IRM Energy shares list at 5.5% discount to issue price

IRM Energy got listed at a discount of over 5% to the issue price on Thursday morning. 

On NSE, the stock debuted at ₹477.2 as against an offer price of Rs 505, translating into a discount of 5.5%. Meanwhile, on BSE, it was listed at ₹479, down 5.15%.

Ahead of the listing, the company's shares traded at a premium of ₹35 in the unlisted market.

IRM Energy is a city gas distribution company in India, with operations in Gujarat, Punjab, the Union Territory of Daman and Diu, and Tamil Nadu.

The issue of IRM Energy was overall subscribed 27.05 times. The quota for non-institutional buyers (NIIs) was subscribed 48.34 times, while the portion for qualified institutional bidders (QIBs) was booked 44.73 times. 

HDFC Bank and BoB Capital Markets were the lead managers of the Ahmedabad-based IRM Energy IPO, while Link Intime India was the registrar for the issue.