IRM Energy was incorporated on December 1, 2015. It is a city gas distribution company 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.
| Bidding Dates |
|---|
| 18 Oct 2023 - 20 Oct 2023 |
| Subscription |
|---|
| 27.05x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,645 | 1 | 13 | 29 | 10.8 M | ₹480 - ₹505 | 73.7 % | ₹5184.0 M - ₹5454.0 M | RHP DOC |
IRM Energy IPO SUBSCRIPTION STATUS
20 Oct '23IRM Energy IPO overall subscription rate was 27.05 times the total available shares
IRM Energy IPO retail subscription rate was 9.29 times in the retail segment
IRM Energy IPO non-institutional investor subscription rate was 48.34 times in the non-institutional investor category
IRM Energy IPO Qualified Institutional Bidder subscription rate was 44.73 times the available shares for Qualified Institutional Bidder
IRM Energy IPO Employees subscription rate was 2.05 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
20 Oct 2023 (Day 3) | 9.29x | 48.34x | 44.73x | 2.05x |
19 Oct 2023 (Day 2) | 4.36x | 9.08x | 1.18x | 0.94x |
18 Oct 2023 (Day 1) | 1.77x | 2.6x | 1.07x | 0.37x |
IRM Energy FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| Q1FY24 | 269.1 | 2,452.5 | 467.5 | -16.6 | 17.9% |
| Q1FY23 | 205.5 | 2,302.7 | 7.1 | -146.0 | 16.2% |
| FY23 | 631.5 | 10,391.4 | 466.8 | -1,158.4 | 12.1% |
| FY22 | 1,280.3 | 5,461.4 | 1,286.4 | 381.9 | 39.6% |
| FY21 | 348.9 | 2,118.1 | 454.2 | 103.5 | 38.5% |
IRM Energy IPO SUBSCRIPTION STATUS DETAILS
IRM Energy had 10.8 M shares on offer
IRM Energy IPO offer price was in the range ₹480 - ₹505
IRM Energy IPO minimum Investment was ₹14645
IRM Energy IPO issue size was ₹ 5184.0 M - ₹ 5454.0 M
IRM Energy had a minimum lot size of 29 Shares per application
IRM Energy NUMBER OF SHARES ON OFFER
IRM Energy IPO IMPORTANT DATES
| Issue Open Date | 18 Oct 2023 |
| Issue close Date | 20 Oct 2023 |
| Allotment Date | 23 Oct 2023 |
| Refund Date | 25 Oct 2023 |
| Demat Account Credit Date | 25 Oct 2023 |
| Listing Date | 26 Oct 2023 |
| Listing on Exchange(s) | NSE and BSE |
| IRM Energy Allotment Status | Exchange |
IRM Energy IPO subscription opened on 18 Oct 2023, and closed on 20 Oct 2023
IPO allotment for IRM Energy was finalized on Monday, 23 Oct 2023
IPO listing for IRM Energy was on NSE and BSE on Thursday, 26 Oct 2023
IRM Energy IPO LISTING GAINS
| Issue Price (adjusted) | 505.0 |
| Listing Open Price | 477.3 |
| Listing Close Price | 473.1 |
| Listing Gain% | -5.5% |
| Current Gain% | -41.7% |
IRM Energy Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IRM Energy Ltd. | 294.4 | 1209 | 16.5 | 0.2 | 1.1 | 5.3 | 4.1 | 1185.4 | 17.4 | 53.2 | 17.7 | 17.8 | 80.8 |
| GAIL (India) Ltd. | 172.5 | 113420.5 | 11.5 | -0.8 | 0.8 | 8.5 | 5.4 | 143107.9 | 0 | 7582.5 | -39.1 | 15 | -15.1 |
| Adani Total Gas Ltd. | 660.1 | 72598.5 | 114.8 | -47.7 | 11.6 | 13.5 | 6.9 | 5932.3 | 17.9 | 655.7 | 0.2 | 5.7 | -2.4 |
| Gujarat Energy Ltd. | 265.4 | 24905.3 | 24.3 | -2.3 | 1.5 | 9.1 | 6.1 | 24161.9 | 44.7 | 1677.6 | 46.1 | 10.9 | -10.6 |
| Indraprastha Gas Ltd. | 152.2 | 21301 | 13.7 | -1.4 | 1.3 | 13.5 | 9.1 | 16541.2 | 8.4 | 1549.6 | -9.8 | 11.1 | -9.8 |
| Va Tech Wabag Ltd. | 1973.7 | 12319.3 | 33.2 | 1.3 | 3.1 | 14.4 | 6 | 4038.5 | 21 | 370.5 | 25.5 | 59.4 | 25.5 |
IRM Energy IPO Reports
IRM Energy INFORMATION ON IPO ISSUE
About IRM Energy
IRM Energy was incorporated on December 1, 2015. It is a city gas distribution company 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.
Object 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 FY24, FY25 and FY26
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
IRM Energy - PROMOTERS
| Name |
|---|
| Rajiv Indravadan Modi |
| Cadila Pharmaceuticals Limited |
| IRM Trust |
IRM Energy Book Running Lead Manager
HDFC Bank Limited
irmipo@hdfcbank.com
IRM Energy Global Coordinators and Book Running Lead Managers
BOB Capital Markets Limited
irm.ipo@bobcaps.in
IRM Energy Registrar to the Offer
Link Intime India Private Limited
irmenergy.ipo@linkintime.co.in
IRM Energy Strengths
Exclusivity in CNG and PNG supply
The company is the sole distributor of CNG and PNG in the GAs awarded to it, for the period of exclusivity granted pursuant to the PNGRB authorizations
Diverse customer portfolio
The company has established strong relationships through collaborative efforts with a diverse customer base, including industrial, commercial, and domestic customers
Strong financial performance
The company has strong financial performance with consistent growth and profitability supported by healthy operating efficiency and favourable regulations
IRM Energy Risks
Alternate sources for products
Advancements in alternate sources of energy or the existence of cost-effective alternative fuels could adversely affect the business, results of operations, and cash flows
Outstanding litigation
The company has certain outstanding litigation against it, an adverse outcome of which may adversely affect the business, reputation, and results of operations
Dependent on government
The company is dependent on government policies for the allocation of natural gas and the cost of gas supplied for the CNG and domestic PNG customers
IPO FAQs
The promoters of the company are Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited and IRM Trust.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 480.0 - 505.0.
The IPO application opens on Oct 18, 2023 and closes on Oct 20, 2023.
The minimum lot size for the IPO is 29. The maximum lot size for the IPO is 377.
For all category investors, the minimum application amount for this IPO is Rs. 14,645.0, the maximum value for this IPO is Rs 190,385.0.
This IPO will be allotted on Oct 23, 2023.
The refund will be credited to your account on Oct 25, 2023.
The allotted shares will be credited to your demat on Oct 25, 2023.
IRM Energy Ltd.’s shares listed on the stock exchanges on Oct 26, 2023.