IRM Energy IPO: Check GMP Today, Allotment Status

The initial public offering (IPO) of city gas distribution company IRM Energy, which was opened for subscription between October 18 and October 20, is likely to see share allotment on Monday or Wednesday. The IPO was subscribed 27.05 times on the last day of subscription, receiving bids for 20,62,70,910 shares against 76,24,800 shares on offer.

The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription and Retail Individual Investors (RIIs) quota got subscribed 9.29 times. The IPO was a fresh issue of up to 1.08 crore equity shares.

IRM Energy GMP Today

According to market observers, IRM Energy is currently trading Rs 49 higher in the grey market. The Rs 49 grey market premium or GMP is about 9.7 per cent higher than its upper issue price of Rs 505 per share. This means the grey market is expecting a 9.7 per cent listing gain from the public issue.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

IRM Energy IPO: How To Check Allotment Status

1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.

2) Under ‘Issue Type’, select ‘Equity’.

3) Under ‘Issue Name’, select ‘IRM Energy Limited’ in the dropbox.

4) Enter your application number, or the Permanent Account Number (PAN).

About IRM Energy IPO

The price range for the offer was Rs 480-505 a share. IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors.

The proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt. Besides, a portion will be used for general corporate purposes.

Equity shares of the company are proposed to be listed on the BSE and the NSE. BOB Capital Markets and HDFC Bank were the managers to the offer.

IRM Energy provides piped natural gas and compressed natural gas. It has operations in many states, including Gujarat, Punjab, and Tamil Nadu.