IRM Energy’s shares were listed at a discount of over 5% to the issue price on Thursday. The stock debuted at Rs 477.2 on NSE and Rs 479 on BSE, both down over 5%. However, analysts believe that the IPO was fairly priced and the company has a strong customer base and distribution network. The IPO received a healthy subscription of 27.05 times. IRM Energy is a city gas distribution company in India and plans to use the proceeds for capital expenditure and debt repayment.
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