KRN Heat Exchanger IPO Subscription Details on September 26, 2024

26 Sep 2024 , 02:13 PM

KRN Heat Exchanger and Refrigeration Ltd launched its ₹341.95 Crore Initial Public Offering (IPO) on September 25, 2024. The IPO’s price band is set between ₹209 to ₹220 per share.

As of the second day of bidding (September 26), at the time of writing at 2:12 pm, the IPO received 46.21 times subscription , the Non-Institutional Investors (NII) category saw 102.97 times subscription, while Retail Individual Investors (RIIs) subscribed 46.80 times. Qualified Institutional Buyers (QIB) saw a 1.56 times subscription.

KRN Heat Exchanger, based in Rajasthan, manufactures fin and tube-type heat exchangers for the HVAC (heat ventilation air conditioning) and refrigeration sectors. The IPO includes a fresh issue of 1.55 Crore equity shares worth ₹342 Crore at the upper price band.

Of the total funds, ₹242.5 Crore will be invested in its subsidiary, KRN HVAC Products, for a new manufacturing facility in Neemrana, Rajasthan. The rest will be used for corporate purposes.

The IPO will close on September 27, 2024. The allotment is expected to be finalized on September 30, with listing on both BSE and NSE on October 3, 2024. Holani Consultants is managing the public issue as the sole book-running lead manager.