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IRM Energy, a gas distribution company, recently concluded its Initial Public Offering (IPO), which attracted an impressive subscription rate of over 27 times. The company received bids for a staggering 20,62,70,910 crore shares, significantly surpassing the available 76,24,800 shares. Notably, the public issue was subscribed 2.73 times on the third day of bidding.
The share allotment process is scheduled for October 27, with successful bidders having their shares credited to their demat accounts by October 30. On the same day, refunds will be initiated for those investors who were not successful in their bid.
Investors are keenly awaiting IRM Energy’s debut in the secondary market, slated for October 31. They have been advised to verify their application status via two platforms: the BSE website and Link Intime India’s website.
This IPO marks a significant milestone for IRM Energy as it looks to expand its operations and tap into the growing demand for gas distribution services. The overwhelming response to the IPO underscores investor confidence in the company’s growth prospects and the broader gas distribution sector.
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