IPO Details

Bidding Dates

18 Oct '23 - 20 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 18, 2023

IPO Closing Date

Oct 20, 2023

Basis of Allotment

Oct 26, 2023

Initiation of Refunds

Oct 27, 2023

Credit of Shares to Demat Account

Oct 30, 2023

IPO Listing Date

Oct 31, 2023

UPI Mandate Expiry Date

Oct 20, 2023

IRM Energy Ltd. IPO Subscription Details

DateQIBNIIRetailEMPTotal

Day 1Oct 18, 2023

 1.07x 2.61x 1.82x 0.38x 1.74x

Day 2Oct 19, 2023

 1.08x 9.12x 4.41x 0.95x 4.40x

Day 3Oct 20, 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:

  1. Gujarat Gas Limited.
  2. Indraprastha Gas Limited.
  3. Mahanagar Gas Limited.
  4. 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

E-mail:investor.relations@irmenergy.com

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

  1. 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.

  2. 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

  1. The company operates a highly capital-intensive business. Any shortage of funds could hamper the business's performance.

  2. The company is exposed to risks arising from regulatory uncertainty as it requires multiple licences and approval to operate new projects.

  • How to Apply in IPO
  • How to Check IPO Allotment Status
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Over-Subscribed27.05 times

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IRM Energy IPO FAQs

What is IRM Energy Limited’s IPO?

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.

When will IRM Energy Limited’s IPO be allotted?

The Basis of Allotment will be on October 26, 2023.

When will IRM Energy Limited’s IPO open for subscription?

The IPO subscription window will open on October 18, 2023.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot containing 29 shares.

When will IRM Energy Limited list on exchanges?

IRM Energy Limited IPO will be listed on BSE and NSE. The date of listing is October 31, 2023.

How do I 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.

What would be the listing gains on the IRM Energy Limited IPO?

Listing gains cannot be ascertained before listing the IPO on the stock exchange.

I have finished the application process for the IRM Energy Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for IRM Energy Limited’s IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of IRM Energy Limited using one PAN?

You can submit only one application using your PAN card.