IPO Details
Bidding Dates
17 Oct '23 - 19 Oct '23
Minimum Investment
₹14,645 / 1 Lots ( 29 Shares )
Price Range
₹480 - ₹505
Maximum Investment
₹190,385 / 13 Lots ( 377 Shares )
Retail Discount
Not Applicable
Issue Size
₹545.40 Cr
Investor category and sub category
Qualified Institutional Investors | Non-Institutional Investors | Retail Individual Investors |IPO Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Oct 17, 2023
IPO Closing Date
Oct 19, 2023
Basis of Allotment
Oct 25, 2023
Initiation of Refunds
Oct 26, 2023
Credit of Shares to Demat Account
Oct 29, 2023
IPO Listing Date
Oct 30, 2023
UPI Mandate Expiry Date
Oct 19, 2023
IRM Energy Ltd. IPO Subscription Details
Date | QIB | NII | Retail | EMP | Total |
---|---|---|---|---|---|
Day 1Oct 17, 2023 |
1.07x | 2.61x | 1.82x | 0.38x | 1.74x |
Day 2Oct 18, 2023 |
1.08x | 9.12x | 4.41x | 0.95x | 4.40x |
Day 3Oct 19, 2023 |
44.73x | 48.34x | 9.29x | 2.05x | 27.05x |
IRM Energy Ltd. IPO Subscription Live Status
Investor Category | Subscription (Times) |
---|---|
Qualified Institutions Buyers | 1.08 |
Non-Institutional Buyers | 4.86 |
Retail Investors | 3.06 |
Employees | 0.70 |
Total | 2.82 |
About Company
IRM Energy Limited was incorporated in 2015 and is engaged in laying, developing, operating and expanding the natural gas distribution network. The company develops natural gas distribution projects in the geographical areas (GAs) allotted by the government for industrial, commercial, domestic and automobile customers.
The company’s operations are at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu and Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal and Tiruchirappalli (Tamil Nadu). IRM derives revenue from two major business segments: Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). During FY 2023, the PNG segment generated ~58% of revenue, and the remaining ~42% was derived from the CNG business.
In India, natural gas consumption registered a compound annual growth rate (CAGR) of 3.8% during FY 2016- 2020. However, natural gas demand declined by ~6% in FY 2023 due to a steep rise in prices and constrained supplies under long-term LNG contracts. For FY 2024, the gas demand is likely to rebound by 12-13% due to a mix of factors such as a favourable government policy for the city gas distribution (CGD) sector, a moderation in the natural gas price, and an expected increase in the production of domestic natural gas.
IRM Energy Limited IPO Details
IRM Energy Limited IPO Date
IRM Energy Limited IPO is a 100% fresh issue. The fresh issue comprises 1,08,00,000 shares aggregating up to ₹545.40 crore. IRM Energy Limited’s IPO will be listed on the BSE and NSE on October 31, 2023. It is a book-built issue IPO.
IRM Energy Limited IPO Price Band
The price range of the IPO has been fixed at ₹480 to ₹505 per share.
IRM Energy Limited IPO Lot Size
The IRM Energy Limited IPO lot size is 29 shares, and the minimum investment will be ₹14,645.
IRM Energy Limited IPO Objectives
The objectives of IRM Energy Limited IPO are listed below:
- Funding capital expenditure requirements.
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
- For general corporate purposes.
Peer Details
As per DRHP, IRM Energy Limited has 4 listed peers listed below:
- Gujarat Gas Limited.
- Indraprastha Gas Limited.
- Mahanagar Gas Limited.
- Adani Total Gas Limited.
How To Check the Allotment Status of the IRM Energy Limited IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the IPO Section and then to IPO Orders
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of IRM Energy Limited
Registered office: 4th Floor, Block 8, Magnet Corporate Park, Near Sola Bridge, S.G. Highway, Ahmedabad – 380 054, Gujarat
Phone: +91 79490 31500
IRM Energy Ltd. Company Financials
Particulars | Period Ending on June 30, 2023 ( ₹ crore ) | Period Ending on March 31, 2023 ( ₹ crore ) | Period Ending on March 31, 2022 ( ₹ crore ) |
---|---|---|---|
Total Income | 248.63 | 1,045.10 | 549.19 |
Profit After Tax (PAT) | 26.91 | 63.14 | 128.03 |
Assets | 838.21 | 792.90 | 554.80 |
Total Borrowings | 321.24 | 303.83 | 202.59 |
Know before investing
Strengths
2-
The company is the sole distributor of CNG and PNG in the Geographical Areas (GAs) awarded by the Government. In addition, it is marketing exclusivity until September 2028 for the Diu & Gir Somnath GA and until March 2030 for Namakkal & Tiruchirappalli GA. Exclusivity in the gas distribution is likely to provide revenue growth to the business.
-
The company believes that it has established a strong relationship through collaborative efforts with a diverse customer base, including industrial, commercial and domestic customers.
Risks
2-
The company operates a highly capital-intensive business. Any shortage of funds could hamper the business's performance.
-
The company is exposed to risks arising from regulatory uncertainty as it requires multiple licences and approval to operate new projects.
Over-Subscribed27.05 times
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IRM Energy IPO FAQs
IIRM Energy Limited IPO is a 100% fresh issue. The fresh issue comprises 1,08,00,000 shares aggregating up to ₹545.40 crore. The price range of the IPO has been decided at ₹480 to ₹505 per share.
The Basis of Allotment will be on October 26, 2023.
The IPO subscription window will open on October 18, 2023.
Retail investors can apply for a minimum of one lot containing 29 shares.
IRM Energy Limited IPO will be listed on BSE and NSE. The date of listing is October 31, 2023.
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the IPO Section and then to IPO Orders
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Listing gains cannot be ascertained before listing the IPO on the stock exchange.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.