Brokers usually take bids until: Zerodha 4:45 PM, Groww 4:50 PM, Angel One and Upstox 5:00 PM (HNI 4:00 PM). Check the exact time with your broker or bank.
Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
CGD network development in Namakkal and Tiruchirappalli
Funding capital expenditure for building out the city gas distribution network in the Namakkal and Tiruchirappalli geographical area in Tamil Nadu over FY2024 to FY2027.
Prepayment of borrowings
Prepayment or repayment of a portion of the company's outstanding borrowings to reduce interest costs and strengthen the balance sheet.
General corporate purposes
The balance of the net proceeds after the above objects, to be used for general corporate purposes.
No lots distribution added yet.
(₹ in Crore)
Tap a bar to highlight a metric across periods and show its values.
IRM Energy Limited is a city gas distribution (CGD) company based in Ahmedabad, Gujarat, that lays, builds, operates and expands local natural gas distribution networks under authorizations from the Petroleum and Natural Gas Regulatory Board. Its networks supply piped natural gas to domestic, industrial and commercial consumers and compressed natural gas to the transport segment across four geographical areas: Banaskantha in Gujarat, Fatehgarh Sahib in Punjab, the Diu and Gir Somnath region of the Union Territory of Daman and Diu and Gujarat, and Namakkal and Tiruchirappalli in Tamil Nadu. The company was originally incorporated as IRM Energy Private Limited in December 2015 and converted into a public limited company in March 2022, taking its present name. It is backed by promoters Dr. Rajiv Indravadan Modi, Cadila Pharmaceuticals Limited and IRM Trust, connecting the business to the promoter group behind the Cadila Pharmaceuticals pharmaceutical conglomerate. By the time of its public listing the company served tens of thousands of domestic customers along with several hundred industrial and commercial clients across its licensed geographies. IRM Energy's growth has tracked the broader expansion of India's city gas distribution sector, with revenue rising sharply through the early 2020s on the back of new network rollouts and customer additions. The company's strategy centers on deepening penetration in its existing authorized areas while building out infrastructure in newer geographies such as Namakkal and Tiruchirappalli, positioning it to benefit from continued government-driven expansion of piped natural gas and CNG availability across India.
IRM Energy raised about Rs 160.35 crore from 12 anchor investors at the IPO price of Rs 505 per share, absorbing roughly 29 percent of the total issue size. Notable participants included Quant Mutual Fund, DSP Mutual Fund, HDFC Life Insurance Company, SBI General Insurance Company and ITI Mutual Fund schemes, alongside other domestic institutional investors.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 5:30 AM
Established multi-region CGD network
The company holds authorizations across four distinct geographies in Gujarat, Punjab and Tamil Nadu, giving it geographic diversification within the city gas distribution business.
Strong revenue growth trajectory
Revenue expanded rapidly from about Rs 166 crore in FY20 to over Rs 1,045 crore in FY23 as new networks and customers were added.
Backing from an established promoter group
The company is promoted by individuals and entities linked to the Cadila Pharmaceuticals group, providing financial and strategic support.
Dependence on third-party gas suppliers
The company sources natural gas from external suppliers, exposing it to supply availability and pricing risk outside its control.
Foreign exchange exposure
A portion of gas costs is benchmarked to US dollar prices while revenue is earned in rupees, creating currency mismatch risk.
Competition from alternate energy sources
Piped and compressed natural gas compete with other fuel and energy sources, which could pressure volumes and pricing over time.
IRM Energy Limited
4th Floor, 8th Block, Magnet Corporate Park, Near Sola Bridge, S.G. Highway, Thaltej, Ahmedabad 380054, Gujarat, India
View on Maps →MUFG Intime India Private Limited
No financial information whatsoever published anywhere, within this website, should be considered as an advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions.
We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this website. The information on this website is based on information available as on date coupled with market perceptions.
You agree with the terms and conditions to use this website.
Grey-market disclaimer. GMP shown here is grey-market news only. We do not trade or deal in the grey market or subject-to rates, nor do we recommend trading in the grey market.
Not investment advice. IPO Nex is an information tool, not investment advice. We do not recommend buying or selling any securities. Always do your own research before applying to any IPO.
IPO Nex does not guarantee any listing gain or return. IPO investments are subject to market risks.
All times are IST.
© 2026 IPO Nex by Niota. All rights reserved.
Significant ongoing capital expenditure needs
Expanding pipeline infrastructure into new and existing geographies requires sustained capital investment, which could pressure returns if growth slows.