Shares of IRM Energy fell as much as 10.9% in trading debut on Thursday, valuing the Indian natural gas distributor at 18.48 billion rupees in a weak market. .
IRM Energy IPO listed on 26 October with a discount of 5.5 per cent on Indian Exchanges, , stock market, IPO launch, IRM Energy, nifty, sensex, retail investors, Intraday, energy stocks, Adani Total Gas, Mahanagar Gas Ltd, gujarat gas
The NII portion of the issue was subscribed the most at 48.34x, followed by QIBs at 44.73x. The category reserved for retail investors was subscribed 9.29x. According to market analysts, the company s shares are trading with a premium of Rs 45 in the unlisted market. The IPO is priced in the range of Rs 480-505.
The Cadila Pharmaceuticals-backed company is into the business of city gas distribution. Though IRM Energy’s profit and EBITDA margins fell drastically in FY23, many brokerage houses still swear by the company.