State-Owned Company Indian Renewable Energy Development Agency IPO will open for subscription on November 21 and close on November 23. This will be the first IPO by a public sector enterprise after Life Insurance Corporation's (LIC) public issue in May 2022. PSU mini Ratna IREDA has fixed a price band of ₹30-32 for the IPO. Investors can bid for a minimum of 460 equity shares in one lot and in multiples of 460 equity shares thereafter. The offer consists of a fresh issue of up to 40.31 crore equity 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, Government of India. Currently, the government holds 100% stake in the company. Considering the upper end of the price band, IREDA will raise around ₹1,290 crore through this issue and ₹860 crore via OFS. At the upper price band, the company is valued at ₹8,600 crore. About 50% of the issue will be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional investors, and the rest 35% for retail investors. The IPO has up to 1,875,420 equity shares reserved for employees. An enterprise under the ministry of new and renewable energy, IREDA is engaged in the financing of renewable energy projects. For the six months ended September 2023, the lender posted a total income of ₹2,320.46 crore, compared to ₹1,577.75 crore a year ago. The company's net profit for the half year came in at ₹579.32 crore as against ₹410.27 crore last year. The gross and net NPA for the half year was at 3.13% and 1.65% from 5.06% and 2.72%, respectively. The provision coverage ratio stood at 48.11%. Catch Sakshi Batra in exclusive conversation Pradip Kumar Das, CMD, IREDA on the expectations of the IPO.