The initial public offering (IPO) of city gas distribution company IRM Energy was subscribed 1.71 times on the first day of subscription on Wednesday.
The Rs 545.40 crore initial share sale received bids for 1,30,38,661 shares against 76,24,800 shares on offer, according to NSE data.
The category for non-institutional investors was subscribed 2.60 times while the quota for retail individual investors (RIIs) received 1.77 times subscription and the portion for qualified institutional buyers (QIBs) got subscribed 1.07 times.
The IPO is a fresh issue of up to 1.08 crore equity shares. The price range for the offer is Rs 480-505 a share.
IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors.
Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt.
Besides, a porti
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