The KRN Heat Exchanger IPO, aiming to raise ₹342 crore, opened for subscription on Wednesday, September 25, and was fully subscribed within 20 minutes. Ahead of the IPO, the company raised ₹100.10 crore from 10 anchor investors, allocating 45.5 lakh equity shares at ₹220 per share. The IPO, a fresh issue of 1.55 crore shares with no offer for sale (OFS) component, will remain open until Friday, September 27.
By 10:30 am on the first day, the IPO had been subscribed 2.37 times overall, with the retail portion subscribed 2.37 times and non-institutional investors subscribing 4.86 times. The Qualified Institutional Buyer (QIB) category had not yet seen any subscriptions.
The price band for the IPO is set at ₹209-220 per share, with a minimum lot size of 65 shares, requiring retail investors to bid at least ₹14,300. The company expects to use the proceeds to invest in its subsidiary KRN HVAC Products to establish a manufacturing facility in Neemrana, Rajasthan, with additional funds allocated for general corporate purposes.
KRN Heat Exchanger, which manufactures components for the HVAC and refrigeration industries, has shown strong financial growth, with profits rising from ₹11 crore in FY22 to ₹39 crore in FY24. The company’s shares are expected to list on the BSE and NSE on Thursday, October 3.
