KRN Heat Exchanger Share Price Opens At 118% Premium Over IPO Price
The KRN Heat Exchanger IPO was subscribed 214.42 times on its third and last day of bidding on Friday.
KRN Heat Exchanger and Refrigeration Ltd. listed on the National Stock Exchange on Thursday at Rs 480 apiece, a premium of 118.18% over the issue price of Rs 220 apiece. The stock listed at Rs 470 per share on the BSE, marking a premium of 113.64%.
The IPO was subscribed 214.42 times on its third and last day of bidding on Friday.
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.
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.
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.
