IRM Energy Ltd IPO
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IRM Energy Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 108 L | TBA | ₹ 37.04 L | ₹ 205.59 L | BSE | ₹ 545.4 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 18 Oct, 23 | 20 Oct, 23 | 29 | ₹ 13,920 | Book Building | 26 Oct, 23 |
IRM Energy Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Miscellaneous |
| Sub Sector | NA |
| Issue Type | Book Building |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 0x | 5292000 | 0 |
| NII | 0x | 1587600 | 0 |
| Retail | 0x | 3704400 | 0 |
| Employee | 0x | 216000 | 0 |
| Total | 0x | 10800000 | 0 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
IRM Energy Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 890.52 | 980.09 | 507.15 |
| EBITDA | 172.46 | 116.24 | 182.44 |
| PAT | 91.51 | 56.48 | 113.56 |
| Total Assets | 561.85 | 171.28 | 131.13 |
| Share Capital | 84.41 | 71.58 | 68.85 |
| Total Borrowings | 87.09 | 210.87 | 191.20 |
| Operating Activities (Net Cash) | 117.98 | 77.38 | 128.60 |
| Investing Activities (Net Cash) | -59.93 | -25.25 | -30.72 |
| Financing Activities (Net Cash) | 87.09 | 210.87 | 191.20 |
| Net Cashflow | 487.78 | 98.48 | 99.71 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
About IRM Energy Ltd
IRM Energy Limited (the Company) was incorporated as a private limited company in the name of `IRM Energy Private Limited' under the Companies Act, 2013 and a certificate of incorporation dated December 1, 2015, was issued by the Registrar of Companies, Gujarat at Ahmedabad (RoC). Subsequently, the Company was converted from a private limited company to a public limited company and the name of the Company was changed to `IRM Energy Limited' pursuant to a board resolution dated February 25, 2022, and a special resolution passed by our shareholders on March 8, 2022, consequent to which a fresh certificate of incorporation dated March 23, 2022, was issued by the RoC.
Natural gas consumption in India clocked a compound annual growth rate (CAGR) of 3.8% between Fiscals 2016 and 2020, rising to ~176 MMSCMD in Fiscal 2020. Natural gas demand from the CGD sector to log 19-20% CAGR between Fiscals 2023 and 2030, growing to 117-120 MMSCMD. Demand from each sub-segment, including CNG and PNG (domestic and industrial) is likely to grow at a healthy pace over the forecast period, with the addition of new cities in the gas network. Increase in penetration is expected to be a key demand driver for the PNG segment.
IRM Energy Limited is a city gas distribution (CGD) company in India, with operations at Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Union Territory of Daman and Diu/Gujarat), and Namakkal & Tiruchirappalli (Tamil Nadu), engaged in the business of laying, building, operating and expanding the city or local natural gas distribution network. The Company is an integrated value driven energy enterprise, developing natural gas distribution projects in the geographical areas (GAs) allotted to it for industrial, commercial, domestic and automobile customers, and has built its competency as a CGD company by development of its existing GAs since 2017.
Peer Comparison:
- Gujarat Gas Ltd
- Indraprastha Gas Ltd
- Mahanagar Gas Ltd
- Adani Total Gas Ltd
IRM Energy Ltd IPO Key Points
Strengths
- Exclusivity in CNG and PNG supply in the awarded GAs.
- Successful development and operation of CGD business.
- Diverse customer portfolio and distribution network of CNG and PNG.
- Strong parentage, experienced board and management team and strong execution team.
- Technology adoption and digital initiatives for efficient and optimal operations.
Risk
- The company is dependent on third parties for sourcing and transportation of natural gas. As of June 30, 2023, its procured natural gas from seven suppliers which constituted 100.00% of its total quantity purchased. Any disruption in the receipt of such natural gas from these third parties, or delay or default in timely transportation of the natural gas could lead to a disruption or failure in the supply of natural gas by it, which could adversely affect its business, reputation, results of operations and cash flows.
- Transporting natural gas is hazardous and could result in accidents, which could adversely affect its reputation, business, financial condition, results of operations and cash flows.
- The company has issued Equity Shares during the preceding one year at a price that may be below the Issue Price.
Strategy
- Expand its presence in existing and newer GAs through an improved captive distribution channel.
- Infrastructure roll-out for development and operation of the new licensed GA of Namakkal & Tiruchirappalli, Tamil Nadu.
- Technology adoption to increase operational efficiency and enhance customer value.
- Business integration for transition into a complete energy solution provider.
- Continue to focus on sourcing reliable and cost-effective gas from leading Gas Suppliers.
- Exclusivity in CNG and PNG supply in the awarded GAs.
- Successful development and operation of CGD business.
- Diverse customer portfolio and distribution network of CNG and PNG.
- Strong parentage, experienced board and management team and strong execution team.
- Technology adoption and digital initiatives for efficient and optimal operations.
How To Apply for IRM Energy Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
Step 2:
From the list of open IPOs, select the IPO you want to invest.
Step 3:
Go through the IPO details like lot size, price band, about the company, etc.
Step 4:
Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.
Step 5:
Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.
