KRN Heat Exchanger IPO Closes Today, September 27, 2024

27 Sep 2024 , 12:53 PM

KRN Heat Exchanger and Refrigeration Ltd’s IPO closes on Friday. The IPO is valued at ₹341.95 Crore with a price band of ₹209 to ₹220 per share.

As of Friday at 12:45 pm, the IPO received 99.89 times subscription, the Non-institutional investor category received 276.93 times subscription, while retail individual investors (RIIs) saw 74.68 times subscription. Qualified Institutional Buyers (QIBs) subscribed 8.50 times to the issue.

The IPO was open from September 25 to September 27, with 26.11 times subscription on Day 1 and 58.55 times on Day 2. Share allotment is expected on September 30, with the stock listing on BSE and NSE scheduled for October 3. The company raised ₹100 Crore from anchor investors before the IPO.

The IPO consists of a fresh issue of 1.55 Crore equity shares, valued at ₹342 Crore at the upper price band. ₹242.5 Crore from the proceeds will be invested in its wholly-owned subsidiary KRN HVAC Products to set up a manufacturing facility in Neemrana, Alwar, Rajasthan.

Remaining funds will be allocated for general corporate purposes. KRN Heat Exchanger specializes in fin and tube-type heat exchangers for HVAC and refrigeration industries. All manufacturing is conducted at its consolidated facility in Neemrana, Rajasthan. Holani Consultants is the sole book-running lead manager for the IPO.