KRN Heat Exchanger IPO listing: Shares make bumper debut at Rs 470 on BSE

KRN Heat Exchanger IPO listing

2 min read Last Updated : Oct 03 2024 | 10:12 AM IST

Shares of KRN Heat Exchanger and Refrigeration made a bumper debut on the bourses, inline with Street's estimation. On BSE Sensex, the stock listed at Rs 470, which implies a premium of 113.64 per cent on the issue price of Rs 220 per share.

On the National Stock Exchange (NSE), KRN Heat Exchanger and Refrigeration shares opened at Rs 480, advancing 118.18 per cent, over the issue price.

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As per the sources that track grey market price (GMP), Heat Exchanger and Refrigeration's stock was expected to be listed at Rs 468 against the issue price, a premium of 112.73 per cent.

On the final day, KRN Heat Exchanger and Refrigeration received an overwhelming response reaching 214.42 times, as per NSE data. Non-Institutional Investors (NII) led with a subscription 431.63 times, followed by Qualified Institutional Buyers (QIB) at 253.04 times, and Retail Individual Investors (RII) at 98.29 times.

KRN Heat Exchanger and Refrigeration IPO opened for application on Wednesday, September 25, 2024, and concluded on Friday, September 27, 2024. Through the IPO, the company offered a fresh issue of 15,543,000 shares, with a price band of Rs 209-220. The shares were allocated to the investors on Monday, September 30.

KRN Heat Exchanger intends to use the net proceeds of the IPO to invest in its wholly-owned subsidiary, KRN HVAC Products Pvt Ltd, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan, as well as for general business purposes. Bigshare Services is the registrar for the issue.

KRN Heat Exchanger and Refrigeration Limited (KRN) specialises in manufacturing fin and tube-type heat exchangers for the heat ventilation air conditioning and refrigeration (HVAC&R) industry. Their products are primarily made from non-ferrous metals such as copper and aluminium.

KRN customises heat exchangers in various shapes and sizes to meet customer requirements and market demand, with diameters ranging from 5 mm to 15.8 mm. The product range includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils, and sheet metal parts for various cooling applications.

First Published: Oct 03 2024 | 10:04 AMIST