IRM Energy IPO: Check Issue Date, Price, Lot Size & Details | Espresso

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IRM Energy Limited IPO opens on October 18. Check IPO Details Issue Date Price

October 17, 2023
IRM Energy Limited IPO opens on October 18. Check IPO Details Issue Date Price

IRM Energy Limited is coming out with a fresh public issue to raise Rs. 544.36 crores from the market.

Below are the details of the IRM Energy Limited IPO:

  • Issue opens – October 18 (Wednesday)
  • Issue closes – October 20 (Friday)
  • Issue size – Rs544.36 crores
  • Price band – Rs. 480 to Rs. 505 per equity share
  • Bid lot – 29 shares and in multiples thereof.

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And here are some details of the company and further details on the IRM Energy Limited IPO.

Company details:

  • IRM Energy Limited commenced their operations in July 2017. They are a city gas distribution (“CGD”) company in India, with operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. They develop natural gas distribution projects in the geographical areas (“GAs”) allotted to them for industrial, commercial, domestic and automobile customers.
  • They supply natural gas to two primary set of customer segments. Their customer segments are as set out below:

CNG (Compressed Natural Gas): Their customers include operators of public transport vehicles such as taxis, auto-rickshaws, and private vehicles such as cars, buses, light goods vehicles and heavy goods vehicles.

PNG (Piped Natural Gas): Their PNG customers are broadly classified into three segments, which are, industrial PNG (small, medium and large-sized enterprises), commercial PNG (such as hotels, restaurants, bakeries, hostels and community halls) and domestic PNG (predominantly using PNG as cooking gas).

  • They have positioned themselves as the provider of one of the safest, cleanest and most cost-effective fuels for households, commercial establishments and industrial units as well as for fuel requirements in transport segment. (Source: CRISIL Report). They were recognized as the ‘City Gas Distribution - Growing Company of the Year 2020’ by Federation of Indian Petroleum Industries (“FIPI”).
  • They distribute CNG for use in motor vehicles and PNG for use by domestic households as well as for commercial and industrial units. Due to their competitive gas price and optimized operational expenditure, they are in a position to offer gas to their industrial PNG customers at a viable price in the market and enable the industrial PNG customers to switch from other alternate fuels (coal and furnace oils) to natural gas. (Source: CRISIL Report) Compared with competitive fuels, they provide a more reliable and environment-friendly alternative fuel to all their customer segments, and hence have been able to tap potential customer segments in the respective GAs. (Source: CRISIL Report). Further, they are committed to health and safety and have established safety management systems which ensures safe, reliable and uninterrupted distribution of natural gas to their customers, with a focus on systemic minimization of health and safety risks.

Issue Size:

Rs. 544.36 crores

Issue break-up:

  • QIB – 50% of the offer – Rs. 267.25 crores
  • NIB – 15% of the offer – Rs. 80.17 crores
  • RET – 35% of the offer – Rs. 187.07 crores

Listing:

BSE and NSE

Registrar:

Link Intime India Private Limited

UPI:

All Retail & NII bidders' (bids up to Rs. 5,00,000) applications through brokers are compulsorily in UPI Mode.

Note:

  • Application made using third party UPI or ASBA Bank A/c are liable to be rejected. 
  • The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs. 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e. Friday, October 20, 2023     

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