IRM Energy files DRHP to raise Rs 700 crore via IPO

19 Dec 2022 , 04:01 PM

As per DRHP, the company will issue fresh issue of up to 1.01 crore equity shares. 

Currently, the promoters including Cadila Pharmaceuticals and IRM Trust Ltd hold upto 67.94% stake in the company.

The company will use proceeds from the issue to fund the capital expenditure requirements for development of the city gas distribution network at Namakkal and Tiruchirapalli in Tamil Nadu, for payment of debt and other general corporate purposes.

IRM Energy Ltd is engaged in the business of providing piped natural gas (PNG) and compressed natural gas (CNG). The company operates in Gujarat, Punjab and Tamil Nadu and serves 168 industrial customers, 202 commercial customers, 43,183 domestic customers, as of September 2022.

It has a network of 56 CNG filling stations, comprising 2 owned and operated by the company, 30 owned and operated by dealers and 24 owned and operated by oil marketing companies as of September 2022.

HDFC Bank and BOB Capital markets are working together as merchant bankers for the IPO. Link Intime is the registrar to the IPO.