KRN Heat Exchanger IPO debuts at ₹480 with over 118% gains on listing

The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration saw strong demand during its bidding period from September 25 to 27. The listing date for KRN Heat Exchanger IPO is today, October 3.

According to a notice on BSE:
“Trading Members of the Exchange are hereby informed that effective from Thursday, October 3, 2024, the equity shares of KRN HEAT EXCHANGER AND REFRIGERATION LIMITED shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.”

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Listing Highlights

  • Issue Price: ₹220.00 per share
  • Retail Lot Size: 65 shares
  • Listing Price:
    • BSE: ₹470.00
    • NSE: ₹480.00
  • Profit Per Lot:
    • BSE: ₹16,250
    • NSE: ₹16,900

The IPO listing recorded a substantial gain of 118%, with the shares delivering high returns to investors.

KRN Heat Exchanger IPO GMP

Ahead of the listing, the Grey Market Premium (GMP) for KRN Heat Exchanger IPO stood at ₹243 per share, as per stock market analysts. This suggests the shares were trading at a premium of 110% over their issue price in the grey market.

KRN Heat Exchanger IPO Details

KRN Heat Exchanger and Refrigeration Ltd specializes in the manufacturing of fin and tube-type heat exchangers. The IPO opened on September 25 and closed on September 27. The IPO allotment was finalized on September 30, and the shares are listed on BSE and NSE.

  • Total Raised: ₹341.95 crore
  • Issue Size: Entirely a fresh issue of 1.55 crore equity shares
  • Price Band: ₹209 to ₹220 per share

The company aims to use the net proceeds to invest in its wholly-owned subsidiary, KRN HVAC Products Pvt Ltd, for establishing a new manufacturing facility and general corporate purposes.

Subscription Details

KRN Heat Exchanger IPO was oversubscribed 213.41 times in total:

  • Retail Category: 96.74 times
  • Qualified Institutional Buyers (QIB): 253.04 times
  • Non-Institutional Investors (NII): 430.54 times

The public issue received a total of 214.42 times subscription, indicating high investor interest. The book-running lead manager for the IPO is Holani Consultants Private Limited, while Bigshare Services Pvt Ltd is the registrar.