KRN Heat Exchanger IPO allotment finalised: Here’s how to check status on Bigshare Services, NSE

The allotment for KRN Heat Exchanger and Refrigeration Limited IPO has been finalised. The IPO saw an overwhelming response from the investors as it got subscribed over 213 times as on the final day of the IPO.

The public issue subscribed 96.74 times under the retail category, 253.04 times in QIB, and 430.54 times in the NII category by September 27, 2024 i.e., the final day of the IPO.

The IPO applicants can check the share allotment status online through the websites of the NSE, BSE and issue registrar, Bigshare Services Pvt Ltd.

Steps to check KRN Heat Exchanger IPO share allotment status on NSE

• Open the NSE IPO allotment status page: www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
• Login with your username and password. First time users will have to create a login id afresh on the NSE website.
• Select ‘KRN Heat Exchanger and Refrigeration’ from the drop-down menu for issue names.
• Enter your PAN details.
• Enter the IPO application Number
• Click on the ‘I am not a Robot’ checkbox
• Click the ‘Submit’ button.

It is important to note that the share allotment status will appear on screen only after the company finalises the share allocation. KRN Heat Exchanger IPO share allotment status can also be checked on the BSE website by using the PAN and application number.

How to check KRN Heat Exchanger allotment status on the registrar's website

• Go to the official website of Bigshare Services- https://ipo.bigshareonline.com/IPO_Status.html.
• Select 'KRN Heat Exchanger and Refrigeration’ from the dropdown menu for company names.
• Select any of the following details— Application Number, Beneficiary ID or PAN— and enter the details to verify.
• Type in the captcha.
• Click on the search button to view the share allotment status.

KRN Heat Exchanger IPO objective

The net proceeds from the fresh issue will be used to invest in the company's wholly owned subsidiary, KRN HVAC Products Pvt Ltd, for setting up a new manufacturing facility in Neemrana, Alwar, Rajasthan, as well as for general corporate purposes.

As per experts, KRN Heat Exchanger has long-standing relationships with its clients, innovative product range, experienced promoters, consistent financials and new product development capabilities.

KRN Heat Exchanger IPO subscription details

KRN Heat Exchanger IPO received bids for over 234 crore shares across categories against 1.09 crore shares offered for subscription, leading to an overall booking of 213.4 times.

The Non-Institutional Investors (NIIs) category was booked over 430 times, with applications for 102.77 crore shares compared to 23.87 lakh shares reserved for the category. The retail portion of the IPO was booked over 96 times, with applications for over 53.1 crore shares compared to 54.98 lakh shares set aside for the segment.

The Qualified Institutional Buyers (QIBs) booked their quota 253.04 times with bids for over 78.63 crore shares compared to 31.07 lakh shares set aside for the category.

KRN Heat Exchanger IPO: Key strengths

• Long‐standing business relationships with leading clientele, such as since 2018 with Daikin, 2019 with Schnieder, and 2020 with Kirloskar.
• Consistent financial performance with EBITDA margins of 10%, 19%, and 18% in FY22, FY23, and FY24, respectively.

About KRN Heat Exchanger and Refrigeration

KRN Heat Exchanger and Refrigeration is a manufacturer of copper and aluminium fin and tube-type heat exchangers, water coils, condenser coils, and evaporator coils. The products manufactured by the company are used in the domestic, commercial and industrial Heating, Ventilation, air conditioning and refrigeration (HVAC&R) sectors.

The company has several marquee clients, including Daikin Airconditioning India Pvt Ltd, Schneider Electric IT Business India Pvt Ltd, Kirloskar Chillers Private Ltd, and other companies in the HVAC&R industry. Its manufacturing facility is situated in Neemrana, Rajasthan.