IRM Energy's Rs 545 crore IPO subscribed 27 times on last day of offer

The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday.
The Rs 545.40 crore-initial share sale received bids for 20,62,70,910 shares against 76,24,800 shares on offer, as per NSE data.
The category for non-institutional investors was subscribed 48.34 times while the portion for Qualified Institutional Buyers (QIBs) received 44.73 times subscription and Retail Individual Investors (RIIs) quota got subscribed 9.29 times.
The IPO was a fresh issue of up to 1.08 crore equity shares.
The price range for the offer was Rs 480-505 a share.
IRM Energy Ltd on Tuesday said it has raised over Rs 160 crore from anchor investors.
Proceeds from the issue to the tune of Rs 307.26 crore will be used to fund capital expenditure requirements for the development of the city gas distribution network at Namakkal and Tiruchirappalli in Tamil Nadu and Rs 135 crore for payment of debt.
Besides, a portion will be