Indian Renewable Energy Development Agency raises Rs 643 crore from anchor investors ahead of IPO

IREDA IPO opens on November 21

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26 Aug, 2025 12:21

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Indian Renewable Energy Development Agency (IREDA), the Mini Ratna government enterprise, has mopped up Rs 643.26 crore from 58 anchor investors on November 20, ahead of IPO.

Marquee names participated in the anchor book included Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Moon Capital Trading, and Copthall Mauritius.

Domestic mutual funds and insurance firms that invested in the company through the anchor book include SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon Life India, Kotak Mutual Fund, Aditya Birla Sun Life Trustee, SBI Life Insurance Company, DSP Mutual Fund, Max Life Insurance Company, UTI Mutual Fund, Sundaram Mutual Fund, Baroda BNP Paribas, Kotak Mahindra Life Insurance, and LIC MF.

The state-owned financial institution said that in consultation with merchant bankers, it has finalised the allocation of 20,10,19,726 equity shares to anchor investors at a price of Rs 32 per share.

With over 36 years of experience in the business of promoting, developing and extending financial assistance for new and renewable energy projects, and energy efficiency and conservation projects, IREDA is planning to raise Rs 2,150.21 crore via public issue of 67.19 crore equity shares at the upper price band.

Also read: IREDA IPO opens on November 21: Should you subscribe to the Rs 2,150-crore issue?

The price band for the offer, which will open from November 21-23, has been fixed at Rs 30-32 per share.

The IPO comprises a fresh issue of 40.31 crore equity shares worth Rs 1,290.13 crore by the company and an offer-for-sale (OFS) of 26.87 crore shares worth Rs 860.08 crore by the Government of India.

The company has reserved 18,75,420 equity shares for its employees. The IPO excluding the employees portion is the net issue.

Also read: IREDA IPO: 10 things to know before subscribing to Rs 2,150 crore issue

On the financial front, the company has recorded a 15 percent CAGR growth in revenue during FY21-23 and the profit during the same period increased at a CAGR of 58 percent.

Further, it has maintained a fairly diversified asset book with solar energy contributing 30 percent to revenue for the year ended March FY23, wind power 19 percent, loans to state utilities 24 percent, and hydropower 12 percent.