KRN Heat Exchanger IPO Subscribed 24.09 Times On Day 1 As NII, Retail Portions Overbooked
The Rajasthan-based company raised Rs 100 crore from anchor investors ahead of its IPO.
(Source: Freepik)
The initial public offering of KRN Heat Exchanger and Refrigeration Ltd. has been subscribed 24.09 times on Wednesday, its first day of bidding.
The Rajasthan-based company is looking to raise Rs 341.95 crore with its maiden offering consisting of a fresh issue of a size of 1.55 crore equity shares with no offer-for-sale component.
The price band has been set at Rs 209-220 per share for the issue, which will close on Sept. 27, with the listing expected to take place on Oct. 3. The minimum lot size for bidding will be 65 shares, with further bids to be made in multiples thereof, according to the company.
The company raised Rs 100 crore from anchor investors ahead of its initial IPO, by allotting 45.5 lakh shares at Rs 220 apiece to 10 investors.
Issue Details
Issue opens: Sept. 25
Issue closes: Sept. 27
Issue price: Rs 209-220 per share.
Fresh issue: 1.55 crore shares
Total issue size: Rs 341.95 crore.
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Use Of Proceeds
Proceeds from the issue will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility in Rajasthan's Neemrana.
Business Overview
The Rajasthan-based company manufactures fin and tube-type heat exchangers for the heat ventilation air conditioning and refrigeration industry.
The company's entire manufacturing operations are carried out at its consolidated manufacturing facility comprising two industrial plots situated in the RIICO Industrial Area located in Neemrana.
The company has long-standing relations with Daikin Air conditioning India Pvt., Schnieder Electric IT Business India Pvt., Kirloskar Chillers Pvt., Blue Star Ltd. and Climaventa Climate Technologies Pvt.
KRN Heat Exchanger IPO Subscription Status: Day 1
The IPO was subscribed 24.09 times as of 5:00 p.m. on Wednesday.
Qualified institutional buyers: 1.44 times.
Non-institutional investors: 53.88 times.
Retail investors: 23.96 times.
KRN Heat Exchanger IPO GMP Today
The grey market premium of KRN Heat Exchanger was Rs 239 as of 11:31 a.m., implying a 108.64% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 459 per share.
GMP is not an official price quote for the stock and is based on speculation.
