Bookbuilding IPO | ₹545 Cr | Listed at BSE, NSE | Wed, Oct 18, 2023 - Fri, Oct 20, 2023
IRM Energy IPO is a book build issue of ₹545.00 crores. The issue is entirely a fresh issue of 1.08 crore shares of ₹545.00 crore.
IRM Energy IPO bidding started from Oct 18, 2023 and ended on Oct 20, 2023. The allotment for IRM Energy IPO was finalized on Oct 27, 2023. The shares got listed on BSE, NSE on Oct 26, 2023.
IRM Energy IPO price band is set at ₹505 per share. The lot size for an application is 29. The minimum amount of investment required by an retail is ₹14,645 (29 shares) (based on upper price). The lot size investment for sNII is 14 lots (406 shares), amounting to ₹2,05,030, and for bNII, it is 69 lots (2,001 shares), amounting to ₹10,10,505.
The issue includes a reservation of up to 2,16,000 shares for employees offered at a discount of ₹48.00 to the issue price.
HDFC Bank Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to IRM Energy IPO RHP for detailed Information.
IPO Open
Wed, Oct 18, 2023
IPO Close
Fri, Oct 20, 2023
Issue Price
₹505 per share
Market Cap (Pre-IPO)
₹2,073.51 Cr
| IPO Date | 18 to 20 Oct, 2023 |
| Listed on | Thu, Oct 26, 2023 |
| Face Value | ₹10 per share |
| Price Band | ₹480 to ₹505 |
| Issue Price | ₹505 per share |
| Lot Size | 29 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹48.00 |
| Total Issue Size | 1,08,00,000 shares (agg. up to ₹545 Cr) |
| Fresh Issue | 1,08,00,000 shares (agg. up to ₹545 Cr) |
| Share Holding Post Issue | 4,10,59,677 shares |
| BSE Script Code / NSE Symbol | 544004 / IRMENERGY |
| ISIN | INE07U701015 |
IRM Energy IPO offers total 1,08,00,000 shares. Out of which 52,92,000 (49.00%) allocated to QIB, 21,16,800 (19.60%) allocated to QIB (Ex- Anchor), 15,87,600 (14.70%) allocated to NII 37,04,400 (34.30%) allocated to RII and 31,75,200 (29.40%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 52,92,000 (49.00%) | NA |
| − Anchor Investor Shares Offered | 31,75,200 (29.40%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 21,16,800 (19.60%) | NA |
| NII (HNI) Shares Offered | 15,87,600 (14.70%) | NA |
| − bNII > ₹10L | 10,58,400 (9.80%) | 2,606 |
| − sNII < ₹10L | 5,29,200 (4.90%) | 1,303 |
| Retail Shares Offered | 37,04,400 (34.30%) | 1,27,737 |
| Employee Shares Offered | 2,16,000 (2.00%) | NA |
| Total Shares Offered | 1,08,00,000 (100.00%) |
Investors can bid for a minimum of 29 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 29 | ₹14,645 |
| Retail (Max) | 13 | 377 | ₹1,90,385 |
| S-HNI (Min) | 14 | 406 | ₹2,05,030 |
| S-HNI (Max) | 68 | 1,972 | ₹9,95,860 |
| B-HNI (Min) | 69 | 2,001 | ₹10,10,505 |
IRM Energy IPO raises ₹160.35 crore from anchor investors. IRM Energy IPO Anchor bid date is October 17, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Oct 17, 2023 |
| Shares Offered | 31,75,200 |
| Anchor Portion (₹ Cr.) | 160.35 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Nov 26, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Jan 25, 2024 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 2015, IRM Energy Limited is a gas distribution company. The company is involved in developing, operating, and expanding of local natural gas distribution network. IRM Energy is a value-driven energy enterprise serving industrial, commercial, domestic, and automobile customers.
The company has marked its presence in Banaskantha District in the state of Gujarat, Fatehgarh Sahib in the state of Punjab, and Diu & Gir-Somnath in the Union Territory of Daman & Diu and the state of Gujarat.
The company is fulfilling the natural gas requirements of 48172 domestic clients, 179 industrial units, and 248 commercial clients.
The company has received an award of City Gas Distribution- Growing Company of the Year 2020 from the Federation of Indian Petroleum Industries.
As of September 2022, the company has 216 CNG gas stations across its operating geographical areas.
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|---|
| Assets | 838.21 | 792.90 | 554.80 | 338.11 | 267.16 |
| Total Income | 248.63 | 1,045.10 | 549.19 | 212.54 | 166.13 |
| Profit After Tax | 26.91 | 63.14 | 128.03 | 34.89 | 21.07 |
| NET Worth | 373.33 | 346.42 | 243.72 | 117.60 | 74.74 |
| Reserves and Surplus | 193.30 | 67.57 | 30.31 | ||
| Total Borrowing | 321.24 | 303.83 | 202.59 | 163.35 | 146.74 |
| Amount in ₹ Crore | |||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure requirements for development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in Fiscal 2024$ , Fiscal 2025, Fiscal 2026 and Fiscal 2027 | 307.26 |
| 2 | Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company | 135.00 |
| 3 | General corporate purposes | 53.60 |
| KPI | |
|---|---|
| ROE | 18.23% |
| ROCE | 14.19% |
| Debt/Equity | 0.93 |
| RoNW | 18.23% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 20.93 | |
| P/E (x) | 24.13 | 32.8 |
| Promoter Holding | 67.94% | |
| Market Cap | ₹2,073.51 Cr. |
The IRM Energy IPO is subscribed 27.05 times on October 20, 2023 7:02:00 PM (Day 3). The public issue subscribed 9.29 times in the retail category, 44.73 times in the QIB category, and 48.34 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 44.73 | 21,16,800 | 9,46,76,126 |
| NII | 48.34 | 15,87,600 | 7,67,51,168 |
| bNII (bids above ₹10L) | 52.29 | 10,58,400 | 5,53,38,757 |
| sNII (bids below ₹10L) | 40.46 | 5,29,200 | 2,14,12,411 |
| Retail | 9.29 | 37,04,400 | 3,44,01,772 |
| Employee | 2.05 | 2,16,000 | 4,41,844 |
| Total | 27.05 | 76,24,800 | 20,62,70,910 |
Total Application : 10,71,966
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs' fees and commissions (including underwriting commission, brokerage and selling commission) | 14.03 |
| 2 | Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by RIBs(1)(2)(3) | 1.84 |
| 3 | Brokerage and selling commission and bidding charges for members of the Syndicate (including their sub-Syndicate Members), Registered Brokers, RTAs and CDPs(4) | 0.99 |
| 4 | Fees payable to the Registrar to the Issue | 1.26 |
| 5 | Fees payable to the other advisors to the Issue | 17.11 |
| 6 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 2.13 |
| 7 | Printing and stationery | 1.52 |
| 8 | Advertising and marketing expenses | 2.79 |
| 9 | Fee payable to legal counsels | 3.72 |
| 10 | Fees payable to the Monitoring Agency | 0.30 |
| 11 | Miscellaneous | 2.82 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹505.00 | ₹505.00 |
| Open | ₹479.00 | ₹477.25 |
| Low | ₹450.05 | ₹450.00 |
| High | ₹483.00 | ₹483.70 |
| Last Trade | ₹472.95 | ₹473.15 |
Lead Manager Reports
IRM Energy IPO is a main-board IPO of 1,08,00,000 equity shares of the face value of ₹10 aggregating up to ₹545 Crores. The issue is priced at ₹505 per share. The minimum order quantity is 29.
The IPO opens on Wed, Oct 18, 2023, and closes on Fri, Oct 20, 2023.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in IRM Energy IPO using UPI as a payment gateway. Zerodha customers can apply in IRM Energy IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IRM Energy IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The IRM Energy IPO opens on Wed, Oct 18, 2023 and closes on Fri, Oct 20, 2023.
IRM Energy IPO lot size is 29, and the minimum amount required for application is ₹14,645.
You can apply in IRM Energy IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for IRM Energy IPO will be done on Friday, October 27, 2023, and the allotted shares will be credited to your demat account by Mon, Oct 30, 2023. Check the IRM Energy IPO allotment status.
The IRM Energy IPO listing date is on Thu, Oct 26, 2023.
