IRM Energy IPO listing Highlights: Shares list at discount of around 5% on NSE, BSE

IRM Energy IPO listing News LIVE Updates: IRM Energy reported a revenue of Rs 245.25 crore 

In the June quarter, IRM Energy reported a revenue of Rs 245.25 crore, a growth of 6.51 per cent compared to the year-ago period. The rise was primarily due to higher sales of compressed natural gas and piped natural gas as well as an increase in connection income and other operating revenue.

IRM Energy IPO listing News LIVE Updates

Issue Price: Rs 505 

Listing Price On NSE: Rs 477.25, at a discount of 5.50 per cent.

Listing Price On BSE: RS 479, at a discount of 5.15 per cent.

IRM Energy IPO listing News LIVE Updates: Share price settles at RS 479

IRM Energy's share price settled at RS 479 on the BSE against the issue price of Rs 505, a discount of 5.15 per cent.

IRM Energy IPO listing News LIVE Updates: Network of 69 CNG filling stations

As of October, it had a network of 69 CNG filling stations, comprising two CNG stations owned and operated by the company, 36 stations owned and operated by dealers, and 31 CNG stations owned and operated by oil marketing companies.

IRM Energy IPO listing News LIVE Updates: Promoters own 67.94 per cent stake 

At present, the promoters own 67.94 per cent stake in the company, with the majority being held by Cadila Pharmaceuticals (49.50 per cent), and the remaining shares being held by IRM Trust through its managing trustee Rajiv Indravadan Modi.

IRM Energy IPO listing News LIVE Updates: Proceeds to be used to fund capital expenditure requirements

Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt. 

IRM Energy IPO listing News LIVE Updates: Who were the managers of the offer?

BOB Capital Markets and HDFC Bank were the managers of the offer. 
 

IRM Energy IPO listing News LIVE Updates: What does the company do?

IRM Energy provides piped natural gas and compressed natural gas. It has operations in many states, including Gujarat, Punjab, and Tamil Nadu.

IRM Energy IPO listing News LIVE Updates: Raised over Rs 160 crore

Ahead of the listing, IRM Energy Limited on Tuesday said it has raised over Rs 160 crore from anchor investors.

IRM Energy IPO listing News LIVE Updates: Price range for the offer is Rs 480-505 a share

The IPO was a fresh issue of up to 1.08 crore equity shares. The price range for the offer was Rs 480-505 a share.

IRM Energy IPO listing News LIVE Updates: QIBs received 44.73 times subscription 

The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription and Retail Individual Investors (RIIs) quota got subscribed 9.29 times.

IRM Energy IPO listing News LIVE Updates: What's positive and what's negative

According to Zee Business Managing Editor Anil Singhvi, below are three positive things and three negative things about the company:

Positive

Strong parentage
Good financial track record
Strong growth outlook

Negative 

Long gestation period
Big competition
Valuations reasonable; not very expensive, not very attractive

IRM Energy IPO listing News LIVE Updates: Anil Singhvi's view

Zee Business Managing Editor Anil Singhvi suggests applying for the IPO for small listing gains and from a long-term perspective. 

IRM Energy IPO listing News LIVE Updates: Received bids for 20,62,70,910 shares 

The Rs 545.40 crore initial share sale received bids for 20,62,70,910 shares against 76,24,800 shares on offer, as per NSE data.

IRM Energy IPO listing News LIVE Updates: IPO was subscribed 27.05 times 

The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday.