IRM Energy Limited IPO 2023(IRM Energy IPO) Details
The IRM Energy Limited IPO 2023 is a freshly issued book-built offering, raising a total of Rs 545.40 crores through the sale of 1.08 crore shares.
Subscriptions for the IRM Energy Limited IPO 2023 will be open from October 18, 2023, and will close on October 20, 2023. The allotment results are expected to be announced on Friday, October 27, 2023. The IPO is set to be listed on both BSE and NSE, tentatively on Tuesday, October 31, 2023.
The price band for the IRM Energy IPO 2023 ranges from ₹480 to ₹505 per share. Retail investors can apply for a minimum of 29 shares, requiring an investment of at least ₹14,645. Substantial Non-Institutional Investors (sNII) must invest in a minimum of 14 lots (406 shares), totalling ₹205,030, while Big Non-Institutional Investors (bNII) need to invest in a minimum of 69 lots (2,001 shares), amounting to ₹1,010,505.
The IRM Energy Limited IPO 2023 represents a fresh issue of 1.08 crore shares, with a total value of Rs 545.40 crores. Subscriptions for this IPO will commence on October 18, 2023, and close on October 20, 2023. The allotment results are anticipated to be disclosed on Friday, October 27, 2023, and the IPO is projected to be listed on both BSE and NSE, with a tentative listing date of Tuesday, October 31, 2023.
To participate in the IRM Energy Limited IPO 2023, investors can choose to apply for shares within the price band of ₹480 to ₹505 per share. Retail investors must apply for a minimum of 29 shares, requiring an investment of at least ₹14,645. Substantial Non-Institutional Investors (sNII) have a minimum investment requirement of 14 lots (406 shares), amounting to ₹205,030, while Big Non-Institutional Investors (bNII) must invest a minimum of 69 lots (2,001 shares), totalling ₹1,010,505.
IRM Energy Limited IPO 2023 Details Schedule With Other Information.
| Sr.No | IRM Energy Limited IPO 2023 Details With Offer | TimeLine With Information |
| 1 | Bid/ Offers Opens On | 18-Oct-2023 |
| 2 | Bid/ Offers Closes On | 20-Oct-2023 |
| 3 | Allotment On | 27-Oct-2023 |
| 4 | Initiation Refunds On | 20-Oct-2023 |
| 5 | Credit of Shares to Demat | 30-Oct-2023 |
| 6 | Listing On | 31-Oct-2023 |
| 7 | Cut-Off for mandate confirmation | 20-Oct-2023 |
| 8 | Total Issue Size Details | Fresh Value of 10,800,000 Equity Shares |
| 9 | Issue Size (In Rs.) | 517-544 Cr.
|
| 10 | Face Value (In Rs.) | 10/- Per Share |
| 11 | Price Band (In Rs.) | 480-505 |
| 12 | Bid Lot Size | 29 Shares and multiple thereof |
| 13 | Employee Discount (In Rs.) | 48/- Per Share |
| 14 | Listing On | BSE, NSE |
| 15 | Â IPO Registrar | Link Intime India Private Ltd. |
Other Details of IRM Energy Limited IPO 2023
| Sr.No | IR Energy Limited IPO 2023 Details | Category | Shares/Amount |
| 1 | Min Bid Lot | Retails | 29 Shares |
| 2 | Min Bid Lot Amount | Retails | 14,645 |
| 3 | No. of Applications for 1x | Retails | 127,738 Applications |
| 1 | Min Bid Lot | NII-Bid( 2-10 Lakhs) | 406 Shares |
| 2 | Min Bid Lot Amount | NII-Bid( 2-10 Lakhs) | 2,05,030 |
| 3 | No. of Applications for 1x | NII-Bid( 2-10 Lakhs) | 1303 Applications |
| 1 | Min Bid Lot | NII-Bid Above (10 Lakhs) | 2001 Shares |
| 2 | Min Bid Lot Amount | NII-Bid Above (10 Lakhs) | 10,10,505 |
| 3 | No. of Applications for 1x | NII-Bid Above(10 Lakhs) | 2607 Applications |
IRM Energy Limited IPO 2023 Grey Market Price
| Sr. No | GMP | Estimate Listing Price | As Per Date |
| 1 | 72 | 577 | 16-10-2023 |
| 2 | 68 | 573 | 15-10-2023 |
| 3 | 65 | 570 | 14-10-2023 |
| 4 | 75 | 580 | 13-10-2023 |
| 5 | 90 | 595 | 12-10-2023 |
| 6 | 90 | 595 | 11-10-2023 |
| 7 | 105 | 610 | 10-10-2023 |
GMP tends to be a good mirror of the real stock story. More than the actual price, it is the GMP trend over time that gives insights about which direction the wind is blowing. Here is a quick GMP summary for IRM Energy IPO for which data is available.
In the above case, the GMP trend shows that the grey market premium has opened at around ₹105, but has since stayed at ₹68. Of course, we have to await for the actual subscription numbers to flow in after the issue opens for subscription on 20th October 2023 and also watch the progress, as that would have a very significant impact on the GMP. In the past, stocks which got oversubscribed in the IPO also saw a very robust positive shift in the grey market pricing. For a start, IRM Energy Ltd has shown good traction in the grey market.
If you consider the upper end of band price of the IPO of IRM Energy Ltd at ₹505, then the likely listing price is being signalled at around ₹610 per share as per the GMP indicator on 11th October 2023. This is dynamic and keeps changing. One data point to track will be the subscription update on the stock as that would chart the GMP course.
The GMP of ₹105 on the upper end of the book built IPO price of ₹505 indicates a listing premium of a healthy 20.79% for IRM Energy Ltd over the IPO issue price. That pre-supposes a listing price of approximately ₹610 per share, when IRM Energy Ltd lists on 31st October 2023. Of course, these are purely approximations, so you must keep a margin of safety. One needs to observe the trend of GMP closely as that gives the best hints on listing status. Look at the time series trend instead of just the GMP absolute numbers.
How to apply for the IRM Energy Limited IPO 2023
Lot size is the minimum number of shares that the investor has to put in as part of the IPO application. The lot size only applies for the IPO and once it is listed then it can be even traded in multiples of 1 shares since it is a mainboard issue. Investors in the IPO can only invest in minimum lot size and in multiples thereof. In the case of IRM Energy Ltd, the minimum lot size is 29 shares with upper band indicative value of ₹14,645. The table below captures the minimum and maximum lots sizes applicable for different categories of investors in the IPO of IRM Energy Ltd.
| 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable.
As per the terms of the offer, 50% of the net offer is reserved for the qualified institutional buyers (QIBs), while only 35% of the total issue size is reserved for the retail investors. The residual 15% is kept aside for the HNI / NII investors. The stock of IRM Energy Ltd will be listed on the NSE and on the BSE. The table below captures the gist of the allocation to various categories.
IRM Energy Limited IPO 2023 Lead Manager(s)
Hdfc Bank Limited
Bob Capital Markets Limited
Details About IRM Energy Limited IPO 2023
IRM ENERGY LIMITED (a group Company of Cadila Pharmaceuticals Ltd.) is an integrated value driven energy enterprise developing Natural Gas distribution projects across various districts in the country for industrial, commercial, domestic, and automobile customers. The company is committed towards contributing to the energy need of its consumers.
Cadila Pharmaceuticals Limited (CPL)Â is the flagship company of the Cadila group. CPL is one of the largest privately held pharmaceutical companies in India. It is an integrated health care solutions provider with pharmaceutical product basket comprising of more than 450 brands and 700 SKUs and selling and distribution network of the company is spread over ninety countries around the world. In addition to pharmaceuticals, the Cadila group has business interests in diversified businesses which include manufacturing of pharmaceuticals machineries, manufacturing of herbal health care products, hospitals, travel, and travel related financial services, agro-based projects etc.
IRM Energy Limited (IRMEL) is a leading City Gas Distribution (CGD) company with an experience of more than 6 years in developing robust city gas distribution networks and connecting different customer segments in our existing Geographical Areas (GAs) of 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. As of March 31, 2023, our supply network across all GAs consists of over 3,665 inch-kms of pipelines, including approximately 3,000 inch-kms of MDPE pipelines, and 665 inch-kms of steel pipelines.
As of March 31, 2023, IRM Energy is catering to the natural gas requirements of 48,172 domestic customers, 179 industrial units and 248 commercial establishments across its operating Geographical Areas. The company has also established a strategically located network of 62 CNG retail outlets.
In 11th bidding round, IRM Energy Limited has also been awarded the exclusive rights by the Petroleum & Natural Gas Regulatory Board (PNGRB) to develop the CGD infrastructure and supply natural gas in the Tiruchirappalli & Namakkal district of the state of Tamil Nadu. We are the authorized entity to supply natural gas to Industries, Commercial, and Domestic households as PNG (Piped Natural Gas) and alternative fuel for automobiles as CNG (Compressed Natural Gas).
IRMEL is committed to reach out to every possible natural gas user in its authorized GAs and is committed to maintain highest standards of Safety and top-notch customer service. Safety of customers and staff has always been our utmost priority. Every team member at IRM Energy is committed to provide quality services to its customers. IRM Energy has successfully implemented many technological solutions in short time period which has resulted into one of fastest growing City Gas Distribution organization in India.
Lean and thin organizational structure has helped teams at IRM Energy to achieve efficiency and effectively manage the transformational changes in the sector.
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