The initial public offering (IPO) of IRM Energy opened for subscription on Wednesday and will close on Friday. Through the IPO, the company plans to raise ₹545 crore, of which ₹160.35 crore were raised from anchor investors on the eve of the opening of the subscription, reported HT’s sister website Mint.
As per Karan Kaushal, CEO, IRM Energy, a total of ₹307.26 crore from the net proceeds will be used to fund capital expenditure requirements for developing the city gas distribution network in Namakkal and Tiruchirappalli in Tamil Nadu in the coming years.
IRM Energy IPO GMP today
The grey market premium (GMP) in this case is ₹70 per share. GMP is a premium amount paid at which IPO shares of a company are listed before being listed on the stock exchanges.
According to Mint, the price band has been fixed in the range of ₹485- ₹505 per equity share, with the IPO being a completely fresh issue of 1.08 crore equity shares, each with a face value of ₹10. Also, there is no offer for sale (OFS) component.
The gas distribution firm will finalise the allotment of shares on October 27, and initiate refunds on the same day; the shares will be credited to the demat accounts of the allottees on October 30. These are likely to be listed on the stock exchanges on October 31.
It must be noted, however, that the dates will be preponed if the company switches to the ‘T+3’ norm.
Book running lead managers
HDFC Bank Limited and Bob Capital Markets Limited are the book running lead managers, while Link Intime India Private Limited is the registrar.
IRM Energy IPO subscription status
On the opening day, the bidding will begin at 10 am.