IRM Energy IPO hits Street: Issue price, listing date, other important details
By Dilip Suthar
IRM Energy IPO: The Rs 545-crore IPO of City gas distribution company will be open for subscription for three trading days, i.e., until October 20 from 10 am to 5 pm. IRM Energy IPO is entirely a fresh issue of 1.08 crore shares.
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IRM Energy IPO: The initial public offer (IPO) of IRM Energy opened for subscription on Wednesday, October 18 with a price band of Rs 480 to 505 per share. The Rs 545-crore IPO of City gas distribution company will be open for subscription for three trading days, i.e., until October 20 from 10 am to 5 pm. IRM Energy IPO is entirely a fresh issue of 1.08 crore shares.
IRM Energy IPO: The initial public offer (IPO) of IRM Energy opened for subscription on Wednesday, October 18 with a price band of Rs 480 to 505 per share. The Rs 545-crore IPO of City gas distribution company will be open for subscription for three trading days, i.e., until October 20 from 10 am to 5 pm. IRM Energy IPO is entirely a fresh issue of 1.08 crore shares.
| Category | Subscription (No. of times the equity reserved) |
| Qualified institutional buyers | Nil |
| Non-institutional investors | 0.66 |
| Retail investors | 0.76 |
| Overall | 0.51 |
| Source: Exchange data | |
Here are important things to know about the IRM Energy IPO:
IRM Energy IPO allotment date
The basis of the allotment of shares under the IPO of IRM Energy is set to be finalised on October 27. Successful bidders will get shares credited into their demat accounts on October 30, whereas other participants will have refunds initiated on October 27.
IRM Energy IPO listing date
The IRM Energy IPO stock is likely to be listed in the secondary market on October 31 and will be traded on the bourses, BSE and NSE.
IRM Energy IPO: Book-running lead managers & registrar
HDFC Bank and BOB Capital Markets are the book-running lead managers to the issue. Link Intime India Private is the registrar of the IPO.
IRM Energy IPO: Fund utilisation
Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu, Rs 135 crore for payment of debt. Besides, a portion will be used for general corporate purposes.
IRM Energy IPO: Issue size, price lot
Under the IPO, IRM Energy shares are available for bidding in a range of Rs 480-500 in multiples of 29, translating to Rs 13,920-14,500 per lot.
What does IRM Energy do?
IRM Energy provides piped natural gas (PNG) and compressed natural gas (CNG). It has operations in states including Gujarat, Punjab and Tamil Nadu and serves 184 industrial customers, 269 commercial customers, 52,454 domestic customers, as of June 2023.
It has an established network of 69 CNG filling stations, comprising 2 owned and operated by the company, 36 owned and operated by dealers and 31 owned and operated by oil marketing companies.
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