IRM Energy IPO
IRM Energy IPO — date, price band, lot size & details 2023
IRM Energy listed on 26 Oct 2023 at ₹477.25, 5.5% below the ₹505 issue price.
IRM Energy is a city gas distribution company supplying natural gas to industrial, commercial, domestic and CNG customers in Gujarat, Punjab, Diu and Tamil Nadu. Its total income was Rs 1,045.10 crore in FY2023.
Stock price
IRM Energy is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 18 Oct 2023
- Close 20 Oct 2023
- Allotment 27 Oct 2023
- Refund/credit 27 Oct 2023
- Listing 26 Oct 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 18 to 20 Oct, 2023 |
|---|---|
| Price Band | ₹480 – ₹505 |
| Face Value | ₹10 |
| Lot Size | 29 Shares |
| Issue Size | ₹545 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 48.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,645 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 29 shares at the ₹505 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 212.54 crore in FY2021 to Rs 1,045.10 crore in FY2023.
- 02The whole Rs 545 crore issue was fresh capital for network expansion and debt repayment.
- 03Net worth grew from Rs 117.60 crore on 31 March 2021 to Rs 373.33 crore on 30 June 2023.
- 04City gas licences give it long-term rights in its 4 operating regions.
- 05Rs 135.00 crore of the fresh issue was planned for repaying debt.
Risks · 5
- 01Profit after tax fell from Rs 128.03 crore in FY2022 to Rs 63.14 crore in FY2023 as gas costs rose.
- 02The pre-issue P/E was 24.13 at the upper band of Rs 505, as per the source.
- 03Gas prices and supply are set largely by the government and global markets, which can squeeze margins, as profit was Rs 26.91 crore in the three months to 30 June 2023.
- 04Total borrowing rose from Rs 163.35 crore on 31 March 2021 to Rs 321.24 crore on 30 June 2023.
- 05Promoter holding fell from 67.94% before the issue to 50.07% after it.
Three years of numbers
All figures in ₹ crore, as reported in the IRM Energy offer document.
| Metric | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 838.21 | 792.90 | 554.80 | 338.11 |
| Total Income | 248.63 | 1,045.10 | 549.19 | 212.54 |
| Profit After Tax | 26.91 | 63.14 | 128.03 | 34.89 |
| NET Worth | 373.33 | 346.42 | 243.72 | 117.60 |
| Total Borrowing | 321.24 | 303.83 | 202.59 | 163.35 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the IRM Energy RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
IRM Energy IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| P/E Ratio (x) | 24.13 | 32.80 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹505 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹495.86 Cr of the issue is earmarked to named objects.
IRM Energy IPO Anchor Investors
12 anchor investors across 8 fund houses committed ₹160.36 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Quant Mutual Fund - Quant Active Fund | Quant Mutual Fund | 779,161 | 39.35 | 24.54% |
| DSP Small Cap Fund | DSP Mutual Fund | 554,455 | 28.00 | 17.46% |
| HDFC Life Insurance Company Limited | HDFC Life Insurance | 554,455 | 28.00 | 17.46% |
| SBI General Insurance Company Limited - Frsm | SBI Mutual Fund | 495,049 | 25.00 | 15.59% |
| PNB Metlife India Insurance Company Limited | - | 198,020 | 10.00 | 6.24% |
| ITI Balanced Advantage Fund | ITI Mutual Fund | 99,024 | 5.00 | 3.12% |
| ITI Flexi Cap Fund | ITI Mutual Fund | 49,498 | 2.50 | 1.56% |
| ITI Mid Cap Fund | ITI Mutual Fund | 49,498 | 2.50 | 1.56% |
| Bank Of India Small Cap Fund | Bank Of India Mutual Fund | 118,772 | 6.00 | 3.74% |
| Bank Of India Multi Cap Fund | Bank Of India Mutual Fund | 54,370 | 2.75 | 1.71% |
| Bank Of India Manufacturing & Infrastructure Fund | Bank Of India Mutual Fund | 24,878 | 1.26 | 0.78% |
| Nippon India Equity Opportunities AIF - Scheme 8 | Nippon India Mutual Fund | 198,020 | 10.00 | 6.24% |
| Total anchor allocation | 160.36 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It operates in Banaskantha in Gujarat, Fatehgarh Sahib in Punjab, Diu and Gir Somnath, and Namakkal and Tiruchirappalli in Tamil Nadu. It supplies industrial, commercial, domestic and automobile customers in the geographical areas allotted to it.
Its promoters are Cadila Pharmaceuticals Limited, IRM Trust and Dr. Rajiv Indravadan Modi.
The IPO was Rs 545 crore and was entirely fresh issue. Rs 307.26 crore was planned for building the CGD network in Namakkal and Tiruchirappalli from Fiscal 2024 to Fiscal 2027, and Rs 135.00 crore for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
IRM Energy IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HDFC Bank Limited
34 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Precision Camshafts (-11.3%).
BOB Capital Markets Ltd
13 issues handledBest listing: P N Gadgil Jewellers (+72.9%). Weakest: Kalyan Jewellers India (-15.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of IRM Energy?
The current Grey Market Premium is ₹50, or 10% over the issue price.
What is the IRM Energy IPO price band?
₹480 to ₹505, on a face value of ₹10.
When is the allotment?
The basis of allotment is 27 October 2023, with listing on 26 October 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
