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IREDA soars over 70% in debut trade to $1.8 billion valuation
Shares of Indian Renewable Energy Development Agency (IREDA) surged 74% in their trading debut, valuing the state-owned firm at $1.80 billion. The IPO of IREDA, a non-banking lender that finances renewable energy projects, was oversubscribed 38.8 times. The company received robust interest from investors who bid for about $7.8 billion worth of shares. IREDA's profit jumped 41.2% in the half year ended September 30, while its interest income climbed 49.1%.
Shares of Indian Renewable Energy Development Agency (IREDA) surged 74% in their trading debut, valuing the state-owned firm at $1.80 billion. The IPO of IREDA, a non-banking lender that finances renewable energy projects, was oversubscribed 38.8 times. The company received robust interest from investors who bid for about $7.8 billion worth of shares. IREDA's profit jumped 41.2% in the half year ended September 30, while its interest income climbed 49.1%. 
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