IRM Energy IPO Day 1: Issue subscribed 82% so far; retail portion fully booked
Also Read: IRM Energy IPO: Check GMP today, subscription status, should you subscribe? IRM Energy Limited IPO GMP today, or grey market premium today, is ₹75 per share. This indicates IRM Energy shares were trading at a premium of ₹75 in the grey market on Wednesday, as per market observers. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IRM Energy share price was indicated at ₹580 apiece, which is 14.86% higher than the IPO price of ₹505.
IRM Energy develops natural gas distribution projects for residential, commercial, industrial and automotive users within the designated geographic areas. The company's promoters are Cadila Pharmaceuticals Limited, Dr. Rajiv Indravadan Modi, and IRM Trust.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The company plans to raise ₹545.40 crore from the initial share sale which is completely a fresh issue of 1.08 crore equity shares of face value of ₹10 each and there is no offer for sale (OFS) component. IRM Energy IPO price band has been fixed in the range of ₹480 to ₹505 per equity share. IRM Energy IPO lot size is 29 equity shares and in multiples of 29 equity shares thereafter.
The minimum investment amount required by retail investors is ₹14,645. The company already raised ₹160.35 crore from anchor investors on October 17, a day ahead of its IPO subscription opening for bidding. Read here: IRM Energy IPO: Firm mobilises ₹160 crore from anchor investors ahead of issue The company intends to use the net proceeds from the offering to fund the following goals: prepayment or repayment of certain outstanding
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