IRM Energy IPO Makes a Discounted Debut on Stock Exchange

26 Oct 2023 , 10:00 AM

IRM Energy’s shares made a debut on the stock exchange at a discount. They were listed at Rs 477.25 on the NSE, representing a 5.5% discount from the issue price of Rs 505 per share, and at Rs 479 on the BSE, reflecting a 5.15% discount.

The company, backed by Cadila Pharmaceuticals, conducted its subscription offering from October 18 to October 20, 2023. The IPO comprised a fresh issue of 1.08 crore shares, aiming to raise Rs 545.4 crore.

According to data available on the BSE website, IRM Energy’s IPO witnessed strong demand, with an overall subscription rate of 27.05 times. The retail segment was subscribed 9.29 times, while the NII category saw a subscription of 48.34 times. In the QIB segment, the subscription rate was 44.73 times.