IRM Energy IPO subscribed 27 times on closing day

Mumbai: The preliminary public providing (IPO) of IRM Power was subscribed 27.05 occasions on Friday- its closing day. Shares of the town fuel distribution firm have been supplied in a value band of ‘480-505 per share.

The certified institutional purchaser (QIB) portion was subscribed 44.73 occasions, the non-institutional buyers’ portion was subscribed 48.34 occasions, whereas the retail investor portion was subscribed 9.29 occasions. The supply additionally included a reservation for a subscription by eligible staff which was subscribed two occasions.

Out of the Rs 545 crore raised on the higher value band, the corporate intends to utilise about Rs 307 crore for funding capital expenditure necessities for growth of the town fuel distribution community in Namakkal and Tiruchirappalli in Tamil Nadu, whereas Rs 135 crore will likely be used for prepayment of debt and relaxation for common company functions.

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