Shares of (IREDA) rallied almost 15 percent to hit a new high of 73.67 apiece in intra-day deals on Friday, December 8, on the back of heavy volumes. A combined 11.2 crore equity shares of IREDA changed hands on the NSE and in morning deals.

The at 50 per share levels, delivering over 56 percent listing gain against the IREDA IPO price of 32 per share. The stock has already doubled investor wealth from its issue price, surging 101 percent. Meanwhile, it has advanced over 47 percent from its listing price in just 8 sessions. In these 8 sessions, the stock has been in the red in just 2 sessions. "IREDA listing was above the market expectations, reflecting the strong fundamentals and growth potential of the company. IREDA's strong financial performance and focus on the burgeoning renewable energy sector make it an attractive investment proposition. The renewable energy sector is poised for significant growth in the coming years, driven by government initiatives and increasing environmental concerns. Investors who participated in the IREDA IPO can be pleased with the strong listing gains. The company's long-term prospects also appear promising, making it a worthwhile investment for those with a long-term investment horizon," said Shivani Nyati, Head of Wealth, . The was open for subscription between November 21, and November 23. The IPO was the first public issue by a public sector enterprise after (LIC) in May last year. The issue was subscribed to 38.80 times. IREDA IPO's retail investors' portion was subscribed to 7.73 times, the NII portion was subscribed to 24.16 times, and the Qualified Institutional Buyers (QIB) portion was booked 104.57 times. The employee portion was subscribed to 9.80 times, as per BSE data. The IPO comprised of a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares by the President of India, acting through the Ministry of New and Renewable Energy. The offer included a reservation for subscription by employees. IREDA IPO size was 2,150.21 crore. Indian Renewable Energy Development Agency is a government company, which has a miniratna status (Category-I). Incorporated in 1987, IRDEA is an experienced financial institution that has been actively promoting, developing, and extending financial assistance for new and renewable energy projects. For the past three decades, IREDA has been supporting all forms of RE -- solar, wind, hydro -- and even newer technologies such as biofuel and electric mobility. "IREDA operates in the niche segment of RE which is poised to grow at a rapid pace with the government's increased focus. Further, the elevation of IREDA to the ‘Schedule A’ category opens the door for “Navratna" status, which would strengthen the balance sheet further. This along with the lowest cost of funding and stringent corporate governance provides IREDA a competitive edge," brokerage house Motilal Oswal had said. Meanwhile, noted that power-financing NBFCs are expected to continue this growth momentum, and this growth is likely to be driven by an increase in power demand, a rise in population, renewable integration, and the sustainability goals of the country. With consistent growth in loan books, healthy return ratios, and varied financial products, IREDA is well-placed to capitalise on the growth in the RE sector, it said. LIFE INSURANCE CORPORATION OF INDIA Livemint tops charts as the fastest growing news website in the world to know more.