IREDA Share Price Soars 5% on Monday, Hits New 52-Week High; IPO Oversubscribed 520%.

IREDA Share Price: A Strong Business Performance

📈 On Monday, shares of the government-owned company Indian Renewable Energy Development Agency (IREDA) were trading at INR 204.80, showing a 5% increase.

📈 In just 47 days, IREDA’s shares have surged from INR 32 to over INR 200, marking a significant growth of INR 168.

📈 IREDA’s IPO was launched at INR 32 per share. On February 5, 2024, the company’s shares hit a new 52-week high of INR 204.80.

📈 After being listed on the stock exchange, the lowest price level for IREDA shares was INR 49.99.

📈 On Tuesday, February 6, 2024, IREDA shares were trading at INR 206.75, reflecting a 0.95% increase. However, on Wednesday, February 7, 2024, the shares declined by 5.04% and traded at INR 199.

Impressive Performance and Growth

📈 IREDA’s shares are currently trading 520% higher than their IPO issue price. The company had set the price band for its IPO at INR 30-32.

📈 The IPO, which was open for investment between November 21, 2023, and November 23, 2023, saw a significant response. On November 29, 2023, the shares were listed at INR 50.

📈 Although the company initially made modest profits after listing, the shares have shown a strong upward trend since then.

📈 The IPO had reserved a quota 7.73 times higher than the issue size for retail investors. Non-institutional investors were allocated a quota 24.16 times higher, while qualified institutional buyers subscribed to a quota 104.57 times higher.

📈 The total size of IREDA’s IPO was INR 2,150.21 crore.

Government Ownership and Investor Interest

📈 For 31 out of the 47 trading days, IREDA shares traded at a high level.

📈 By December 2023, 15 different mutual funds had acquired a 2.87% stake in the government-owned company.

📈 The Indian government holds a 75% stake in IREDA, making it a major shareholder.

📈 The IPO was oversubscribed by 38.80 times, highlighting the strong investor interest in the company.

IREDA’s remarkable share price performance and strong business fundamentals have attracted investors and led to significant growth. The company’s focus on renewable energy development and government support have contributed to its success in the market.

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