KRN Heat Exchanger IPO Receives 213.26 Times Subscription, Allotment on September 30
KRN Heat Exchanger IPO garnered 213.26 times subscription. Shares allotment on September 30, 2024. Check GMP and allotment status via Bigshare Services and BSE
krn heat exchanger ipo : New Delhi, September 29, 2024 – The Initial Public Offering (IPO) of KRN Heat Exchanger and Refrigeration Ltd witnessed an overwhelming response from institutional investors, with a massive 213.26 times subscription on the closing day of bidding. The IPO, worth Rs 342 crore, was offered in the price range of Rs 209-220 per share. Allotment of shares to successful bidders will take place on September 30, 2024.
The remarkable demand for the IPO was driven by bids for approximately 234 crore shares, against just 1.09 crore shares on offer. Earlier, the company had raised Rs 100 crore from anchor investors.
IPO Highlights
| Company Name | KRN Heat Exchanger and Refrigeration Ltd. |
|---|---|
| IPO Size | Rs 342 crore |
| Price Range | Rs 209-220 per share |
| Subscription | 213.26 times |
| Bids Received | 234 crore shares |
| Shares Offered | 1.09 crore shares |
| Anchor Investment Raised | Rs 100 crore |
How to Check KRN Heat Exchanger IPO Allotment Status
For those who participated in the IPO, checking the allotment status is a simple process. Investors can visit the official website of Bigshare Services or the Bombay Stock Exchange (BSE) to view the allotment details. Here’s how to do it:
Via Bigshare Services
- Go to the official Bigshare Services website here.
- Select the company (KRN Heat Exchanger) from the dropdown menu.
- Enter the required details such as PAN, Application number, or DP Client ID.
- Click on the ‘Submit’ button.
- The allotment status will be displayed on the screen.
Via BSE Website
- Visit the BSE website.
- Click on the ‘Investors’ option.
- From the ‘Investor Services’ dropdown, click on ‘Status of Issue Application’.
- Select ‘Equity’ as the issue type.
- Enter the necessary details, including the ‘Issue Name’.
- Input your PAN number and hit ‘Search’ to view the status.
Grey Market Premium (GMP) for KRN Heat Exchanger IPO
As per reports from grey market tracking platforms, the shares of KRN Heat Exchanger are commanding a grey market premium (GMP) of Rs 270. This indicates a premium of approximately 123% over the issue price, which has raised expectations among investors for strong listing gains.
Utilization of IPO Proceeds
The Rs 342 crore raised through the IPO will be primarily allocated towards the company’s wholly-owned subsidiary, KRN HVAC Products, for the establishment of a new manufacturing facility in Neemrana, Alwar, Rajasthan. The total investment in this project will be Rs 242.5 crore. The remaining amount will be used for general corporate purposes, enhancing the company’s financial flexibility.
About KRN Heat Exchanger and Refrigeration Ltd
KRN Heat Exchanger and Refrigeration Ltd, based in Rajasthan, is a prominent player in the heating, ventilation, air conditioning, and refrigeration (HVAC&R) industry. The company specializes in the production of fin and tube-type heat exchangers, which are vital components in HVAC&R systems. The company’s manufacturing operations are consolidated at its two industrial plots in the RIICO Industrial Area of Neemrana, Rajasthan.
Future Outlook
With strong market demand for its products and a well-planned expansion strategy, KRN Heat Exchanger is poised for robust growth in the coming years. The successful IPO and investor confidence further solidify its position in the HVAC&R market.
