IRM Energy IPO: Check Date, Price, GMP, Allotment Status, And More

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New Delhi: The recent initial public offering (IPO) of IRM Energy, a prominent city gas distribution company, garnered significant attention in the market. With the subscription window open from October 18 to October 20, the IPO witnessed an impressive 27.05 times more subscription.

IRM Energy IPO: Bids

Bids for 20,62,70,910 shares were placed against the available 76,24,800 shares on offer. ()

IRM Energy IPO: Subscribers Type

During the subscription period, non-institutional investors displayed substantial interest, oversubscribing their category by an impressive 48.34 times. ()

Qualified Institutional Buyers (QIBs) exhibited keen participation, with a subscription rate of 44.73 times, while the Retail Individual Investors (RIIs) quota experienced a healthy 9.29 times subscription.

IRM Energy IPO: Issue Size

The IPO primarily consisted of a fresh issue of up to 1.08 crore equity shares.

IRM Energy IPO: GMP Today

Market observers have noted a positive trend in the grey market, with IRM Energy currently trading at an impressive premium of Rs 49.

This premium, amounting to approximately 9.7 percent over the upper issue price of Rs 505 per share, suggests a favorable outlook for potential listing gains from the public issue.

IRM Energy IPO: Price Range

The IPO, featuring a price range of Rs 480 to Rs 505 per share.

IRM Energy IPO: Details

This initial public offering has already secured over Rs 160 crore from anchor investors, underscoring the confidence and interest displayed by key investors in the company's growth prospects.

With the funds raised, IRM Energy aims to allocate Rs 307.26 crore towards capital expenditure requirements for expanding the city gas distribution network in Namakkal and Tiruchirappalli, Tamil Nadu.

Additionally, a portion of the proceeds, approximately Rs 135 crore, will be dedicated to debt repayment, with the remaining funds allocated for general corporate purposes.