IRM Energy IPO opens for subscription on tomorrow (Wednesday, October 18). IRM Energy is an Indian city gas distribution company, with operations in Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu). Its business is to lay, build, operate, and expand the city or local natural gas distribution network.
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IRM Energy develops natural gas distribution projects for residential, commercial, industrial and automotive users within the designated geographic areas.
IRM Energy IPO floor price is 48.0 times the face value of the equity shares and the cap price is 50.5 times the face value of the equity shares. The price to earning ratio based on diluted earnings per share (EPS) for fiscal 2023 at the floor price is 22.93 times and at the cap price is 24.13 times.
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The company’s promoters are Cadila Pharmaceuticals Limited, Dr. Rajiv Indravadan Modi, and IRM Trust.
Between the financial year ending on March 31, 2023, and March 31, 2022, IRM Energy Ltd. witnessed a 90.3% increase in revenue and a 50.69% drop in profit after tax (PAT).
Here are the 10 key things to know about IRM Energy Limited IPO:
IRM Energy IPO date:
IRM Energy IPO opens for subscription on Wednesday, October 18, and closes on Friday, October 20.
IRM Energy IPO price band:
IRM Energy IPO price band has been fixed in the range of ₹480 to ₹505 per equity share of face value of ₹10.
IRM Energy Limited IPO lot size:
IRM Energy IPO lot size is 29 equity shares and in multiples of 29 equity shares thereafter.
Anchor investors:
The allocation to anchor investors for IRM Energy IPO is scheduled to take place today (Tuesday, October 17).
IRM Energy IPO details:
IRM Energy IPO is completely a fresh issue of 10,800,000 equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).
IRM Energy IPO objective:
The company intends to use the net proceeds from the offering to fund the following goals: prepayment or repayment of all or a portion of certain outstanding borrowings obtained by the company; general corporate purposes; and funding capital expenditure requirements for development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in Fiscal 2024, Fiscal 2025, Fiscal 2026, and Fiscal 2027, according to the Red Herring Prospectus (RHP).
IRM Energy IPO listing date and allotment details:
Tentatively, IRM Energy IPO basis of allotment of shares will be finalised on Friday, October 27 and the company will initiate refunds on the same day, while the shares will be credited to the demat account of allottees on Monday, October 30. IRM Energy IPO shares are likely to be listed on BSE and NSE on Tuesday, October 31. If in case, the company decides to switch to T+3 norm, the dates will get preponed.
Lead Manager and Registrar of IRM Energy Limited IPO:
The book running lead managers of the IRM Energy IPO are Hdfc Bank Ltd and Bob Capital Markets Ltd, and the registrar is Link Intime India Private Ltd.
IRM Energy IPO reservation:
IRM Energy IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors. A discount of ₹48 per equity share is being offered to eligible employees bidding in the employee reserve portion.
IRM Energy IPO GMP today:
IRM Energy Limited IPO GMP today or grey market premium is +70. This indicates IRM Energy share price were trading at a premium of ₹70 in the grey market on Tuesday, according to financiallyguru.com
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IRM Energy share price was indicated at ₹575 apiece, which is 13.86% higher than the IPO price of ₹505.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.