IRM Energy IPO Subscribed 1.72 Times On Day One

IRM Energy Ltd. launched its initial public offering on Oct. 18. The city gas distribution company plans to raise Rs 545.40 crore via a fresh issue.

The issue will comprise a fresh issue of 1.08 crore shares, and the price band is fixed in the range of Rs 480 to Rs 505 per share.

IRM Energy Ltd. has raised Rs 160.34 crore from anchor investors ahead of its initial public offering on Oct. 18.

The integrated facilities management company allotted 31,75,200 shares at Rs 505 apiece to 12 anchor investors.

The investors included Quant Mutual Fund, DSP Small Cap Fund, HDFC Life Insurance Co., SBI General Insurance Co.-FRSM, ITI Flexi Cap Fund, and ITI Mid Cap Fund, among others.

Quant Mutual Fund secured 24.54% of the allocation, while ITI Flexi Cap Fund and ITI Mid Cap each netted 1.56%.

Four domestic mutual funds have applied through a total of eight schemes, the company said in an exchange filing. They have collectively netted 54.47% of the anchor portion of Rs 87.34 crore.

The Bank of India, through three of its funds, has secured an allocation of 6.23%.

• Anchor investor bidding date: Oct. 17.

• Issue opens: Oct. 18.

• Issue closes: Oct. 20.

• Listing date: Oct. 31.

• Total issue size: 1.08 crore shares.

• Fresh issue size: 1.08 crore shares.

• Total issue: Rs 545.40 crore.

• Price band: Rs 480-505 per share.

• Listing on: BSE, NSE. 

IRM Energy is a city gas distribution company in India, with operations in Gujarat, Punjab, Daman and Diu, and Tamil Nadu. It is engaged in the business of laying, building, operating, and expanding the city or local natural gas distribution network.

The company develops natural gas distribution projects in the geographical areas allotted to them for industrial, commercial, domestic and automobile customers.

The IPO has been subscribed 1.72 times as of 5 p.m. on Wednesday.

• Institutional investors: 1.07 times

• Non-institutional investors: 2.60 times

• Retail investors: 1.79 times

• Employee Reserved: 0.38 times or 38%