IRM Energy IPO Allotment Status
The IPO for IRM Energy started on October 18, 2023, and will close on October 20, 2023. Learn about the subscription status and more.
The IPO of IRM Energy, which began on October 18, 2023, and ended on October 20, 2023, aims to raise approximately ₹545 crores. The IPO consists of a new issue of 10,100,000 equity shares at a price of ₹10 each. The allotment status is expected on October 27, 2023, with refunds starting the same day. The shares are anticipated to be credited to demat accounts by October 30, 2023, and the listing is scheduled for October 31, 2023.
IPO Open | October 18, 2023 |
IPO Close | October 20, 2023 |
IPO Size | Approx ₹545 Crores |
Fresh Issue | Approx 10,100,000 Equity Shares |
Face Value | ₹10 Per Equity Share |
IPO price band | ₹480 to ₹505 per share |
Retail Quota | 35% |
QIB Quota | 50% |
NII Quota | 15% |
Basis of Allotment | October 27, 2023 |
Initiation of Refunds | October 27, 2023 |
The credit of Shares to Demat | October 30, 2023 |
Listing Date | October 31, 2023 |
IPO Listing on | BSE & NSE |
Subscription Details
On the final day of bidding, the IRM Energy IPO had 4.36 subscriptions. Retail subscriptions reached 4.36, while non-institutional investor subscriptions were at 9.09. The IPO price range is set between ₹480 and ₹505 per equity share.
Grey Market Premium
The grey market premium (GMP) for IRM Energy Limited stands at ₹70 per share, indicating a strong demand for the shares.
How to Check Allotment Status
To check the IRM Energy IPO allotment status:
- Visit the official website of the registrar or stock exchange.
- Navigate to the IPO allotment status page.
- Enter required details like PAN number or application number.
- Submit the information to view your allotment status.
Objectives of the Issue
The IPO aims to finance capital outlays for the construction of the city gas distribution network in Tamil Nadu and for general corporate purposes, including repayment of borrowings.
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Issue Details and Reservation
The IPO offers shares at a price range of ₹480–500 per share. Retail investors have a quota of 35%, while QIBs have 50% and NIIs have 15%.
Review
IRM Energy Ltd has shown impressive growth since its inception in 2015, with significant volume and revenue growth. The company’s expansion plans and valuation make it an attractive investment opportunity.
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