Ahead of its initial public offering (IPO) on Wednesday, gas distributor IRM Energy Ltd has raised Rs 160 crore ($2.15 million) from anchor investors. The news was disclosed in a Bombay Stock Exchange (BSE) announcement on Tuesday. Investors such as Quant Mutual Fund and SBI General Insurance participated in the fundraiser.
The company plans to allocate 31.75 lakh equity shares at a price of Rs 505 per share, amounting to a total transaction value of Rs 160.35 crore. The upcoming IPO will consist of up to 1.08 crore equity shares and includes an employee discount offer of Rs 48 per share.
IRM Energy, a prominent player in the Commercial Services & Supplies industry according to InvestingPro Tips, has been profitable over the last twelve months. This profitability should provide a solid financial foundation for the company's expansion plans.
Cadila Pharmaceuticals is currently the leading stakeholder in IRM Energy, with promoters holding a substantial 67.94% stake in the company. This initial share sale signifies a crucial step for IRM Energy as it seeks to expand its financial base and continue its operations in the energy sector.
Interestingly, InvestingPro Tips also suggests that IRM Energy's stock price often moves in the opposite direction of the market, a factor that potential investors may wish to consider. For those interested in more detailed insights and tips, there are numerous additional tips available on InvestingPro.
In summary, IRM Energy's IPO comes at a time when the company has demonstrated strong financial performance, with a profitable track record over the last year. The company's unique market behavior, as indicated by InvestingPro, could also present an intriguing opportunity for investors looking for diversification in their portfolios.
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