{"id":73774,"date":"2023-10-17T21:09:27","date_gmt":"2023-10-18T01:09:27","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/irm-energy-to-launch-ipo-aims-to-raise-%e2%82%b9545-4-crore\/"},"modified":"2023-10-17T21:09:30","modified_gmt":"2023-10-18T01:09:30","slug":"irm-energy-to-launch-ipo-aims-to-raise-%e2%82%b9545-4-crore","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73774","title":{"rendered":"IRM Energy to launch IPO, aims to raise \u20b9545.4 crore"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>India&#8217;s IRM Energy has announced the opening of its initial public offering (IPO) for anchor investors today, Tuesday, with public subscriptions set to begin tomorrow and last until Friday, October 20, 2023. The company has plans to raise \u20b9545.4 crore ($73 million) by issuing 1.08 crore shares at a price range of \u20b9480-\u20b9505 per share.<\/p>\n<p>The funds raised will be allocated towards city gas distribution network development in Namakkal and Tiruchirappalli in Tamil Nadu, costing approximately \u20b9307.26 crore ($41 million). An additional <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>135 crore ($18 million) will be used for debt repayment, with the remaining proceeds dedicated to general corporate expenses. The minimum bid for investors is set at 29 equity shares (<span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>13,920), and the maximum bidding amount stands at <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>14,645.<\/p>\n<p>IRM Energy operates in regions such as Banaskantha, Fatehgarh Sahib, Diu &amp; Gir Somnath, Namakkal, and Tiruchirappalli. The company distributes CNG for motor vehicles and PNG for domestic households as well as commercial and industrial units.<\/p>\n<p>The company&#8217;s net profit experienced a significant dip over the last fiscal year, falling over 50% to <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>63.15 crore in FY23 from <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>128 crore in FY22. This decrease was largely due to increased stock purchase costs which rose from <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>249.2 crore in FY22 to <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>779.5 crore in FY23. Despite this setback, IRM Energy&#8217;s revenue surged by 90% to <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>1,039 crore from <span style=\"color: rgb(38, 38, 38);\">\u20b9<\/span>546.1 crore in FY22.<\/p>\n<p>IRM Energy is promoted by Rajiv Indravadan Modi, Cadila Pharmaceuticals, and IRM Trust with a majority stake of 67.94%. The company competes with firms like Gujarat Gas, Indraprastha Gas, Mahanagar Gas, and Adani Total Gas. Its public shareholders include Enertech Distribution Management (28.65%) and Shizuoka Gas Company (2.94%).<\/p>\n<p>The company has plans to allot IPO shares by October 27, transfer equity shares to eligible investors&#8217; demat accounts by October 30, and list on the stock market by October 31.<\/p>\n<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/irm-energy-to-launch-ipo-aims-to-raise-5454-crore-93CH-3200316\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. India&#8217;s IRM Energy has announced the opening of its initial public offering (IPO) for anchor investors today, Tuesday, with public subscriptions set to begin tomorrow and last until Friday, October 20, 2023. The company has plans to raise \u20b9545.4 crore ($73 million) by issuing 1.08 crore shares at a price range of \u20b9480-\u20b9505 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":62822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-73774","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRM Energy to launch IPO, aims to raise \u20b9545.4 crore | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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