IPO Opens Tomorrow

IRM Energy IPO will fetch Rs 545.40 crore at the upper end of the price band

MUMBAI, Oct 17 (The CONNECT) – city gas distribution (CGD) company IRM Energy Limited has garnered Rs 160.35 crores from anchor investors ahead of its initial public offering that opens for public subscription tomorrow. The company informed the bourses that it allocated 3,175,200 equity shares at Rs. 505 per share today to anchor investors.

Domestic Institutions who participated in the anchor were Quant MF, SBI General Insurance, HDFC Life, DSP MF, ITI MF, BOI MF, Nippon AIF and PNB Metlife.

Out of the total allocation of 3,175,200 equity shares to the anchor investors, 1,729,656 equity shares were allocated to 4 (four) domestic mutual funds through a total of 8 (eight) schemes amounting to Rs 87.35 crore (approx.) i.e. 54.47% of the Total Anchor Book Size.

HDFC Bank Limited and BOB Capital Markets Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

IPO Details

The Public Issue of face value of ₹10 per Equity Share is entirely a fresh issue of equity shares up to 10.80 million with no offer for sale component. The offer also includes a reservation of 2,16,000 equity shares for subscription by eligible employees and a discount of Rs 48 per equity share is being offered to eligible employees bidding in the employee reservation portion.

The IPO will close on Friday. The price band for the Offer has been determined at Rs 480 – Rs 505 per equity share.

The IPO will fetch Rs 545.40 crore at the upper end of the price band.

Investors can bid for a minimum of 29 equity shares and in multiples of 29 equity shares thereafter.

The Issue is being made through the Book Building Process, wherein not more than 50% of the Issue shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Issue shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation to Retail Individual Bidders.