Two companies — Indian Renewable Energy Development Agency (IREDA) and Tata Technologies — will raise over Rs 5,000 crore through initial public offerings (IPO) next week.
The Rs 2,150 crore IPO of IREDA, which is under the administrative control of Ministry of New and Renewable Energy (MNRE), will open for subscription on November 21. The PSU miniratna would be offering its shares in the range of Rs 30-32 per share. The lot size stands at 460 equity shares. The three-day bidding process will conclude on November 23. It is also India’s largest pure-play green financing NBFC in India.
IREDA is the issuer of the first debt security (green masala bond) in India listed on IFSC exchange. IREDA is the first financial institution in India to raise green masala bonds. IREDA is among the first financial institutions to raise global funds for climate financing from DFIs and multilaterals in India.
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Tata Technologies, the first company from the Tata Group launching an IPO in nearly two decades, has set the price band for its maiden public issue at Rs 475-500 per share. Tata Consultancy Services was the last IPO from the group in 2004.
The Tata issue will open on November 22 and the closing date will be November 24. The anchor book will be opened for a day on November 21.
The Tata Motors’ subsidiary is planning to raise Rs 3,042.51 crore via public issue at the upper price band. The issue comprises only an offer-for-sale (OFS) by the promoter and investors, and there is no fresh issue component. Promoter Tata Motors will be offloading 4.62 crore equity shares worth Rs 2,313.75 crore in the OFS, while investors Alpha TC Holdings Pte Ltd will be selling 97.17 lakh shares worth Rs 485.84 crore, and Tata Capital Growth Fund I selling 48.58 lakh shares worth Rs 242.92 crore.
