IRM Energy IPO Allotment Status
Quick take on IRM Energy Ltd IPO
The IPO of IRM Energy Ltd is entirely a fresh issue of shares and has a face value of ₹10 per share. The price band for the book building IPO has been set in the range of ₹480 to ₹505 per share with the final price to be discovered in this band through the process of book building. The entire IPO is a fresh issue and there is no offer for sale (OFS) component in the issue. In the case of IRM Energy Ltd IPO, the fresh issue portion entails the issue of 1,08,00,000 shares (1.08 crore shares), which at the upper price band of ₹505 per share will translate into fresh issue size of ₹545.40 crore. In the absence of an OFS the fresh issue will also be the total size of the issue. Hence the overall IPO will also entail the issue of 1,08,00,000 shares (1.08 crore shares), which at the upper price band of ₹505 per share will amount to a total IPO issue size of ₹545.40 crore.
The issue was overall subscribed 27.05 times, with the maximum subscription coming from the HNI / NII segment, which got subscribed over 48.34 times. While the QIB segment got subscribed at a healthy clip of 44.73 times, the retail portion got subscribed at 9.29 times. Most of the QIB subscriptions came in on the last day of the IPO, which is the norm. The IPO was open for 3 days and it has closed for subscription as of the close of 20th October 2023. The price band for the IPO was ₹480 to ₹505, and looking at the robust response, it looks fairly likely that the price discovery would eventually happen at the upper end of the band.
IRM Energy Ltd IPO Allotment Date
The first step for checking the allotment status of the IPO online is the completion of the basis of allotment of IRM Energy Ltd. The basis of allotment will be finalized late on 27th October 2023. The refunds will also be initiated by the company on 27th October 2023. The demat credits are expected to also happen on 30th October 2023 while the listing of the stock on the NSE and the BSE will happen on 31st October 2023. In between there is a weekend holiday so the allotment status gets delayed by a couple of days. However, it looks like the companies are keen to adhere to the new SEBI norm of T+3 listing. That is voluntary as of now but will become mandatory as of the start of December 2023, so most IPO issuers are getting fully prepared for the new system.
If you have applied for the IPO, you can check your allotment status online. You can either check your allotment status on the BSE website or the IPO registrar, Link Intime India Private Limited. Here are the steps.
Check the allotment status of IRM Energy Ltd
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below.
Once you reach the page, here are the steps to follow.
- Under Issue Type – Select Equity Option
- Under Issue Name – Select IRM Energy Ltd from the drop down box
- Enter the Application Number exactly as in the acknowledgement slip
- Enter the PAN (10-digit alphanumeric) number
- Once this is done, you need to click on the Captcha to verify that you are not a robot
- Finally click on the Search Button
In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.
The allotment status will be displayed on the screen in front of you informing about the number of shares of IRM Energy Ltd allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 30th October 2023.
IRM Energy Ltd IPO Registrars
Registrar to IPO: Link Intime
There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Link Intime India Private Ltd by clicking on the Public Issues link displayed prominently on the home page. All the 3 approaches will eventually lead you to the same landing page of the IPO allotment status check.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select IRM Energy Ltd from the drop-down box. In the case of IRM Energy Ltd, data access will be allowed late on 27th of October 2023 or by middle of 28th of October 2023.
There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.
- If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.
- The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.
- The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.
- The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.
- Finally, click on the Search button
IRM Energy IPO Subscription Status
The IPO status with number of shares of IRM Energy Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records. The same can be verified with the demat account on 30th October 2023 or after that. The stock is expected to list on 31st October 2023. The question is, what will determine your chances of allotment in the IPO. It is basically two things; IPO quota by category and subscriptions.
IPO quota and subscriptions: Impact on allotment
There are 2 factors that will influence the allotment chances of an investor. The first is the quotas allocated to each category. They are captured in the table below.
|Investor Category||Shares Offered|
|Anchor Investor Shares Offered||31,75,200 shares (29.40%)|
|QIB Shares Offered||21,16,800 shares (19.60%)|
|NII (HNI) Shares Offered||15,87,600 shares (14.70%)|
|Retail Shares Offered||37,04,400 shares (34.30%)|
|Employee Shares Offered||2,16,000 shares (2.00%)|
|Total Shares Offered||1,08,00,000 shares (100.00%)|
In the above table, the retail investors have an allocation of 34.3% of the issue, which is a good number to target. However, the other key question is about subscription levels, which is captured in the table below.
|Qualified Institutional Buyers (QIB)||44.73 Times|
|S (HNI) ₹2 lakhs to ₹10 lakhs||40.46|
|B (HNI) Above ₹10 lakhs||52.29|
|Non Institutional Investors (NII)||48.34 Times|
|Retail Individuals||9.29 Times|
As can be seen in the above data, the overall subscription in the IPO of IRM Energy Ltd is 27.05 times. However, the retail portion is just 9.29 times. The SEBI regulation require the basis of allotment to be worked out in such a way that maximum number of eligible retail bidders get allotment. Retail investors can, therefore, fancy their chances of getting allotment in the IPO of IRM Energy Ltd.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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