MUMBAI - IREDA, the Indian Renewable Energy Development Agency, has witnessed a sharp ascent in its stock value, surging by 156% since its initial public offering (IPO) to touch an intraday high of ₹81.90 on the Bombay Stock Exchange (BSE). The company's shares have been actively traded, with nearly ₹117 crore worth of shares changing hands today.
The remarkable rise in IREDA's market valuation comes after its strong debut on November 29, when the stock listed at ₹50 per share on both BSE and National Stock Exchange (NSE), reflecting a significant listing premium over the IPO price set between ₹30-32 per share. The public offering, which took place from November 21 to November 23, raised more than ₹2,150 crore, signaling robust investor confidence.
Financial experts anticipate that the stock will continue to experience volatility with a trading range expected between ₹60 and ₹85. They identify a substantial support level at ₹65 and foresee resistance forming beyond the ₹75 mark.
During its IPO, IREDA attracted considerable attention from global funds as anchor investors. The agency, which has been affiliated with the Ministry of New and Renewable Energy (MNRE) for over three decades, plays a pivotal role in financing renewable energy projects across India. The IPO included a fresh issue of shares amounting to over ₹1,290 crore and an offer-for-sale component that released close to twenty-seven crore shares to the investing public.
The company's market capitalization has rapidly escalated to ₹22,493.90 crore (INR100 crore = approx. USD12 million) amidst this investor enthusiasm.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.