Third-Day GMP For IRM Energy Ltd IPO, subscription status

This is to inform you that IRM Energy Ltd is not available for subscription from today. Yes, you read it right, the IRM Energy Ltd IPO that was opened for subscription on Wednesday, October 18, 2023, has closed for subscription. The initial public offering of IRM Energy Ltd closed for subscription on Friday, October 20, 2023, i.e. today. The city gas distribution company IRM Energy Ltd is expected to finalize its allotment by next Friday. Reportedly, the IRM Energy Ltd IPO received a good response from the investors after it opened for subsection on October 18, 2023. In the following sections, we have poured in all the latest updates of IRM Energy Ltd IPO GMP for today. Go through this article till the end for more details. Swipe down.

IRM Energy Ltd IPO

According to the reports, the grey market premium or GMP of IRM Energy Ltd for today is Rs 70 per share. On Friday, October 20, 2023, the shares of IRM Energy Ltd were trading at a premium of Rs 70 in GMP. If we compare the current premium of the IPO in the grey market with the upper end of the IPO price band, the listing price of IRM Energy Ltd shares was Rs 575 apiece indicating a growth of 13.86 percent against the listing price of Rs 505.

The last day for the IRM Energy Ltd. subscription was Friday, October 20, 2023. As of now, the IRM Energy Ltd IPO has been subscribed 4.36 times. Against the 76.42 lakh shares from the offering, the public issue got bids for 3.32 crore equity shares. In the retail category, the public issue was subscribed 4.36 times and 9.09 times in the Non-Institutional Investors category. The employee portion was booked 94 percent and the Qualified Institutional Buyers’ portion was booked 1.18 times.

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Nirmal Bang, a brokerage firm said, “We are positive on the company’s multifold growth compared to other players, as it is aiming to grow its volume by 3x over the next four years such as from 0.54 MMSCMD in FY23 to 1.51 MMSCMD in FY27E, on account of various opportunities available to drive the demand at its existing GAs. The issue is valued at 19.3x PE based on its annualized Q1FY24 EPS which is at a reasonable valuation compared to the average PE Valuation of 18.6x for listed peers,” The minimum investment amount is required in the retain category for IRM Energy is Rs 14,645 for the IPO lot size of 29 equity shares. Stay tuned to this website for more details.

Amzad Khan
Amzad Khan

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