IRM Energy Limited is a city gas distribution company. The company is engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. IRM Energy is a value-driven energy enterprise serving industrial, commercial, domestic, and automobile customers.
The company has marked its presence in Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir-Somnath (Union Territory of Daman & Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu).
The company is fulfilling the natural gas requirements of 48172 domestic clients, 179 industrial units, and 248 commercial clients.
The company has received an award of City Gas Distribution- Growing Company of the Year 2020 from the Federation of Indian Petroleum Industries.
As of September 2022, the company has 216 CNG gas stations across its operating geographical areas.
IRM Energy IPO – Details
| IPO Opening Date | 18 October 2023 |
| IPO Closing Date | 20 October 2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1,08,00,000 Shares Worth ₹545.40 Crore Fresh Issue: 1,08,00,000 Shares Worth ₹545.40 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹480 – ₹505 |
| Market Lot | 29 Shares |
| Min Order | 29 Shares (1 Lot) |
| Employee Discount | Rs 48 |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
IRM Energy IPO – Date Schedule
| IPO Open Date | 18 October 2023 |
| IPO Close Date | 20 October 2023 |
| Basis of Allotment Date | 24 October 2023 |
| Initiation of Refund | 27 October 2023 |
| Credit of Shares to Demat Account | 30 October 2023 |
| IPO Listing Date | 31 October 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on 20 October 2023 |
IRM Energy IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 29 | 14,645 |
| Retail (Max) | 13 | 377 | 1,90,385 |
| S-HNI (Min) | 14 | 406 | 2,05,030 |
| S-HNI (Max) | 68 | 1,972 | 9,95,860 |
| B-HNI (Min) | 69 | 2,001 | 10,10,505 |
Competitive Strengths
- Exclusivity in CNG and PNG supply in the awarded GAs;
- Successful development and operation of CGD business;
- Diverse customer portfolio and distribution network of CNG and PNG;
- Strong parentage, experienced board and management team and strong execution team;
- Technology adoption and digital initiatives for efficient and optimal operations;
- Connectivity to gas pipelines and establishing cost-effective gas sourcing arrangements; and
- Strong financial performance and consistent growth and profitability supported by healthy operating efficiency and favorable regulations.
Company Promoters
- Dr. Rajiv Indravadan Modi
- Cadila Pharmaceuticals Limited
- IRM Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2020 | 166.12 | 134.79 | 21.06 | 146.74 |
| 31 March 2021 | 212.54 | 166.45 | 34.88 | 163.35 |
| 31 March 2022 | 549.19 | 396.83 | 128.02 | 202.59 |
Key Performance Indicator
| KPI | Values |
|---|---|
| P/E (x) | 24.13 |
| Market Cap (₹ Cr.) | 2073.51 |
| ROE | 18.23% |
| ROCE | 14.19% |
| EPS (Rs) | 20.93 |
| RoNW | 18.23% |
Object Of The Issue
- Funding capital expenditure requirements for the development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in Fiscal 2024, Fiscal 2025 and Fiscal 2026;
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company; and
- General corporate purposes.
IRM Energy IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 2 | Gujarat Gas Limited | 27.71 |
| 2 | 2 | Indraprastha Gas Limited | 20.38 |
| 3 | 10 | Mahanagar Gas Limited | 14.60 |
| 4 | 1 | Adani Total Gas Limited | 798.03 |
IRM Energy IPO Promoter Holding
| Pre Issue Share Holding | 67.94% |
| Post Issue Share Holding | 50.07% |
IRM Energy IPO Prospectus
Company Contact Information
| IRM Energy Limited 4th Floor, Block 8, Magnet Corporate Park, Near Sola Bridge S.G. Highway, Ahmedabad 380054 Phone: +917949031500 Email: investor.relations@irmenergy.com Website: https://www.irmenergy.com/ |
IRM Energy IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: irmenergy.ipo@linkintime.co.in Website: https://linkintime.co.in/mipo/ipoallotment.html |
IRM Energy IPO Lead Manager(s)
| 1. HDFC Bank Limited 2. BOB Capital Markets Limited |
IRM Energy IPO FAQs
| What is IRM Energy IPO? IRM Energy IPO is a main-board IPO. The issue is priced at ₹480 to ₹505 per equity share. The IPO is to be listed on BSE & NSE. |
| When IRM Energy IPO will open? The IPO is to open on 20 October 2023 for QIB, NII, and Retail Investors. |
| What is IRM Energy IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the IRM Energy IPO? You can apply IRM Energy IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the IRM Energy IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “IRM Energy”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the IRM Energy IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “IRM Energy”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the IRM Energy IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “IRM Energy”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the IRM Energy IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “IRM Energy”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is IRM Energy IPO Size? IRM Energy IPO size is ₹545.40 Crore. |
| What is IRM Energy IPO Price Band? IRM Energy IPO Price Band is ₹480 to ₹505. |
| What is IRM Energy IPO Minimum and Maximum Lot Size? The minimum bid is 29 Shares with ₹14,645 amount while the maximum bid is 377 Shares with ₹1,90,385. |
| What is the IRM Energy IPO Allotment Date? IRM Energy IPO allotment date is 24 October 2023. |
| What is the IRM Energy IPO Listing Date? IRM Energy IPO listing date is 31 October 2023. The IPO is to list on BSE and NSE. |
