IRM Energy Limited IPO (IRM Energy IPO) Detail
IRM Energy IPO is a book built issue of Rs 545.40 crores. The issue is entirely a fresh issue of 1.08 crore shares.
IRM Energy IPO opens for subscription on October 18, 2023 and closes on October 20, 2023. The allotment for the IRM Energy IPO is expected to be finalized on Friday, October 27, 2023. IRM Energy IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, October 31, 2023.
IRM Energy IPO price band is set at ₹480 to ₹505 per share. The minimum lot size for an application is 29 Shares. The minimum amount of investment required by retail investors is ₹14,645. The minimum lot size investment for sNII is 14 lots (406 shares), amounting to ₹205,030, and for bNII, it is 69 lots (2,001 shares), amounting to ₹1,010,505.
Hdfc Bank Limited and Bob Capital Markets Limited are the book running lead managers of the IRM Energy IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to IRM Energy IPO RHP for detailed information.
IRM Energy IPO Details
| IPO Date | October 18, 2023 to October 20, 2023 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹480 to ₹505 per share |
| Lot Size | 29 Shares |
| Total Issue Size | 10,800,000 shares (aggregating up to ₹545.40 Cr) |
| Fresh Issue | 10,800,000 shares (aggregating up to ₹545.40 Cr) |
| Employee Discount | Rs 48 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 30,259,677 |
| Share holding post issue | 41,059,677 |
IRM Energy IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
IRM Energy IPO Timeline (Tentative Schedule)
IRM Energy IPO opens on October 18, 2023, and closes on October 20, 2023.
| IPO Open Date | Wednesday, October 18, 2023 |
| IPO Close Date | Friday, October 20, 2023 |
| Basis of Allotment | Friday, October 27, 2023 |
| Initiation of Refunds | Friday, October 27, 2023 |
| Credit of Shares to Demat | Monday, October 30, 2023 |
| Listing Date | Tuesday, October 31, 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 20, 2023 |
IRM Energy IPO Lot Size
Investors can bid for a minimum of 29 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 29 | ₹14,645 |
| Retail (Max) | 13 | 377 | ₹190,385 |
| S-HNI (Min) | 14 | 406 | ₹205,030 |
| S-HNI (Max) | 68 | 1,972 | ₹995,860 |
| B-HNI (Min) | 69 | 2,001 | ₹1,010,505 |
IRM Energy IPO Promoter Holding
Dr. Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited, and IRM Trust are the promoters of the company.
| Share Holding Pre Issue | 67.94% |
| Share Holding Post Issue |
About IRM Energy Limited
Incorporated in 2015, IRM Energy Limited is a gas distribution company. The company is involved in developing, operating, and expanding of local natural gas distribution network. IRM Energy is a value-driven energy enterprise serving industrial, commercial, domestic, and automobile customers.
The company has marked its presence in Banaskantha District in the state of Gujarat, Fatehgarh Sahib in the state of Punjab, and Diu & Gir-Somnath in the Union Territory of Daman & Diu and the state of Gujarat.
The company is fulfilling the natural gas requirements of 48172 domestic clients, 179 industrial units, and 248 commercial clients.
The company has received an award of City Gas Distribution- Growing Company of the Year 2020 from the Federation of Indian Petroleum Industries.
As of September 2022, the company has 216 CNG gas stations across its operating geographical areas.
IRM Energy Limited Financial Information (Restated Consolidated)
IRM Energy Limited's revenue increased by 90.3% and profit after tax (PAT) dropped by -50.69% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
| Assets | 838.21 | 792.90 | 554.80 | 338.11 | 267.16 |
| Revenue | 248.63 | 1,045.10 | 549.19 | 212.54 | 166.13 |
| Profit After Tax | 26.91 | 63.14 | 128.03 | 34.89 | 21.07 |
| Net Worth | 373.33 | 346.42 | 243.72 | 117.60 | 74.74 |
| Reserves and Surplus | 193.30 | 67.57 | 30.31 | ||
| Total Borrowing | 321.24 | 303.83 | 202.59 | 163.35 | 146.74 |
| Amount in ₹ Crore | |||||
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 24.13 |
| ROE | 18.23% |
| ROCE | 14.19% |
| Debt/Equity | 0.93 |
| EPS (Rs) | 20.93 |
| RoNW | 18.23% |
Objects of the Issue (IRM Energy IPO Objectives)
The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:
- Funding capital expenditure requirements for the development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in Fiscal 2024, Fiscal 2025 and Fiscal 2026;
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and
- General corporate purposes.
IRM Energy IPO Prospectus
IRM Energy Limited Contact Details
IRM Energy Limited
4th Floor, Block 8, Magnet
Corporate Park, Near Sola Bridge
S.G. Highway, Ahmedabad 380054
Phone: +917949031500
Email: investor.relations@irmenergy.com
Website: https://www.irmenergy.com/
IRM Energy IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: irmenergy.ipo@linkintime.co.in
Website: https://linkintime.co.in/mipo/ipoallotment.html
IRM Energy IPO FAQs
IRM Energy IPO is a main-board IPO of 10,800,000 equity shares of the face value of ₹10 aggregating up to ₹545.40 Crores. The issue is priced at ₹480 to ₹505 per share. The minimum order quantity is 29 Shares.
The IPO opens on October 18, 2023, and closes on October 20, 2023.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in IRM Energy IPO using UPI as a payment gateway. Zerodha customers can apply in IRM Energy IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IRM Energy IPO through Zerodha
- Visit the Zerodha website and login to Console.
- Go to Portfolio and click the IPOs link.
- Go to the 'IRM Energy IPO' row and click the 'Bid' button.
- Enter your UPI ID, Quantity, and Price.
- ‘Submit’ IPO application form.
- Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Zerodha IPO Application Process Review for more detail.
The IRM Energy IPO opens on October 18, 2023 and closes on October 20, 2023.
IRM Energy IPO lot size is 29 Shares, and the minimum amount required is ₹14,645.
You can apply in IRM Energy IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for IRM Energy IPO will be done on Friday, October 27, 2023, and the allotted shares will be credited to your demat account by Monday, October 30, 2023. Check the IRM Energy IPO allotment status.
You can invest in IRM Energy IPO as HNI through ASBA Netbanking or offline mode.
You need to enter all the required details viz. the bid quantity, amount, depository details, bank account no., applicant name, PAN No. to apply for IPO online or offline. You need to ensure to select the investor category as HNI.
It is important to note that as an HNI, you cannot bid in IPO at the cut-off price.
You cannot apply in IRM Energy IPO through the Zerodha IPO application(Console) in the HNI category as Zerodha offers a UPI-based IPO application that has a limit of a maximum of ₹2 lakh per transaction.
You can apply using the ASBA facility offered by the banks to invest in the HNI category.
ICICI Direct offers a UPI-based IPO application with an upper limit of ₹2 lakh per transaction. Thus, an HNI cannot apply for IRM Energy IPO through ICICI Direct.
To apply as an HNI in IRM Energy IPO, you can apply online through Netbanking using the ASBA facility offered by banks or submit a physical IPO ASBA application form.
The three main factors that decide the feasibility to invest in IRM Energy IPO using the IPO funding route.
- IPO Subscription Rate - This is one of the most critical factors that help decide whether an HNI should opt for a loan or not. The higher the subscription, the lower is the allotment. In the case of lesser allotment in IPO, selling that small chunk may not cover the entire funding cost and thus reduce the chances of earning profits.
- IPO Listing Price - If the IPO listing is expected at a good premium, taking an IPO loan should not be a burden as selling the shares on listing would earn handsome profit to cover the funding interest cost and the IPO price.
- IPO Funding Rate - Generally, IPO funding is available at around 7%-10%. The above IPO funding cost table shows an estimated cost that can help you arrive at the break-even point to assess the probability of earning profit based on the expected listing price and over subscription.
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