IRM Energy, an emerging player in the city gas distribution (CGD) segment, made its stock market debut today at Rs 477.25 per share, a discount of around 7% against its issue price of Rs 505.
The IPO was well-received by investors, and oversubscribed by 27 times. However, the current market condition could be a reason behind such a poor listing.
IRM Energy is a relatively new company, but it has a diversified customer portfolio, distribution network, and strong customer relationships. Additionally, the company is well-positioned to benefit from the growing demand for natural gas in India.
However the current market sentiment is not favorable for its listing, so investors may keep the stop loss at 455 and exit if the stock breaks this level.
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