Natural gas distribution is a promising sector in India, and one of the leading companies in this field is IRM Energy. The company has a presence in some regions of Punjab, Tamil Nadu, Gujarat and Daman & Diu.
IRM Energy is launching its initial public offering (IPO) from October 18 to October 20, 2023. The IPO is a fresh issue of 1.08 crore shares, with a price band of ₹480 to ₹505 per share.
The lot size is 29 shares, and the minimum investment for retail investors is ₹14,645. The company aims to raise ₹545.40 crore from the IPO, which will be used for network expansion, debt repayment and general corporate purposes.
The company has shown strong revenue growth of 90.3% in the financial year 2022-23, but its profit after tax has declined by 50.69%. The grey market premium (GMP) of the IPO was above ₹70 as of yesterday, indicating a good demand for the shares.
IRM Energy faces competition from other city gas distribution companies such as Gujarat Gas Limited, Indraprastha Gas Limited, Mahanagar Gas Limited, and Adani Total Gas Limited.
So, will you invest in this IPO, let me know in the comments.
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