IREDA stock surges 156% since IPO, hits ₹81.90 peak

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IREDA stock surges 156% since IPO, hits ₹81.90 peak
Credit: © Reuters.

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.

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