IRM Energy IPO opens for subscription on Wednesday, October 18, and closes on Friday, October 20. The allocation to anchor investors for IRM Energy IPO is scheduled to take place on Tuesday, October 17. 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 IPO floor price is 48.0 times the face value of the equity shares and the cap price is 50.5 times the face value of the equity shares. The price to earning ratio based on diluted earnings per share (EPS) for fiscal 2023 at the floor price is 22.93 times and at the cap price is 24.13 times. IRM Energy IPO lot size is 29 equity shares and in multiples of 29 equity shares thereafter.
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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 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).
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).
The company's comparable listed peer are Gujarat Gas Ltd (with P/E of 18.69), and Indraprastha Gas Ltd (with P/E of 19.21).
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 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).
Its business is to lay, build, operate, and expand the city or local natural gas distribution network.
IRM Energy develops natural gas distribution projects for residential, commercial, industrial and automotive users within the designated geographic areas.
IRM Energy IPO GMP today or grey market premium is +105. This indicates IRM Energy share price were trading at a premium of ₹105 in the grey market on Wednesday, according to investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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