IREDA IPO: GMP, what are the subscription status signals? Allotment Date, How to Check Status

The Indian Renewable Energy Development Authority (IREDA) IPO concluded its subscription period on Thursday, receiving robust interest from investors. The overall subscription status stood at 38.80 times, with the retail portion being subscribed 7.73 times. The tentative allotment date for the IREDA IPO is expected to be November 28, 2023, with the likely listing date set for November 29, 2023.

In the gray market, which operates as an informal trading platform, the premium for IREDA Ltd shares has risen to ₹13, reflecting the heightened interest in the public offering. Market observers noted a significant increase in the gray market premium (GMP) from ₹7 to ₹13 over the past week, underscoring the buzz surrounding the IREDA IPO in the primary market. Despite recent market fluctuations, the gray market has remained bullish, and analysts anticipate further upside if there is a reversal in the market trend when the Indian stock market reopens on Tuesday after the Monday holiday.

While the GMP serves as an indicator of market sentiment, experts caution that it does not necessarily determine the success or failure of an IPO. They emphasize the importance of considering fundamental factors and evaluating the company's balance sheet. It's noted that the gray market is speculative and unregulated, lacking a direct connection to the company's financials.

During the three-day bidding period from November 21 to November 23, 2023, the IREDA IPO garnered substantial interest across investor categories. Qualified Institutional Buyers (QIBs) led with a subscription of 104.57 times, followed by the non-institutional investor (NII) segment at 24.16 times, and the employee segment at 9.80 times.

Upon the announcement of share allotment, investors can check the IREDA IPO allotment status online through the BSE website or the official registrar's website, Link Intime Private Limited. The BSE direct link for checking allotment status is bseindia.com/investors/appli_check.aspx, and for Link Intime, investors can use the link linkintime.co.in/mipo/ipoallotment.html. The status can be accessed by entering the IREDA IPO application number and PAN details.

IREDA IPO GMP

Ola Electric vehicle manufacturer recently raised INR 3,200 crore

Ola Electric, led by Bhavish Aggarwal, officially changed its status to Ola Electric Mobility Limited, signaling a crucial step toward a potential stock market listing. This move, mandatory for companies eyeing an IPO, precedes the filing of a Draft Red Herring Prospectus (DRHP) with SEBI, the market regulator. Speculations in the industry suggest the IPO could range between $800 million to $1 billion.

The electric vehicle manufacturer recently raised INR 3,200 crore in a combined equity and debt funding round led by notable investors like Temasek and State Bank of India (SBI). Ola Electric plans to deploy these funds to expand its electric vehicle operations and establish India's first lithium-ion cell manufacturing plant in Krishnagiri, Tamil Nadu.

As the standalone electric vehicle arm of Ola, the ride-hailing giant, Ola Electric is backed by Japan's Softbank and holds a prominent position in the Indian e-scooter market. Despite facing controversies, Ola Electric witnessed an 18.6% month-on-month increase in e-scooter registrations, reaching 22,169 units in October, according to Vahan. The company competes with industry counterparts like TVS Motor, Ather Energy, Bajaj Auto, Hero MotoCorp, and Lectrix EV.

Bhavish Aggarwal outlined ambitious plans for Ola Electric in 2023 and 2024, including the launch of new two-wheeled EV products. These additions comprise a mass-market scooter, a mass-market motorcycle, and a range of high-end motorcycles spanning sports, cruising, adventure, and road bikes.

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