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

Written By: Raghwendra Shukla Updated on: October 26, 2023, 11.06 AM IST

IRM Energy IPO listing Highlights; IRM Energy IPO Share Price NSE, BSE: The shares will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) during a special pre-open session.

IRM Energy IPO listing Highlights; IRM Energy IPO Share Price NSE, BSE: IRM Energy Limited made a tepid market debut on Thursday as the scrip got listed at Rs 477.25 apiece on the National Stock Exchange, a discount of 5.5% to their IPO price of Rs 505 apiece. 

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

Follow Zee Business' BLOG for all the latest updates on the IRM Energy IPO listing:

Latest Updates

  • 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

     

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    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

     

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    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.

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