize the net proceeds for the following objects:-

  • Augmenting the capital base to meet future capital requirements and onward lending.
  • The Company expects to receive the benefits of listing the Equity Shares on the Stock Exchanges, including enhancing the brand image among existing and potential customers and creating a public market for the Equity Shares in India.

IREDA enjoys front runner tag in renewable energy financing and advisory services and is a PSU. The issue is priced at a P/BV of 1.11 based on its NAV of Rs. 28.80 as of September 30, 2023, and at a P/BV of 1.09 based on its post-IPO NAV of Rs. 29.28 per share (at the upper cap). Hence, investors may consider parking of funds for the medium to long-term rewards.

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