All you need to know about

INDIAN RENEWABLE ENERGY DEVELOPMENT

AGENCY LIMITED IPO
Issue Details

Issue Amount : `2,016 - `2,150 Crore

Post Issue Implied Market Cap : `8,063 – `8,601 Crore
Face Value : 10 per share
Price Band : `30 to `32
Lot Size : 460 shares
Registrar : Link Intime India Pvt Ltd.
Source : BRLM

Offer Breakup
Issue size - Issue size (Rs in Cr)
Category Allocation
No. of Shares Lower band Upper band

QIB 50% 335,032,878 1,005.10 1,072.11

NIB 15% 100,509,864 301.53 321.63

Retail 35% 234,523,015 703.57 750.047

Employee 1,875,420 5.63 6.00

Total 100% 671,941,177 2,015.82 2,150.21

Source : BRLM
.
 IPO timeline `
Issue opens on: `

21
Tuesday, Nov 21, 2023

Issue closes on: NOV

Thursday, Nov 23, 2023

28 Finalization of 28 Refunds/Unblocking
Nov 2023 basis of allotment Nov 2023 ASBA fund

29 Credit of equity 01 Trading

Nov 2023 shares to DP account Dec 2023 commences

Source - BRLM. Dates are tentative

The objective of the offer

The main objects and objects incidental and ancillary to
the main objects set out in the Memorandum of
Association enables : (i) to undertake its existing
business activities; and (ii) to undertake the activities
proposed to be funded from the Net Proceeds. Further,
the company expects to receive the benefits of listing
of the Equity Shares on the Stock Exchanges, including
to enhance its brand image among the existing and
potential customers and creation of a public market
for the Equity Shares in India.
`
Source - RHP
About the company
It is a wholly owned Government of India (“GoI”) enterprise under the administrative control of
the Ministry of New and Renewable Energy (the “MNRE”). It was notified as a “Public Financial
Institution” (“PFI”) under Section 4A of the Companies Act, 1956 by the Department of
Company Affairs, Ministry of Law, Justice and Company Affairs, Government of India on
October 17, 1995 and is registered with the Reserve Bank of India (the “RBI”) as a Systemically
Important Non-Deposit-taking Non-Banking Finance Company (a “NBFC[1]ND-SI”), with
Infrastructure Finance Company (“IFC”) status. In September 2023, it was upgraded from
Schedule B to Schedule A in the list of CPSEs by the Department of Public Enterprises (“DPE”).
It was also conferred with the Mini Ratna (Category I) status in June 2015 by the DPE.

It is a financial institution with over 36 years of experience in the business of promoting,

developing and extending financial assistance for new and renewable energy (“RE”) projects,
and energy efficiency and conservation (“EEC”) projects. It provides a comprehensive range
of financial products and related services, from project conceptualisation to
post-commissioning, for RE projects and other value chain activities, such as equipment
manufacturing and transmission.

It offers a comprehensive suite of financial products and services including various

fund-based and non fund based products. Some of its key fund-based products for RE
developers are long-term, medium-term and short term loans (for projects, manufacturing
and equipment financing), top-up loans, bridge loans, takeover financing, and loans against
securitization of future cash flows. It also provides a line of credit to other NBFCs for
on-lending to RE and EEC projects. In addition, It provides loans to government entities and
also provides financing schemes for RE suppliers, manufacturers and contractors.

Source : RHP
 Strengths

Track record of growth, Strategic role in Government Established and trusted

geared towards high quality of India initiatives in the brand name operating in a
assets, diversified asset Renewable Energy sector. rapidly expanding sector.
book and stable profitability.

Digitized process for Experienced senior

borrower centricity and management with in-depth
operational scalability, with sector expertise and
presence across India. professionally qualified
employee base.

Source : RHP

Risks

Inability to effectively Volatility in interest rates. Any future downgrade in its

manage the quality of our credit ratings, similar to
growing asset portfolio and downgrade experienced in
controlling the level of its the past.
non performing assets.

`
` `

Any future non-compliances Possibility of having

of covenants under its negative cash flows from
financing agreements, operations in the future, as
similar to instances in the have been incurred in the
past. past.

Source : RHP
 Important Financials Data
For the year/period ended (` in Crore)

Particulars As at As at As at As at As at
(`, in crore) Sept 30, Sept 30, March 31, March 31, March 31,
2023 2022 2023 2022 2021

Total Income 2,320 1,578 3,483 2,874 2,658

Net Profit for the

Period 579 410 865 634 346

Net worth
6,581 5,638 5,935 5,268 2,996

Term Loans
Outstanding 47,514 33,783 47,076 33,931 27,854

Total borrowings 39,850 30,230 40,165 27,613 24,000

EPS – Basic (₹) 2.54 1.80 3.78 8.03 4.41

FYXX

Net Asset Value 28.80 24.68 25.98 23.06 38.18

(₹) as stated

Source : RHP/BRLM.
 Peer Comparison
Following is the comparison with its peer group companies listed in India and in the same line of business as the company:

Name of
Name of Face value
Company
EPS EPSP/E NAV P/E EV/ RoNWP/E
Company (₹ per share) (Basic) Ratio
(Diluted) (₹ per EBITDA (%)
(₹) (₹) share)

Indian Renewable
Energy Development 10.00 3.78 3.78 25.98 - 15.43
Agency Limited#

Listed Peers

REC Limited 10.00 42.28 42.28 220.72 7.71 20.41

Power Finance 10.00 60.19 60.19 424.16 4.79 20.34

Corporation

Notes for listed peers: (1) All the financial information for listed industry peers mentioned above on a consolidated basis and is
sourced from the annual reports for the year ended March 31, 2023. (2) Basic EPS sourced from the annual report of the peers for the
year ended March 31, 2023. (3) Diluted EPS sourced from the annual report of the peers for the year ended March 31, 2023. (4) NAV is
computed as the closing net worth divided by the closing outstanding number of equity shares as on March 31, 2023. (5) P/E Ratio for
the listed industry peers has been computed based on the closing market price of equity shares on November 10, 2023 on NSE, divided
by the Diluted EPS provided under Note 3 above. (6) P/B ratio for the listed industry peers has been computed based on the closing
market price of equity shares on NSE as on November 10, 2023 divided by the net asset value per equity share, as on March 31, 2023.
(7) Return on net worth (RoNW) is computed as total profit/ (loss) (including profit attributable to non-controlling interest for the year
divided by Average net worth (including non-controlling interest) as at March 31, 2023. Average of the total equity (including
non-controlling interest) attributable to the equity shareholders of our Company at the beginning and ending of the year.
Now, apply for
IPOs of your
favorite companies
on Paytm Money
App in less than 30
seconds

01 Log in to the Paytm 02 Once the KYC is done,

Money app and complete click on the IPOs on the
your fully digital KYC home screen

03 On the IPO home screen, 04 To apply, enter the bid-

you can apply for the ding details like quantity,
open IPOs price, and so on

05 Enter UPI id & accept the 06 Once the allotment

mandate of the same on happens, you would be
UPI app to successfully notified about your
submit IPO application allotment status

Easy Apply via your UPI ID within minutes

As the key benefit, you can apply for all the latest IPOs via UPI ID which is
linked to your bank account within minutes. This way you can avoid the
inconvenience of mentioning your bank details and can complete the IPO
application process in a hassle-free and less time-consuming manner. Now
you don’t need to wait for close to 10 working days from the issue closure
to the listing date. The entire process gets completed within 3-4 days now.
This has been possible via the UPI payment mechanism.

Track IPOs and modify bids effortlessly

Additionally, you get to track the upcoming anticipated IPOs, view company
history and details, download prospectus, and also analyze the
performance of past IPOs on our platform. Besides, if you want to make
changes to your bids in the IPO application, all you need to do is cancel the
application and reapply easily, within the IPO window.

Investments in securities market are subject to market risks, please read all the related documents carefully before investing.
SEBI Registration no.-INZ000240532, BSE-6707, NSE-90165. visit www.paytmmoney.com for complete disclaimers. Regd Office:136, First Floor, Devika Tower, Nehru Place, New Delhi- 110019
 Invest in Upcoming IPOs & be a part of
a company's initial growth story:
In 2021, the country’s stock exchanges (both NSE and BSE combined)
witnessed around 65 IPOs excluding REIT’s and FPO’s and raised
proceeds close to Rs 1.2 lakh crores in total. IPOs of Latent view
Analytics, Paras Defence and Space Technologies, Tega Industries,
MTAR technologies, Tatva Chintan Pharma, Nazara, Easy Trip and C.E.
Info Systems were subscribed more than 150x of the issue. Around 46
IPOs opened in the market at a premium over the listing price and 6 of
them listed with more than 100% premium. Continuing the momentum
of 2022, 2023 is also expected to be a great year of IPOs in queue to hit
the market.

Last 10 IPO Performances

IPO IPO Name Issue Size Retail Total Issue Price List Price Listing CMP as of Curr Gains (%)
closing (`in crs) Subscription Subscription (in `) (in `) Gains(%) 15-11-23 as of 15-11-23
Date

08-Nov-23 Protean eGov Technologies Limited 490 8.91 23.85 792 792 0.0 1059.6 33.8

07-Nov-23 ESAF Small Finance Bank Limited 463 17.83 76.99 60 71 18.3 69.43 15.7

02-Nov-23 Honasa Consumer Limited 1,701 1.34 7.61 324 330 1.9 314.95 -2.8

01-Nov-23 Cello World Limited 1,900 3.21 41.69 648 829 27.9 787.6 21.5

27-Oct-23 Blue Jet Healthcare limited 840 2.22 7.94 346 380 9.8 392.65 13.5

20-Oct-23 IRM Energy Limited 544 9.29 27.05 505 477.25 -5.5 446.7 -11.5

05-Oct-23 Plaza Wires Limited 71 374.18 160.88 54 76 40.7 115.9 114.6

03-Oct-23 Valiant Laboratories Limited 152 16.04 29.75 140 161 15.0 190.95 36.4

27-Sept-23 JSW Infrastructure Limited 2,800 10.86 39.36 119 143 20.2 197.9 66.3

27-Sept-23 Updater Services Limited 640 1.45 2.96 300 285 -5.0 281.2 -6.3

For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
Paytm Money Ltd SEBI Reg No. Broking - INZ000240532. NSE (90165), BSE(6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. visit www.paytmmoney.com for complete disclaimers