IRM Energy IPO last day today: GMP, price band, 10 key things to know before subscribing | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Markets / Ipo/  IRM Energy IPO last day today: GMP, price band, 10 key things to know before subscribing
BackBack

IRM Energy IPO last day today: GMP, price band, 10 key things to know before subscribing

IRM Energy IPO opened for subscription on October 18 and today is the third and last day of subscription. IRM Energy IPO listing date tentatively is set for October 31.

IRM Energy IPO opens for subscription on Wednesday, October 18, and closes on Friday, October 20. (www.irmenergy.com)Premium
IRM Energy IPO opens for subscription on Wednesday, October 18, and closes on Friday, October 20. (www.irmenergy.com)

IRM Energy IPO opened for subscription on October 18 and today is the third and last day for investors to subscribe to it. 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).

IRM Energy develops natural gas distribution projects for residential, commercial, industrial and automotive users within the designated geographic areas.

The company's promoters are Cadila Pharmaceuticals Limited, Dr. Rajiv Indravadan Modi, and IRM Trust.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

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 company raised 160.35 crore from anchor investors a day ahead of its IPO subscription opening for bidding

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 shares were trading at a premium of 70 in the grey market on Friday, as per market observers.

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.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 Oct 2023, 11:47 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App