IRM Energy Limited IPO Detail
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.
Company Promoters
Dr. Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited, and IRM TrustIPO Details
| IPO Opening Date | Oct 18, 2023 |
| IPO Closing Date | Oct 20, 2023 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹480 - 505 per equity share |
| Market Lot | 29 Shares |
| Min Order Quantity | 29 Shares |
| Listing At | BSE, NSE |
| Issue Size | ₹545.40 Cr |
| Fresh Issue | ₹545.40 Cr |
| Offer for Sale | - |
| Employee Discount | ₹₹48 per share |
| Retail Portion | 35% |
IPO Subscription (Bidding Detail)
| AS On | QIB | SHNI | BHNI | NII | RII | TOTAL |
|---|---|---|---|---|---|---|
| Day 1 | 1.07x | - | - | 2.60x | 1.78x | 1.71x |
| Day 2 | 1.18x | - | - | 9.12x | 4.41x | 4.40x |
| Day 3 | 44.73x | - | - | 48.34x | 9.29x | 27.05x |
IPO Tentative Timetable
The IRM Energy Limited IPO open date is Oct 18, 2023, and the close date is Oct 20, 2023. The issue may list on Oct 31, 2023.
| IPO Open Date | Oct 18, 2023 |
| IPO Close Date | Oct 20, 2023 |
| Basis of Allotment Date | Oct 27, 2023 |
| Initiation of Refunds | Oct 27, 2023 |
| Credit of Shares to Demat Account | Oct 30, 2023 |
| IPO Listing Date | Oct 31, 2023 |
IPO Lot Size
The IRM Energy Limited IPO market lot size is 29 shares. A retail-individual investor can apply for up to 13 lots (377 shares or ₹190385).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 29 | ₹14645 |
| Maximum | 13 | 377 | ₹190385 |
IPO Promoter Holding
| Pre Issue Share Holding | 67.94% |
| Post Issue Share Holding |
Company Financials:
For the year/period ended (₹ in Cr.)
| Financial Year | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-20 | 267.16 | 166.13 | 21.07 |
| 31-Mar-21 | 338.11 | 212.54 | 34.89 |
| 31-Mar-22 | 554.80 | 549.19 | 128.03 |
Objects of the Issue:
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 Limited IPO Registrar:
Link Intime India Private Ltd
IRM Energy Limited IPO Lead Manager(s):
Hdfc Bank Limited Bob Capital Markets Limited
Company Contact Information:
IRM Energy Limited
4th Floor, Block 8, Magnet
Corporate Park, Near Sola Bridge
S.G. Highway, Ahmedabad 380054
