IRM Energy Ltd. (IEL) operates in the city gas distribution sector across various regions in India. Over the past three fiscal years, its consolidated financials have shown steady growth in total income and net profit. However, FY23 saw margin pressure due to rising gas and petroleum prices amid global unrest caused by the Ukraine-Russia conflict. With market stability returning, the company anticipates improved performance in the future. Priced at a P/BV of 4.09 based on its NAV of Rs. 123.38 and 2.33 based on its NAV of Rs. 216.95 per share as of June 30, 2023, the IPO is considered fully priced but holds promising prospects for medium to long-term investors, given IEL's leading position in its segment and signs of normalcy in its Q1-FY24 performance.