IRM Energy is scheduled to hit the market on October 18, 2023 and close on October 20, 2023. IRM Energy plans to raise around ₹545.40 Cr through an IPO with a sale of up to 10,800,000 equity shares of ₹10 each. The retail quota is 35%, QIB is 50%, and HNI is 15%.
Established in 2015, IRM Energy Limited is a prominent player in the gas distribution sector, dedicated to the development, operation, and expansion of local natural gas distribution networks. This value-driven energy enterprise serves a diverse clientele, including industrial, commercial, domestic, and automotive customers.
IRM Energy has made a significant footprint in regions such as Banaskantha District in Gujarat, Fatehgarh Sahib in Punjab, and Diu & Gir-Somnath in the Union Territory of Daman & Diu and Gujarat. The company plays a pivotal role in meeting the natural gas requirements of 48,172 domestic clients, 179 industrial units, and 248 commercial clients.
IRM Energy IPO Details
IRM Energy IPO opens on Oct 18, 2023, and closes on Oct 20, 2023. The Listing date for IRM Energy IPO is on Oct 31, 2023. The price band for IPO is ₹480 to ₹505 per share and lot size of 29 Shares.
| IPO Date | Oct 18, 2023 to Oct 20, 2023 |
| Listing Date | Oct 31, 2023 |
| Price | ₹480 to ₹505 per share |
| Lot Size | 29 Shares |
| Issue Size | ₹545.40 Cr |
| Face Value | ₹10 per share |
IRM Energy IPO Tentative Timetable
IRM Energy opening date is October 18, 2023 and close date is October 20, 2023. The IPO allotment date is October 27, 2023. The refund initiation of IPO is on October 27, 2023. The credit of shares in demat account is on October 30, 2023. The listing date is on October 31, 2023.
| Event | Date |
|---|---|
| IPO Opening | Oct 18, 2023 |
| IPO Closing | Oct 20, 2023 |
| IPO Allotment Date | Oct 27, 2023 |
| Refund Initiation | Oct 27, 2023 |
| Shares Credit to Demat | Oct 30, 2023 |
| Lisiting Date | Oct 31, 2023 |
IRM Energy IPO Lot Size
Lot Size of this IPO is 29 shares. A retail-individual investor can apply for up to 13 lots (377 shares or ₹190,385).
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail(Minimum) | 1 | 29 | ₹14,645 |
| Retail(Maximum) | 13 | 377 | ₹190,385 |
| S-HNI (Minimum) | 14 | 406 | ₹205,030 |
| B-HNI (Minimum) | 69 | 2001 | ₹1,010,505 |
IRM Energy IPO Promoter Holding
| Pre Issue Share Holding | 67.94% |
| Post Issue Share Holding |
IRM Energy IPO Review
IRM Energy Ltd. (IEL) is set to enter the Indian IPO market, offering an interesting opportunity for investors. IEL operates in the city gas distribution (CGD) segment, with a presence in three states. The company has shown consistent top-line growth over the reported periods, except for FY23, where it faced margin pressure due to rising petroleum and gas prices linked to the Ukraine-Russia conflict. However, Q1-FY24 performance indicates a return to normalcy and suggests brighter prospects ahead.
The IPO is priced at a P/BV of 2.33 based on its NAV as of June 30, 2023, and annualized FY24 earnings indicate a P/E of 18.62, which may appear fully priced to some investors. It's important to note that the company operates in a competitive industry, with Gujarat Gas, Indraprastha Gas, Mahanagar Gas, and Adani Total Gas as listed peers. While these peers have different P/E ratios, direct comparisons may not be suitable due to various factors affecting each company's operations.
In conclusion, IEL presents itself as an emerging player in the CGD segment with penetration in multiple states, and it has demonstrated growth in both top and bottom lines. While the IPO may seem fully priced, its long-term prospects appear promising, especially with the return to normalcy in FY24-Q1. Investors with a medium to long-term investment horizon may consider parking their funds in IEL, but they should be prepared for competitive dynamics in the CGD industry. Thorough due diligence is advised before making an investment decision.
IRM Energy IPO Subscription Status (Bidding Details)
| Investor | Subscription |
|---|---|
| Qualified Institutions (QII) | 0 |
| Non-Institutional Buyers | 0 |
| bNII (bids above ₹10L) | 0 |
| sNII (bids below ₹10L) | 0 |
| Retail Investors(RII) | 0 |
| Employees | 0 |
| Others | 0 |
| Total | 0 |
IRM Energy IPO Broker Recommendations
- Capital Market: To be updated soon
- Anand Rathi: To be updated soon
- SMC Global: To be updated soon
- Arihant Capital: To be updated soon
IRM Energy IPO FAQs
What is IRM Energy IPO?
IRM Energy is issuing 10,800,000 equity shares with a face value of ₹10 each, totaling up to ₹545.40 Cr. The shares are being offered at a price of ₹480 to ₹505 each, with a minimum order quantity of 29 shares.
Link Intime India Private Ltd is the registrar for the IPO, and the shares are planned to be listed on the BSE and NSE.
When IRM Energy IPO will open?
IRM Energy will open on October 18, 2023 for QIB, NII, and Retail Investors.
When IRM Energy IPO will end?
IRM Energy will end on October 20, 2023.
What is IRM Energy IPO Size?
IRM Energy IPO size is 545.40 Cr.
What is IRM Energy IPO Price Band?
IRM Energy price band is ₹480 to ₹505.
What is the IRM Energy IPO Allotment Date?
IRM Energy allotment date is 27 October 2023.
What is the IRM Energy IPO Listing Date?
IRM Energy listing date is 31 October 2023. The IPO is to be listed on BSE and NSE.
How to Apply IRM Energy IPO through Zerodha?
To apply for the IPO “IRM Energy” on Zerodha, log in to the Zerodha website or app, go to the Portfolio section, and click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Zerodha.
How to Apply IRM Energy IPO through Upstox?
To apply for the IPO “IRM Energy” on Upstox, log in to the Upstox website or app, click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Upstox.
How to check IRM Energy IPO Allotment Status?
For IRM Energy IPO Allotment status check you can visit this link, select the desired IPO and enter your PAN to check the allotment status.
What is IRM Energys IPO GMP?
You can check out here: IRM Energy IPO GMP