IRM Energy IPO opens, GMP rises over 13%; should you subscribe to the issue?

IRM Energy IPO: IRM Energy IPO opened for public subscription today and will close on Friday, October 20, 2023. The price band for its public issue at Rs 480-505 per equity share of face value Rs 10 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 545.40 crore from the IPO. Ahead of the public issue, IRM Energy shares’ GMP rose to 13.27%. The bidding for anchor investors concluded on Tuesday, wherein the company collected Rs 160.35 crore.

The IPO comprises a fresh issue of 10,800,000 shares, aggregating up to Rs 545.40 crore. For potential investors, the bidding starts at a minimum of 29 equity shares, with subsequent bids in multiple lots of 29 equity shares each.