IRM Energy, a city gas distribution company backed by Cadila Pharmaceuticals, successfully raised Rs 160.35 crore through an anchor book on October 17, just ahead of the IPO launch.
Prominent investors that participated in the anchor book included Quant Mutual Fund, DSP Mutual Fund, HDFC Life Insurance Company, SBI General Insurance Company, PNB Metlife India Insurance Company, ITI Mutual Fund, Bank of India Mutual Fund, and Nippon India.
As part of this anchor allocation, IRM Energy disclosed that it has allotted 31,75,200 equity shares to anchor investors at a price of Rs 505 per share. Notably, out of this allocation, 17,29,656 equity shares were designated for four domestic mutual funds, which applied through a total of eight different schemes.
IRM Energy is gearing up for its upcoming initial public offering (IPO), which is set to open on October 18 and will conclude on October 20. The company has ambitious plans to raise Rs 545.40 crore through the IPO by offering 1.08 crore equity shares, with a price band ranging from Rs 480 to Rs 505 per share.
It’s worth noting that this IPO comprises solely a fresh issue component, meaning that the entirety of the IPO proceeds, excluding issue-related expenses, will be directed exclusively toward the company’s development and expansion.
Among the key deployment areas for these funds are the development of the city gas distribution network in Namakkal and Tiruchirappalli in Tamil Nadu, with an investment of Rs 307.26 crore. Additionally, a significant portion of the IPO proceeds will go towards repaying the company’s debt, amounting to Rs 135 crore.
The remaining capital raised through the IPO will be channeled into supporting the company’s general corporate requirements and operations. IRM Energy currently operates in several regions, including Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu).
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