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IRM Energy Limited IPO Detail

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 Trust

IPO Details

IPO Opening DateOct 18, 2023
IPO Closing DateOct 20, 2023
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price ₹480 - 505 per equity share
Market Lot29 Shares
Min Order Quantity29 Shares
Listing AtBSE, 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)

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 DateOct 18, 2023
IPO Close DateOct 20, 2023
Basis of Allotment DateOct 27, 2023
Initiation of RefundsOct 27, 2023
Credit of Shares to Demat AccountOct 30, 2023
IPO Listing DateOct 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).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding67.94%
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:

  1. 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;
  2. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and
  3. 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