IREDA IPO Allotment Status

IREDA IPO Allotment Status
IREDA IPO Allotment Status

by Tanushree Jaiswal Last Updated: Nov 24, 2023 - 12:49 pm 2k Views
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Indian Renewable Energy Development Agency Ltd (IREDA)  IPO Structure

The IPO of Indian Renewable Energy Development Agency Ltd (IREDA) opened on 21st November 2023 and closed for subscription on 23rd November 2023. The stock of IREDA has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹30 to ₹32 per share. The final price will be discovered in this band. The IPO of Indian Renewable Energy Development Agency Ltd (IREDA) was a combination of a fresh issue and an offer for sale (OFS). The fresh issue portion of IREDA IPO comprises of 40,31,64,706 shares (4,031.65 lakh shares approximately), which at the upper price band of ₹32 per share translates into fresh issue size of ₹1,290.13 crore. 

The offer for sale (OFS) portion IREDA comprises the sale of 26,87,76,471 shares (2,687.76 lakh shares), which at the upper price band of ₹32 per share will translate into offer for sale (OFS) size of ₹860.08 crore. IREDA is currently 100% owned by the government of India, so the entire OFS shares will be offered by the government. As a result, the overall IPO of Indian Renewable Energy Development Agency Ltd (IREDA) comprises of the issue and sale of 67,19,41,177 shares (6,719.41 crore shares approximately), which at the upper price band of ₹32 per share translates into total issue size of ₹2,150.21 crore. 

Subscription update for Indian Renewable Energy Development Agency Ltd (IREDA) IPO?

The net proceeds from the IPO fresh issue portion will be utilized for augmenting the capital base of the company. IREDA gives loans and financial assistance for renewable energy projects in India and needs to expand capital adequacy with expansion in loan book. The OFS is entirely being offered by the 100% owner of IREDA, the government of India. The IPO will be lead managed by IDBI Capital Management Services, BOB Capital Markets and SBI Capital Markets Ltd. Link Intime India Private Ltd will be the registrar to the issue.

The IPO of Indian Renewable Energy Development Agency Ltd (IREDA)  was overall subscribed 38.80 times, with the maximum subscription coming from the QIB portion, which got subscribed 104.57 times. While the HNI / NII segment got subscribed at a healthy clip of 24.16 times, the retail portion got subscribed at a relative moderate clip of 7.73 times. Even the employee IPO quota was subscribed  9.80 times. Most of the QIB subscriptions came in on last day of IPO, which is the norm. The IPO was open for a period of 3 days in total.

When will the basis of allotment be finalized

The first step for checking the allotment status of the IPO online is the completion of the basis of allotment of Indian Renewable Energy Development Agency Ltd (IREDA) . The basis of allotment will be finalized late on 29th November 2023. The refunds will be initiated by the company on 30th November 2023. The demat credits are expected to also happen on 01st December 2023 while the listing of the stock on the NSE and the BSE will happen on 04th December 2023. In between there is a weekend and a holiday so the allotment status gets delayed by a couple of days. However, it looks like the companies are keen to adhere to the new SEBI norm of T+3 listing. That is voluntary as of now but will become mandatory as of the start of December 2023, so most IPO issuers are getting fully prepared for the new system. The adherence has been much more robust among the SME IPOs.

If you have applied for the IPO, you can check your allotment status online.  You can either check your allotment status on the BSE website or the IPO registrar, Link Intime India Private Limited. Here are the steps.

Checking the allotment status of Indian Renewable Energy Development Agency Ltd (IREDA)  on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below. 

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.
• Under Issue Type – Select Equity Option
• Under Issue Name – Select Indian Renewable Energy Development Agency Ltd (IREDA)  from the drop down box
• Enter the Application Number exactly as in the acknowledgement slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
• Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Indian Renewable Energy Development Agency Ltd (IREDA)  allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 01st December 2023.

Checking the allotment status of Indian Renewable Energy Development Agency Ltd (IREDA)  on Link Intime India Private Limited (Registrar to the IPO)

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/IPO/public-issues.html

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Link Intime India Private Ltd by clicking on the Public Issues link displayed prominently on the home page. It all works the same.

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Indian Renewable Energy Development Agency Ltd (IREDA)  from the drop-down box. In the case of Indian Renewable Energy Development Agency Ltd (IREDA) , data access will be allowed late on 29th of November 2023 or by middle of 30th of November 2023. 

• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.

• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.

• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.

• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.

• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.

• Finally, click on the Search button

The IPO status with number of shares of Indian Renewable Energy Development Agency Ltd (IREDA)  allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records. The same can be verified with the demat account on 01st December 2023 or after that. The stock is expected to list on 04th December 2023. The only question now is, what determines chances of allocation in the IPO? It boils down to allocation quota and subscription levels.

Allocation quota and subscription levels for Indian Renewable Energy Development

The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised. For investors it is the quota for the retail and the HNI that really matters.

Category of Investors Allocation of shares under IPO
Employee Allocation 18,75,420 shares (0.28% of IPO size)
Anchor Shares Allocated 20,10,19,726 shares (29.92% of IPO size)
QIB Shares Offered 13,40,13,152 shares (19.94% of IPO size)
NII (HNI) Shares Offered 10,05,09,864 shares (14.96% of IPO size)
Retail Shares Offered 23,45,23,015 shares (34.90% of IPO size)
Total Shares Offered 67,19,41,177 shares (100.00% of IPO size)

The next thing to look at is the extent of subscription. The table below captures the extent of oversubscription for each of the categories as well as the overall subscription for Indian Renewable Energy Development Agency Ltd (IREDA) .

Category Subscription Status
Qualified Institutional Buyers (QIB) 104.57 Times
S (HNI) ₹2 lakhs to ₹10 lakhs 18.50
B (HNI) Above ₹10 lakhs 26.99
Non Institutional Investors (NII) 24.16 Times
Retail Individuals 7.73 Times
Employees 9.80 Times
Overall Subscription 38.80 times

Data Source: BSE

The response to the IPO of Indian Renewable Energy Development Agency Ltd (IREDA)  was strong overall, although it was very modest for the retail portion. The retail subscription of 7.73 times gives a good opportunity of allotment in the IPO since the SEBI norms on retail IPO allotment is to allot the basic lot size to as many unique investors as possible. The same can be checked using the allotment checking modus operandi explained above. You just need to wait for the basis of allotment to be finalized.

 

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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