IRM Energy Limited | Globe Capital Market LTD.
IRM Energy Limited
Price Band
₹480 to ₹505 per share
IPO Issue Period
Oct 18, 2023 to Oct 20, 2023
Issue Size
₹545.40 Cr
Face value
₹10 per share
Fresh issue
₹545.40 Cr
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Oct 31, 2023

Hdfc Bank Limited
Bob Capital Markets Limited

IRM Energy IPO is a book built issue of Rs 545.40 crores. The issue is entirely a fresh issue of 1.08 crore shares.

IRM Energy IPO opens for subscription on October 18, 2023 and closes on October 20, 2023. The allotment for the IRM Energy IPO is expected to be finalized on Friday, October 27, 2023. IRM Energy IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, October 31, 2023.

IRM Energy IPO price band is set at ₹480 to ₹505 per share. The minimum lot size for an application is 29 Shares. The minimum amount of investment required by retail investors is ₹14,645. The minimum lot size investment for sNII is 14 lots (406 shares), amounting to ₹205,030, and for bNII, it is 69 lots (2,001 shares), amounting to ₹1,010,505.


For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 1,039.14 546.14 211.81
Profit After Tax 63.15 128.03 34.89
EPS 20.93 43.88 12.39
OPM (%) 12.14% 39.61% 38.49%
PATM (%) 6.08% 23.44% 16.47%


  • 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.

The Company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:

  • 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.

Based on annualized current financials, the issue appears fully priced. It is a long race horse. Investors may park funds for the medium to long term rewards.

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