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Thursday, July 25, 2024

After posting 56% listing gains, IREDA shares make their stellar market debut. Should you buy, sell, or hold?

<p>On Wednesday, shares of the government-owned Indian Renewable Energy Development Agency (IREDA) had an impressive debut on the stock market on exchanges. The shares are listed for Rs 50 per share on the BSE and NSE, which is 56% more than the IPO price of Rs 32. The shares were trading at Rs 54.80, a 72% premium, as of 10:42 am.</p>
<p>Shares of IREDA had a 56% listing gain when they started at Rs 50 on the BSE. After that, it continued to rise, reaching a high of Rs 55.70 and a low of Rs 49.99 per share. It is now trading at around Rs 54.7, which is 8.58 higher than the starting price of Rs 50 and approximately 71 per cent more than the IPO issue price of Rs 32.<img decoding=”async” class=”alignnone wp-image-292984″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-why-the-shape-of-bananas-is-not-straight-but-crooked-download-2023-11-29t165134.20.jpg” alt=”theindiaprint.com why the shape of bananas is not straight but crooked download 2023 11 29t165134.20″ width=”1398″ height=”783″ title=”After posting 56% listing gains, IREDA shares make their stellar market debut. Should you buy, sell, or hold? 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-why-the-shape-of-bananas-is-not-straight-but-crooked-download-2023-11-29t165134.20.jpg 300w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-why-the-shape-of-bananas-is-not-straight-but-crooked-download-2023-11-29t165134.20-150×84.jpg 150w” sizes=”(max-width: 1398px) 100vw, 1398px” /></p>
<p>“In a much-anticipated debut, IREDA, a leading non-banking financial institution (NBFI) dedicated to financing renewable energy projects, made its mark on the stock markets today, listing at Rs 50 per share, a premium of 56 per cent over its IPO price of Rs 32,” stated Shivani Nyati, head of wealth at Swastika Investmart. The company’s solid fundamentals and growth prospects were reflected in the listing, which exceeded market expectations.</p>
<p>She continued by saying that IREDA is an appealing investment opportunity due to its solid financial performance and emphasis on the developing renewable energy industry. In the next years, the renewable energy industry is expected to see substantial expansion due to government efforts and growing environmental concerns.</p>
<p>Participants in the IREDA IPO should be happy with the substantial listing profits. Nyati said that the firm is a good investment for someone with a lengthy investment horizon because of its potential long-term prospects.</p>
<p>Senior VP (research) Prashanth Tapse of Mehta Equities said, “IRDEA listing was above street expectations.” Given the strong reaction the shares had received from a wide range of investors, particularly long-term funds, we anticipate a respectable level of demand for the shares once they were listed.</p>
<p>According to him, IREDA offers allotted investors a long-term chance to hold and profit from the sector’s development, hence he advises allotted investors to “Hold for long term.”</p>
<p>Markets usually reward a player with strong visibility and development potential, so those who did not get allotments might accumulate on every downturn for keeping it for good long-term profits, according to Tapse.</p>
<p>Last week, the IREDA IPO, which was available to the general public for subscription between November 21 and November 23, experienced an incredible 39 times subscription.</p>
<p>Following the IPO of Life Insurance Corporation in May of last year, this is the first public offering by a public sector company. The proceeds of the new issuance will be used to increase IREDA’s capital base in order to fulfill its lending and future capital needs.</p>
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