KRN Heat Exchanger and Refrigeration lists at 118% premium

3 Oct 2024 , 09:49 AM

KRN Heat Exchanger and Refrigeration Ltd shares listed at 118% premium. The shares of the company listed at ₹480 on NSE, around 118.18% premium and at ₹470, 113.64% up from the issue price of ₹220.

The issue has received bumper subscription with 214.42 times. The retail investors bid 98.29 times of the reserved quota, and non-institutional investors (NIIs) portion was subscribed 431.63 times. While the portion for qualified institutional bidders (QIBs) received 253.04 times subscription.

KRN Heat Exchanger and Refrigeration is a prominent manufacturer specializing in fin and tube-type heat exchangers, catering to the heating, ventilation, air conditioning, and refrigeration (HVACR) industry. The company’s product lineup includes copper and aluminium fins, copper tubes, heat exchangers, water coils, condenser coils, and evaporator coils.

The ₹342 crore initial public offer of KRN Heat Exchanger and Refrigeration was opened for subscription from September 25 to 27. The company has offered its shares at a price band of ₹209-220 apiece.

As per RHP, the company plans to use net proceeds towards investing in its subsidiary KRN HVAC Products Pvt Ltd for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan and for other general corporate purposes.