IRM Energy share price listed at a discount on bourses, 5.49% lower than issue price. Grey market premium indicated higher listing price for IRM Energy.
IRM Energy s shares were listed at a discount of over 5% to the issue price on Thursday. The stock debuted at Rs 477.2 on NSE and Rs 479 on BSE, both down over 5%. However, analysts believe that the IPO was fairly priced and the company has a strong customer base and distribution network. The IPO received a healthy subscription of 27.05 times. IRM Energy is a city gas distribution company in India and plans to use the proceeds for capital expenditure and debt repayment.
The IPO of Caila Pharma-backed IRM Energy was open for bidding between October 18-20. The company sold its shares in the range of Rs 480-505 with a lot size of 29 equity shares.
Contrary to expectations, shares of IRM Energy made a muted debut on the exchanges by listing at a 5% discount. Most analysts were expecting a marginal premium debut.
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.