IRM Energy’s Rs 545.4 crore IPO will open for subscription on October 18 and close on October 20. The Gujarat-based city gas distribution company has fixed the price band for the issue at Rs 480-505 per share. HDFC Bank and BoB Capital Markets are the book-running managers for the issue and the registrar is Link Intime.
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IRM Energy's revenue from operations rose 90% to Rs 1,039.14 crore in the year ended March 2023 from Rs 546.14 crore in the year-ago period. However, profit after tax (PAT) fell 50.6% to Rs 63.15 crore in FY23 from Rs 128.03 crore in FY22.
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IRM Energy sold goods worth Rs 1,035.24 crore in FY23 against Rs 543.21 crore in FY22. CNG sales contributed Rs 472.28 crore and PNG sales contributed Rs 562.96 crore in the year ended March 2023 compared to Rs 296.74 crore and Rs 246.47 crore, respectively in the year-ago period.
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IRM Energy's promoters hold a 67.94 percent stake in the company and post-issue their shareholding will come down to 50.07 percent. Meanwhile, the total public shareholding percentage will increase to 49.93 percent post-issue, from 32.06 percent.
In FY23, IRM Energy outperformed its peers in volume growth, showing a 30.04 percent increase, but lagged behind in EBITDA growth, ROCE, and ROE when compared to Gujarat Gas, Indraprastha Gas, and Adani Total Gas.
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IRM Energy's valuations for FY23 show a P/E ratio of 24.13. The company's market cap stands at Rs 2,073.51 crore.
