KRN Heat Exchanger IPO subscribed 214.42 times on final day; check allotment & listing dates, GMP

KRN Heat Exchanger IPO

The maiden public issue of KRN Heat Exchanger and Refrigeration continued to receive overwhelming response from investors, subscribing 214.42 times on the final day of bidding,  September 27. Investors bought 235.71 crore equity shares so far on Friday as against the offer size of 1.09 crore shares, the subscription data on the exchanges showed.

The Rajasthan-based company opened its Rs 341.95-crore public issue on September 25 with a price band of Rs 209-220 per share.

Non-institutional investors topped the subscription list, buying 431.63 times the allotted quota, followed by qualified institutional investors who bid 253.04 times the reserved portion. The part set aside for retail investors was subscribed 98.29 times.

KRN Heat Exchanger manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry, including condenser coils, evaporator units, evaporator coils, header or copper parts, fluid and steam coils, and sheet metal parts.

The fund raising in the IPO is solely via fresh issue of 1.55 crore equity shares. Hence, the company will receive entire IPO proceeds (excluding issue expenses), which will be used mainly for setting up a new manufacturing facility at Alwar, Rajasthan by its subsidiary KRN HVAC Products, besides the use of remaining funds for general corporate purposes.

Also read: Swiggy IPO: 7 key takeaways from updated DRHP

KRN Heat Exchanger IPO Shares Allotment Date

The company will finalise the basis of allotment of IPO shares by September 30, while the IPO shares will be credited to demat accounts of successful investors by October 1.

And finally the trading in KRN Heat Exchanger shares will commence on the BSE and NSE, effective October 3 as there will be a market holiday on October 2 for Gandhi Jayanti.

Also read: IPO-bound Swiggy sees losses widen to Rs 611 cr, despite 36% surge in Q1 revenue

KRN Heat Exchanger IPO GMP

KRN Heat Exchanger IPO shares continued to attract solid interest among the grey market investors' community. Shares were trading at around 120-125 percent premium over the upper price band in grey market, increasing from 114 percent premium a day before, the market observers said.

The grey market is an unofficial market wherein IPO shares can be bought and sold till the listing.

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