IRM Energy IPO Detail, GMP Price, Lot Size, Subscription

IRM Energy IPO Detail, GMP Price, Lot Size, Subscription

By supplying piped natural gas and compressed natural gas in states like Gujarat, Tamil Nadu, Punjab and many others, IRM Energy has grown manifold and the latest development is IRM Energy’s entry into the market. IRM Energy share price was listed at INR 477.25 per share on The National Stock Exchange which is a 5.5% discount on the IPO price of INR 505.

PrimeNewsly brings to you comprehensive coverage of IRM Energy IPO details.

IRM Energy IPO Details

• IRM Energy IPO is a book built issue of INR 545.50 crore.

• IRM Energy IPO is a fresh issue with 1,80,00,000 equity shares. The company debuted on Thursday, October 26, 2023, and the IRM Energy IPO listing price was INR 477.25 per share at NSE and INR 479 per share on the BSE.
• IRM Energy IPO was open for subscription from 18th October 2023 to 20th October 2023.
• The price band for IRM Energy IPO was INR 480-INR 505 per equity share with a face value of INR 10.
• In IRM Energy IPO, not more than 50% of the shares in the public issue were reserved for Qualified Institutional Buyers, not less than 15% for Non Institutional Investors and not less than 35% for retail investors.
• IRM Energy IPO was offered for INR 48 per share discount to the employees who bid in the employee reserve portion which was 2.05 subscribers.
• IRM Energy IPO was subscribed 27.05 times on Friday 20.10.23 which was the last day of subscription. Qualified Institutional Buyers subscribed 44.73 times, retail investors 9.23 times and Non Institutional Investors subscribed 48.34 times.
• IRM Energy IPO lot size is 29 equity shares in multiples of 29 shares thereafter.
• IRM Energy IPO has offered 317500 shares to anchor investors and portion size is INR 160.35 crores.

What will be the funds raised for IRM Energy IPO used for?

The company intends to use the funds for the following purposes:

• Prepayment or repayment of a portion or all of the outstanding loans borrowed
• Funding capital expenditure needed for the development of the City Gas Distribution Network in the Geographical Areas of Tiruchirapalli and Namakkal in the fiscal years 2024, 2025, 2026 and 2027.
• General corporate requirements.

IRM Energy IPO Review

• According to Shivani Nyati, Head of Wealth at Swastika Investmart, IRM Energy IPO has been fairly priced and shall generate decent listing gains.

• Anushi Vakharia, Research Analyst at StoxBox also shared the same opinion regarding IRM Energy IPO. She backed her opinion by saying that a healthy volume growth of the company in the last 3 years will ensure that the listing is decent. She further said that the investors who have received the allotment should stay invested for a longer duration for better gains.

Highlights of IRM Energy IPO

• IRM Energy is Cadila Pharmaceuticals-backed Company that raised INR 545.40 crores through its IPO.

• Registrar to IRM Energy IPO is Link Intime India Pvt Ltd.
• Book running lead managers to the IPO are Bob Capital Market Ltd and HDFC Bank Ltd.
• The first day of the bidding of IRM Energy IPO saw 1.71 times subscription and on day 2 it was 4.37 times.
• There is no Offer for Sale component in IRM Energy IPO.
• IRM Energy GPO IPM today or grey market premium is +70. IRM Energy IPO GMP means that the shares of the company were trading at a premium of INR 70 in the grey market.
• Grey market premium means that the investors are ready to pay more than the issue price of the share.
• The minimum amount of investment required by an investor in IRM Energy IPO is INR 14645/

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Frequently Asked Questions

Which cities does IRM Energy operate in?

IRM Energy operates in Fatehgarh Sahib (Punjab), Banaskantha (Gujarat), Tiruchirapalli and Namakkal (Tamil Nadu) and Diu& Gir Somnath (Daman & Diu Gujarat). The company lays, builds, operates and expands the city’s natural gas distribution network.

What is the share of the promoters in IRM Energy?

 67.94% is owned by the promoters with 49.50% being held by Cadila Pharmaceuticals and the remaining are held by IRM Trust through Rajiv Indravadan Modi who is its managing trustee.

When will the allotment of shares for IRM Energy begin?

Basis of allotment will happen on 27.10.23 and initiation of refunds will also happen on the same day. Refunds shall however be credited to demat accounts on 30.10.23.

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Conclusion:

Given the good financial record and promising growth outlook of IRM Energy, the IPO was subscribed 27.05 times. Staying invested for the long term has been suggested by the analysts for better returns!!

Stay tuned for more updates.