IRM Energy IPO: Last day to subscribe, check live subscription details here

20 Oct 2023 , 12:31 PM

The IPO subscription window for IRM Energy Ltd, a city gas distribution company, is set to close today, October 20. This offering has garnered significant interest from investors thus far. On the second day of the subscription period, the response was impressive, with the IPO being oversubscribed 4.36 times. Click here to subscribe the IPO.

As of 12:25 PM on the third day, the overall subscription rate soared to 8.72 times. Notably, the retail portion of the offering was oversubscribed by 6.52 times, while non-institutional investors’ segment received bids at an astonishing 23.11 times the reserved quota. The qualified institutional buyers’ portion was also in high demand, being subscribed 2.52 times.

IRM Energy Ltd initiated its operations in 2015 and has demonstrated remarkable performance since its inception. The company achieved an impressive revenue growth at a Compounded Annual Growth Rate (CAGR) of 88% between FY20 and FY23, coupled with a 63% increase in volume. In contrast, other industry players witnessed a volume growth averaging around 3-4% during the same period.

IRM Energy’s IPO is entirely a fresh issue, comprising 1.08 crore equity shares with a face value of Rs 10 each. There is no component for an offer for sale (OFS). The price band for the IRM Energy IPO has been set in the range of Rs 480 to Rs 505 per equity share. If you’re interested, you can click here to subscribe to the IPO.