Shares of IRM Energy Ltd. debuted at Rs 477.25 apiece on the National Stock Exchange, a discount of 5.5% to their IPO price of Rs 505 apiece.
On the BSE, the stock debuted at Rs 479 apiece, a 5.15% discount.
The shares ended at a discount of 6.35% to the IPO price, and declined 1.26% from its listing price to end at Rs 472.95 apiece, according to BSE.
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The Rs 545.4-crore IPO was subscribed to 27.05 times on its final day. The bids were led by non-institutional investors (48.34 times), institutional investors (44.73 times), retail investors (9.29 times), and a portion reserved for employees (2.05 times).
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%.
Business
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.
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