Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
IPO News

| More

IRM Energy Limited's IPO to open on Wednesday, October 18, 2023

Posted On: 2023-10-11 22:47:56 (Time Zone: IST)


IRM Energy Limited, a city gas distribution ("CGD") company, engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network, has fixed the price band at ?480 to ?505 per Equity Share for its maiden initial public offer. The Initial Public Offering ("IPO" or "Offer") of the Company will open on Wednesday, October 18, 2023, for subscription and close on Friday, October 20, 2023. Investors can bid for a minimum of 29 Equity Shares and in multiples of 29 Equity Shares thereafter.

The Public Issue of face value of ?10 per Equity Share is entirely a fresh issue of equity shares up to 1,08,00,000 with no offer for sale component. The offer also includes a reservation for a 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 company intends to utilise about ?307.26 crore for funding capital expenditure requirements for development of the City Gas Distribution network in the Geographical Areas of Namakkal and Tiruchirappalli (Tamil Nadu) in coming years, while ?135 crore will be used for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, and general corporate purpose.

The company has operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), serving 184 industrial customers, 269 commercial customers, 52,454 domestic customers, as at June 30, 2023.

As of October 9, 2023, IRMEL had an established a network of 69 CNG filling stations, comprising 2 CNG stations owned and operated by the company (the "COCO Stations"), 36 CNG stations owned and operated by dealers (the "DODO Stations"), and 31 CNG stations owned and operated by oil marketing companies (the "OMC Stations").

IRM Energy Limited (IRMEL) in order to capitalize on synergetic its business opportunities, has entered into a strategic and technical partnership with Shizuoka Gas Co. Ltd, Japan ("ShizGas") fourth largest gas company in Japan by natural gas sales volume, by infusing capital through a private placement in IRMEL. On the other hand, in order to achieve business integration, it invested in Farm Gas Private Limited, Venuka Polymers Private Limited Ni Hon Cylinders Private Limited. Additionally, it has signed a memorandum of understanding ("MoU") with Mindra EV Private Limited for setting up an electric vehicle ("EV") charging infrastructure at DODO Stations and COCO Stations for a period of five years, with a vision of transitioning of becoming an energy-oriented company.

The company's revenue from operations increased by 6.51% from Rs 230.27 crore for the three months ended June 30, 2022 to Rs 245.25 crore for the three months ended June 30, 2023, primarily due to an increase in the sale of compressed natural gas, piped natural gas and increase in connection income and other operating revenue. Whereas, profit after tax increased by 31.01% from Rs 20.54 crore in the three months ended June 30, 2022 to Rs 26.91 crore in the three months ended June 30, 2023 due to increase in total revenue.

Revenue for fiscal 2023 grew 90.27% to Rs 1039.13 crore from Rs 546.14 crore for the Financial Year 2022 and profit after tax fell 50.68% to Rs 63.15 crore for the FY 2023 against Rs 128.03 crore in FY22, due to significant increase in input gas cost as well as due to lower profits earned by joint control entities.

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.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Icon Facilitators Announces BSE SME IPO Approval, Targets ?22 Crore Fundraise

Crizac Limited gets Sebi Nod for Rs 1,000 cr IPO

Leading Decorative Wall Panel & Premium Laminates Brand Euro Pratik files DRHP for Rs 730 crore IPO

P S Raj Steels Receives In-Principal Approval for IPO on NSE Emerge

Jesons Industries refiles DRHP with Sebi for IPO

Standard Glass Lining Technology Limited raises Rs 123 crores from Anchor Investors

Greaves Electric Mobility Limited files DRHP for IPO

Senores Pharmaceuticals IPO subscribed 13.93 times on Day 2

Senores Pharmaceuticals IPO fully subscribed on Day 1

Speciality Fabric Manufacturer Rachit Prints files DRHP with BSE SME

Eleganz Interiors Limited files DRHP with NSE Emerge

Jungle Camps India Limited plans to raise around Rs. 30 crores from IPO

Afcons Infrastructure Ltd's IPO to open on Friday, October 25, 2024, price band set at ₹440/- to ₹463/- per Equity Share

Senores Pharmaceuticals gets Sebi nod for IPO

Telangana-based Standard Glass Lining Technology Limited gets Sebi nod for IPO

Dr. Agarwal's Health Care files DRHP for IPO

Icon Facilitators Limited files DRHP with BSE SME

Casagrand Premier Builder Limited files DRHP for Rs 1,100 crore IPO

Manba Finance Limited raises Rs. 45.25 crore from Anchor Investors

NTPC Green Energy Ltd files DRHP for IPO

Influx Healthtech Limited Files DRHP with NSE Emerge

Gala Precision Engineering IPO subscribed 201.41 times on Final Day, the most since the start of FY25

Identical Brains Studios Limited files DRHP with NSE Emerge

Gala Precision Engineering Ltd's IPO to open on Monday, September 02, 2024, price band set at ?503/- to ?529/- per Equity Share

Sanstar Limited IPO subscribed 82.98 times on Final Day

Sanstar Ltd's IPO to open on Friday, July 19, 2024, price band set at ?90/- to ?95/- per Equity Share

Three M Paper Boards Ltd's SME IPO to open on Friday, July 12, 2024

Virtual Galaxy Infotech attracts marquee investors, raises Rs 21.44 Crore ahead of IPO Launch

IT Solutions provider Orient Technologies gets Sebi nod for IPO

Accel and Flipkart-backed Zinka Logistics Solutions Limited files DRHP for IPO

Sleepwear-focused company S D Retail Limited files DRHP for SME IPO

ACME Solar Holdings Limited files DRHP for Rs 3,000 crore IPO

Nephro Care India Makes History - First SME IPO to Surpass Rs. 20,000 Crore in bids

Gala Precision Engineering gets Sebi nod for IPO

Noida-based Interarch Building Products Limited gets SEBI nod for IPO

Shivalik Engineering Industries Limited files DRHP for IPO

Niva Bupa files for Rs 3,000Cr IPO

Sagility India Limited files DRHP for IPO

Ambey Laboratories Ltd IPO to open for subscription on July 4, 2024

Nephro Care India Limited IPO opened today, Anchor Book fully subscribed

Allied Blenders & Distillers IPO subscribed 23.49 times on Final Day

Allied Blenders & Distillers IPO fully subscribed on Day 2

Allied Blenders & Distillers IPO subscribed 51% on Day 1

Stanley Lifestyles IPO subscribed 95.75 times on Final Day

Deepak Parekh-backed Nephro Care India Limited's IPO opens on Friday, June 28

Allied Blenders & Distillers Limited raises Rs. 449.1 crore from Anchor Investors

Stanley Lifestyles IPO subscribed 5.22 times on Day 2

Mason Infratech Limited IPO Opens on June 24, 2024

Stanley Lifestyles IPO fully subscribed on Day 1 led by strong retail, NII demand

Stanley Lifestyles Limited raises Rs. 161.10 crore from Anchor Investors


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020