Wednesday, December 6, 2023
HomeMarketextinction event: IRM Energy IPO share allotment out. Here's how you can...

extinction event: IRM Energy IPO share allotment out. Here’s how you can check the status hot news

The share allotment of IRM Energy IPO is expected to be finalised on Wednesday. Investors will get shares on a lottery basis and the whole process will be supervised by the registrar.

On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. They can check the allotment status through the BSE or by visiting the registrar’s website. Here’s how you can check the status on BSE.

Step 1: Visit the BSE Website

Step 2: Please select the issue name, that is the company’s name in the drop-down.

Step 3: Enter the application number or PAN number to check the allotment status.

The company’s shares are expected to get listed on exchanges on October 26. According to market sources, IRM Energy is commanding a premium of Rs 35 in the unlisted market.

Considering the upper price band of Rs 505, the stock is likely to debut with a premium of 7%.The IPO, which is completely a fresh equity sale of 1.08 crore shares, received a healthy subscription of 27.05 times at close.

IRM Energy is a city gas distribution company in India, with operations in Gujarat, Punjab, Tamil Nadu, and the Union Territory of Daman and Diu.

The company is engaged in laying, building, operating, and expanding the city or local natural gas distribution network. It is an integrated value-driven energy enterprise, developing natural gas distribution projects in the geographical areas allotted to it for industrial, commercial, domestic, and automobile customers.

Net proceeds from the issue will be used for funding capital expenditure requirements for the development of the city gas distribution network in the geographical areas of Namakkal and Tiruchirappalli (Tamil Nadu), repayment of debt, and other general corporate purposes.

For the three months ended June 2023, the company’s revenue from operations rose 6% to Rs 245 crore, while net profit was up 31% to Rs 26.9 crore in the same period.

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