City Gas Distribution / CGD - Listed on 26 October 2023
IRM Energy (City Gas Distribution / CGD) closed its IPO window in 2023 and listed on NSE and BSE on 26 October 2023 at an upper band issue price of Rs 505, opening at Rs 477.25 for a listing gain of -5.5% and closing day one at Rs 473.15 (-6.3% on closing basis). The IPO was subscribed 27.05x overall - QIB 44.73x, HNI/NII 48.34x, Retail 9.28x. The total issue size was Rs 544.36 Cr (Fresh Issue Rs 544.36 Cr, OFS Rs 0 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
City Gas Distribution / CGD
IRM Energy operates in the City Gas Distribution / CGD space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The IRM Energy issue was offered at an upper price of Rs 505 and raised approximately Rs 544.36 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 85 | +16.83% |
| Day 2 | Rs 88 | +17.43% |
| Day 3 | Rs 75 | +14.85% |
| Day 4 | Rs 70 | +13.86% |
| Day 5 | Rs 55 | +10.89% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the IRM Energy IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
IRM Energy IPO listed at -5.5% versus the upper issue price of Rs 505 on 26 October 2023.
IRM Energy IPO was subscribed 27.05x overall. QIB portion was subscribed 44.73x, HNI / NII 48.34x and Retail 9.28x.
IPO GMP started at Rs 85 on Day 1 and moved to Rs 55 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.