IRM Energy raises Rs 160 crore from anchors

Mumbai: City gas distribution company IRM Energy has raised ₹160.35 crore from anchor investors ahead of its initial public offering that opens for public subscription on Wednesday.

The company allocated 3.1 million shares at the upper end of the price band of ₹505 per share on Tuesday to anchor investors such as Quant Mutual Fund, SBI General Insurance, HDFC Life, DSP MF, ITI MF, BOI MF, Nippon AIF and PNB Metlife among others.

The issue closes on Friday and is priced at ₹480-₹505 per share. The IPO aims to raise ₹545.4 crore at the upper end of the price band.