Latest News | IRM Energy IPO Subscribed 27 Times on Last Day of Offer
Get latest articles and stories on Latest News at LatestLY. The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday.
New Delhi, Oct 20 (PTI) The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday.
The Rs 545.40 crore-initial share sale received bids for 20,62,70,910 shares against 76,24,800 shares on offer, as per NSE data.
The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription and Retail Individual Investors (RIIs) quota got subscribed 9.29 times.
The IPO was a fresh issue of up to 1.08 crore equity shares.
The price range for the offer was Rs 480-505 a share.
IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors.
Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt.
Besides, a portion will be used for general corporate purposes.
Equity shares of the company are proposed to be listed on the BSE and the NSE.
BOB Capital Markets and HDFC Bank were the managers to the offer.
IRM Energy provides piped natural gas and compressed natural gas. It has operations in many states, including Gujarat, Punjab, and Tamil Nadu.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)