KRN Heat Exchanger Listing Draws Significant Interest

3 Oct 2024 , 03:09 PM

Despite the severely gloomy market, KRN Heat Exchanger is listed at a significant premium of 114% on BSE and 118% on NSE. The positive trend continues. KRN is listed as a tiny cap. KRN received a healthy subscription of 213.41x during its Rs 341.95 crore IPO.

On the BSE, KRN stock started at Rs 470 per share, a 113.6% premium to the IPO issue price of Rs 220. The stock reached a 52-week high of Rs 513.40 a share, for a total gain of 133.36%.

At the time of writing, KRN stock is up 120% to Rs 484.9 a share from its IPO issue price. The stock rose more than 5% from its opening price. Its market capitalisation is approximately Rs 3,075.20 crore.

KRN Heat Exchangers makes fin and tube heat exchangers for the HVAC and refrigeration industries. KRN manufactures heat exchangers from nonferrous metals, notably copper and aluminium. The product line includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils and sheet metal components. KRN manufactures heat exchangers in a variety of shapes and sizes based on customer specifications and/or market need.

KRN launched its 100% book building IPO from 25 September to 27 September. The IPO was a fresh issue of Rs 341.95 crore, with prices ranging from Rs 209 to Rs 220 per share. The IPO was oversubscribed by a phenomenal 213.41x, driven by all category investors such as QIBs, NIIs and retail investors.

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