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October 16, 2023
This is to inform you that IRM Energy Limited is coming out with a public issue to raise Rs.544.36 crore from the market.
The issue opens on October 18 and closes on October 20, 2023.
IRM Energy Limited IPO
| Company Details |
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- IRM Energy Limited commenced their operations in July 2017. They are a city gas distribution (“CGD”) company in India, with operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. They develop natural gas distribution projects in the geographical areas (“GAs”) allotted to them for industrial, commercial, domestic and automobile customers.
- They supply natural gas to two primary set of customer segments. Their customer segments are as set out below:
CNG (Compressed Natural Gas): Their customers include operators of public transport vehicles such as taxis, auto-rickshaws, and private vehicles such as cars, buses, light goods vehicles and heavy goods vehicles.
PNG (Piped Natural Gas): Their PNG customers are broadly classified into three segments, which are, industrial PNG (small, medium and large-sized enterprises), commercial PNG (such as hotels, restaurants, bakeries, hostels and community halls) and domestic PNG (predominantly using PNG as cooking gas).
- They have positioned themselves as the provider of one of the safest, cleanest and most cost-effective fuels for households, commercial establishments and industrial units as well as for fuel requirements in transport segment. (Source: CRISIL Report). They were recognized as the ‘City Gas Distribution - Growing Company of the Year 2020’ by Federation of Indian Petroleum Industries (“FIPI”).
- They distribute CNG for use in motor vehicles and PNG for use by domestic households as well as for commercial and industrial units. Due to their competitive gas price and optimized operational expenditure, they are in a position to offer gas to their industrial PNG customers at a viable price in the market and enable the industrial PNG customers to switch from other alternate fuels (coal and furnace oils) to natural gas. (Source: CRISIL Report) Compared with competitive fuels, they provide a more reliable and environment-friendly alternative fuel to all their customer segments, and hence have been able to tap potential customer segments in the respective GAs. (Source: CRISIL Report). Further, they are committed to health and safety and have established safety management systems which ensures safe, reliable and uninterrupted distribution of natural gas to their customers, with a focus on systemic minimization of health and safety risks.
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| Issue Period |
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Issue opens on: Wednesday, October 18, 2023
Issue closes on: Friday, October 20, 2023
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| Price Band |
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Rs.480 to Rs.505 per equity share |
| Bid Lot |
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29 equity shares and in multiple thereafter. |
| Issue Size |
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Rs.544.36 crore |
| Employee Reservation |
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2,16,000 Equity shares |
| Employee Discount |
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Rs. 48 Per Share |
| Issue break-up |
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QIB - 50% of the net offer – Rs.267.25 crore
NIB - 15% of the net offer - Rs.80.17 crore
RET - 35% of the net offer - Rs.187.07 crore |
| Listing |
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NSE and BSE |
| Registrar |
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Link Intime India Private Limited |
| UPI |
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All Retail & NII Bidders (bids up to ₹ 5,00,000) Applications through brokers are compulsorily in UPI Mode |
| Note |
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- Application made using third party UPI or ASBA Bank A/c are liable to be rejected.
- “The UPI Mandate acceptance time for Retail and NII Bidders (bids up to ₹ 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e., Friday, October 20th, 2023..”
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Watch these 4 videos to know how to apply for the IRM Energy Limited IPO online easily.
Step 1: Create an UPI ID
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Step 2: Apply for IPO online using mobile app or website
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Step 3: Authorise UPI mandate to block payment
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Remember these points while applying for IPOs
- With Sharekhan, you can now fill and submit your IPO application online at your convenience anytime before an issue closes. This can be done through the Sharekhan app or website.
- You will need a mobile phone with a SIM linked to your bank account offering the UPI facility and a debit card to create your UPI ID.
- Currently, UPI works on the following mobile applications:
| Name of App (Supported Platforms) |
VPA Handle |
| BHIM Baroda Pay (only Android) |
@BARODAMPAY |
| BHIM Oriental Pay (Only Android) |
@obc |
| BHIM RBL Pay (Android & iOS) |
@rbl |
| BHIM (android & iOS) |
@upi |
| BHIM ALLBANK UPI (only Android) |
@allbank |
| BHIM Axis Pay (only android) |
@axisbank |
| BHIM IndusPay (only Android) |
@indus |
| BHIM Lotza UPI (only Android) |
@federal |
| BHIM SBIPay (only android) |
@sbi |
| Citi Mobile (android & iOS) |
@citi & @citigold |
| Google Pay (android & iOS) |
@okhdfcbank | @okaxis | @oksbi | @okicici |
| HSBC Simply Pay (android & iOS) |
@hsbc |
| iMobile by ICICI Bank (android users) |
@icici |
| Kotak Mobile Banking App (Android) |
@kotak |
| Phone-Pe (android & iOS) |
@ybl |
| SIB Mirror+ (only Android) |
@sib |
| BHIM YES PAY (only Android) |
@yesbank |
| DigiBank - DBS (Android & iOS |
@dbs |
| Paytm (Andriod & iOS) |
@paytm |
| BHIM AUPay (Android & iOS) |
@aubank |
| Freecharge (Android & iOS) |
@freecharge |
| BHIM BANDHAN UPI (Android & iOS) |
@bandhan |
| BHIM KBL UPI (Android) |
@kbl |
| Phone-Pe (Android & iOS) |
@ybl, @axl, @ibl |
- To avoid rejection, download the latest version of the app.
- Remember to select UPI as the payment option in the IPO application form by providing your UPI ID.
- As soon as you submit your application through the mobile app or website, you will receive an SMS from National Payments Corporation of India (NPCI) informing you that your UPI mandate has been generated.
- The app passcode and the UPI PIN can be different; remember to enter only the UPI PIN while authorising the UPI mandate. Note that you should not share your UPI PIN with anyone.
- If you forget the UPI PIN, simply reset it instead of entering a wrong one.
- If the transaction gets through, you will receive a “Transaction is successful” message on your mobile.
- There are two possible scenarios post-allotment: On full allotment, funds will be debited from your account. If there is no allotment of shares, the blocked funds will be released after the end date or expiry date of the UPI mandate.
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