IRM Energy IPO: Check allotment status, GMP and more

IRM Energy IPO which opened on October 18 and closed on October 20 received a good response from investors

IRM Energy, whose Rs 545.4-crore IPO was subscribed 27.05 times, is expected to finalise the share allotment on late October 23.

The stock’s grey market premium (GMP) was Rs 47, implying a listing price of about Rs 552 against the issue price of Rs 505.

The grey market is an unofficial trading platform where shares get traded well before the allotment in the IPO and until the listing day. Most investors track the grey market to get an idea of the listing price.

The price band for the IPO, which opened on October 18 and closed October 20, was fixed at Rs 480-505.

The company will spend Rs 307.26 crore from the proceeds for the development of the city gas distribution network in Namakkal and Tiruchirappalli in Tamil Nadu.

It will also pay a debt of Rs 135 crore and the remaining amount will be used for general corporate purposes, the company has said.

Investors can check the status on the Link Intime portal or BSE in a  few simple steps.

Also Read: IRM Energy: A deep dive into its business, how it earns money, and whether you should invest

Here's how to check the status on Link Intime?

Step 1: Go to www.linkintime.co.in/mipo/ipoallotment.html

Step 2: Select IRM ENergy from the scroll-down menu

Step 3: Enter the Permanent Account Number (PAN) details

Step 4: Click on search

How to check the allotment status on BSE?

Step 1: Go to https://www.bseindia.com/investors/appli_check.aspx

Step 2: Under "Issue Type", select "equity"

Step 3: Choose IRM Energy from the drop-down option under "Issue Name"

Step 4: Enter PAN or application number

The stock is expected to list on the bourses on October 31.