IRM Energy IPO: Everything You Need to Know - GMP, Issue Details, and 10 Key Insights
Offer subscription open Oct 18-20, 2023.
Price band for Gujarat-based city gas distribution company: Rs 480-505 per share.
IRM Energy aims to raise Rs 545.4 crore via IPO, with 1.08 crore fresh shares and no offer-for-sale component.
RM Energy to invest Rs 307.26 crore in city gas distribution network in Namakkal and Tiruchirappalli, Tamil Nadu.
Retail investors can bid for a minimum of 29 equity shares at Rs 13,920, increasing to Rs 14,645 at the upper end.
IRM Energy distributes CNG and PNG in Banaskantha, Fatehgarh Sahib, Diu & Gir Somnath, Namakkal, and Tiruchirappalli.
IRM Energy's competitors include Gujarat Gas, Indraprastha Gas, Mahanagar Gas, and Adani Total Gas.
Gas company's profits plummet 50% to Rs 63.15 crore in FY23 due to higher gas costs despite a 90% revenue surge to Rs 1,039 crore.
Promoters: 67.94%, Public: Rest, Enertech: 28.65%, Shizuoka Gas: 2.94%.
IRM Energy to allot IPO shares by Oct 27, transfer to demat accounts by Oct 30, and list on Oct 31.
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