IRM Energy's Rs.545-Cr IPO subscribed 27 times

Business Standard  

The INR 545.40 crore Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription. BoB Capital Markets and HDFC Bank were the managers to the offer. The IPO was a fresh issue of 1.08 crore equity shares, at a price range of INR 480-505 a share. The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription. The Retail Individual Investors (RIIs) quota got subscribed 9.29 times. Earlier, IRM Energy Ltd had raised over INR 160 crore from anchor investors. Out of the proceeds, about INR 307.26 crore will be used to fund capital expenditure for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu. About INR 135 crore would be used for debt repayment.

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