IRM Energy IPO listing: On NSE, the share price of IRM Energy begins trading at a 5.5% discount, or ₹477.25.

 IRM Energy IPO listing: On NSE, the share price of IRM Energy begins trading at a 5.5% discount, or ₹477.25.

Date of IRM Energy listing: On Thursday, the share price of IRM Energy was discounted and listed on the bourses. IRM Energy's share price on the BSE was ₹479, but on the NSE it was listed at ₹477.25, 5.49% less than the issue price of ₹505.

The subscription period for the IRM Energy IPO began on Wednesday, October 18, and ended on Friday, October 20. The pricing range for the IRM Energy initial public offering (IPO) is ₹480 to ₹505 for each equity share with a face value of ₹10.

In the public offering, IRM Energy set aside a minimum of 15% of the shares for Non Institutional Investors (NII), a maximum of 50% of the shares for Qualified Institutional Buyers (QIB), and a minimum of 35% of the shares for Retail Investors. When bidding in the employee reserve part, qualified workers were given a discount of ₹48 per equity share.

On the last day, there were 27.05 subscriptions to the IRM Energy Limited IPO. Following a phenomenal response from individual investors, qualified institutional buyers (QIBs) and non-institutional investors oversubscribed the offer on the last day of the subscription. Nineteen percent of subscribers were retail, forty-eight percent were non-institutional investors, and forty-seven percent were qualified institutional buyers. There were 2.05 subscribers in the employee section.

The IRM Energy IPO received 1.71 times as many subscriptions on the first day of bidding, and 4.37 times on day two.

IRM Energy IPO information

According to the Red Herring Prospectus (RHP), the IRM Energy IPO is a fully new issuance of 10,800,000 equity shares; there isn't an offer for sale (OFS) component.

As stated in the Red Herring Prospectus (RHP), the company plans to use the net proceeds from the offering to fund the following objectives: funding capital expenditure requirements for growth of the City Gas Distribution network in the Geographically Areas of Namakkal and Tiruchirappalli (Tamil Nadu) with Fiscal 2024, Fiscal 2025, Fiscal 2026, as well as Fiscal 2027; prepayment or repayment of either all or a portion of certain outstanding borrowings that have been obtained by the company; and general corporate purposes.

Link Intime India Private Ltd. is the registrar, while HDFC Bank Ltd. and Bob Capital Markets Ltd. were the book running principals of the IRM Energy IPO.

IRM Energy's current IPO GMP

The grey market premium, or IPO GMP, for IRM Energy Limited is +18. According to investorgain.com, this showed that the price of IRM Energy shares was trading on Thursday at a premium of ₹18 on the grey market.

IRM Energy's expected listing price was ₹523 per share, 3.56% more than the IPO price of ₹505, taking into account the top end of the IPO pricing range and the existing premium on the grey market.

A "grey market premium" denotes the willingness of investors to part with more money than the issue price.