The scrip was listed at Rs 479, exhibiting a discount of 5.15% to the issue price.

So far, the stock has hit a high of 482 and a low of 450. On the BSE, over 1.71 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of IRM Energy was subscribed 27.05 times. The issue opened for bidding on 18 October 2023and closed on 20 October 2023. The price band of the IPO was fixed at Rs 480-505 per share.

The offer comprised of fresh issue of 1.08 crore equity shares by the company.

The firm has proposed to utilize the net proceeds towards funding capital expenditure requirements for development of the city gas distribution network in the geographical areas of Namakkal and Tiruchirappalli (Tamil Nadu) in fiscal 2024 (from 1 December 2023 to 31 March 2024), fiscal 2025, fiscal 2026 and fiscal 2027 (from 1 April 2026 to 30 September 2026) amounting Rs 307.26 crore, prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company amounting Rs 135 crore and balance towards general corporate purposes.

IRM energy (a group company of Cadila Pharmaceuticals) is a city gas distribution (CGD) company in India developing natural gas distribution projects across various districts in the country for industrial, commercial, domestic, and automobile customers.

The company reported a net profit of Rs 26.91 crore and total income of Rs 230.04 crore for the three months ended on 30 June 2023.