IREDA public issue to open on November 21; sets price band at Rs 30-32 share State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday fixed a price band of Rs 30-32 per share for its Rs 2,150-crore initial public offering (IPO). The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement. This would be the first public issue by a public sector enterprise after Life Insurance Corporation’s IPO in May last year. IREDA would issue up to 40.31 crore fresh shares to mobilize around Rs 1,290 crore at the upper end of the price band. Besides, Government of India, currently the sole shareholder, will offer up to 26.88 crore shares in an offer for sale (OFS) in a bid to collect Rs 860 crore. Proceeds from the fresh issue will be used for augmenting IREDA’s capital base to meet its future capital requirements and onward lending. IREDA is a ‘miniratna’ firm under Ministry of New and Renewable Energy. The organization offers a comprehensive array of financial products (fund and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission. BOB Capital Markets, SBI Capital Markets, and IDBI Capital Markets & Securities are the book-running managers for the issue. Shares of the company will be listed on the BSE and NSE.
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”