© Reuters
IRM Energy Limited, a prominent player in the distribution sector, is set to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), following a massively oversubscribed initial public offering (IPO). The company, which was recognized as the “Growing Company of the Year 2020”, held its IPO from October 18 to October 20, 2023. The allotments for the shares have now been finalized and are slated to be listed on the exchanges on October 31.
The IPO was a landmark event for IRM Energy, which aimed to raise Rs 545.40 crores through the sale of 1.08 crore new shares. The shares were priced between Rs 480 and Rs 505 each, with the minimum investment for retail investors set at Rs 14,645 for a lot of 29 shares. The company also made a special reservation for its employees during this offering.
The robust demand for IRM Energy’s shares was evident from the IPO’s high oversubscription rate of 27.05 times. Investors who participated in the IPO can verify their allotment status via BSE or Link Intime India Private Ltd., using their identification details.
The timeline for the IPO included opening and closing dates of October 18 and October 20, respectively. The decision on an allotment basis and initiation of refunds both occurred on October 27, followed by the crediting of shares to Demat accounts on October 30.
Founded in 2015, IRM Energy operates in regions such as Gujarat and Punjab, managing local natural gas distribution networks. As of September 2022, it operates 216 CNG stations, reflecting its significant presence in the energy sector.
According to InvestingPro Tips, IRM Energy is a prominent player in the Commercial Services and supplies industry. The company has shown strong earnings over the past year which should allow management to continue dividend payments. However, it’s important to note that the company’s revenue has been declining at an accelerating rate. For more insights and tips, you can visit InvestingPro which offers a total of 9 additional tips on IRM Energy.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here