KRN Heat Exchanger and Refrigeration’s shares are attracting significant attention in the grey market ahead of its initial public offering (IPO) launch on Wednesday, reflecting strong investor sentiment. According to market sources, KRN Heat Exchanger’s shares are commanding a premium of ₹239, translating to a grey market premium (GMP) of 108% above the upper end of the IPO price band, which is set at ₹220 per share.
The company aims to raise ₹341.95 crore through a fresh issue of 15.54 million shares. Prior to the IPO, KRN Heat Exchanger successfully secured ₹100.10 crore from anchor investors during the bidding round on September 24, 2024.
The IPO is priced within the range of ₹209-220 per share, with a lot size of 65 shares. Retail investors can bid for a minimum of 65 shares, requiring an investment of ₹14,300.
KRN Heat Exchanger plans to use the IPO proceeds to invest in its wholly-owned subsidiary, KRN HVAC Products, for setting up a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be allocated for general corporate purposes.
The IPO bidding will close on Friday, September 27, 2024. The basis of allotment is expected to be finalized on Monday, September 30, 2024, with shares likely to be credited to demat accounts by Tuesday, October 1, 2024. KRN Heat Exchanger shares are set to debut on the BSE and NSE on Thursday, October 3, 2024.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
