State-owned Indian Renewable Energy Development Agency Ltd (IREDA) is planning to launch an initial public offering (IPO) by mid-September. The company, which provides financial support for new and renewable energy projects, is expected to sell a portion of its shares held by the government and issue fresh shares equivalent to about 15% of equity. The plan was approved by the Cabinet Committee on Economic Affairs in March. As it stands, the issue has no relevant peer for benchmarking prices, but reference has been drawn from similar companies such as REC and PFC.
