IRM Energy Limited is an Indian city gas distribution (CGD) company that was established in 2015. The company develops, operates, and expands natural gas distribution projects for domestic, industrial, commercial, and transport customers. IRM Energy supplies natural gas to industries, commercial, and domestic households as PNG (Piped Natural Gas) and alternative fuel for automobiles as CNG (Compressed Natural Gas).
IRM Energy operates in the following districts:
Banaskantha (Gujarat)
Fatehgarh Sahib (Punjab)
Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat)
Namakkal & Tiruchirappalli (Tamil Nadu)
The estimated listing price of IRM Energy shares was indicated at ₹575 apiece, which is 13.86% higher than the IPO price of ₹505. On day 2 of the IPO, the retail investors portion was subscribed 4.36 times, the NII portion was subscribed 9.09 times, and the Qualified Institutional Buyers (QIB) portion were booked 1.18 times. The employee portion was booked 94%.
Maheswar Sahu is the Chairman of the Board of Directors of IRM Energy. He holds a Bachelor of Science degree in electrical engineering from Regional Engineering College, Rourkela and a Master of Social Science degree from the University of Birmingham.
IRM Energy IPO Timeline
| Particular | Date |
| IPO Open Date | 18 Oct 2023 |
| IPO Close Date | 20 Oct 2023 |
| Allotment Date | 27 Oct 2023 |
| IPO Listing Date | 26 Oct 2023 |
IRM Energy IPO Details
| Issue Type | Book Built Issue IPO |
| Face Value | Rs. 10 Per Equity Share |
| IPO Price | Rs. 480 to Rs. 505 Per Equity Share |
| Market Lot | 29 Share |
| ISIN Code | |
| Listing At | NSE & BSE |
| Issue Size | Approx. Rs. 545 Crore. |
IRM Energy IPO Lot Size
| Application | Lots | Shares | Amount |
| Minimum | 1 | 29 | Rs. 14645 |
| Maximum | 13 | 377 | Rs. 190385 |
| Small HNI (Minimum) | 14 | 406 | Rs. 205030 |
| Big HNI (Minimum) | 69 | 2001 | Rs. 1010505 |
IRM Energy IPO Details Allotment Status
Company Financials:
| Particular | 31 March 2023 | 31 March 2022 | 31 March 2021 |
| Total Assets | 792.90 | 554.80 | 338.11 |
| Total Revenue | 1045.10 | 549.19 | 212.54 |
| Profit After Tax | 63.14 | 128.03 | 34.89 |
Company Promoters:
Dr. Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited, and IRM Trust are the promoters of the company.
Purpose of the Issue
- Funding capital expenditure requirements for the development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in Fiscal 2024, Fiscal 2025 and Fiscal 2026;
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and
- General corporate purposes.
Registrar & Company Details
| Company Contact Information | IPO Registrar |
| IRM Energy Limited 4th Floor, Block 8, Magnet Corporate Park, Near Sola Bridge S.G. Highway, Ahmedabad 380054 Phone: +917949031500 Email: investor.relations@irmenergy.com Website: https://www.irmenergy.com/ | Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: irmenergy.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
