KRN Heat Exchanger IPO Day 2: Issue subscribed 37 times on high demand from NIIs, retail investors

KRN Heat Exchanger and Refrigeration Limited IPO continued to receive a strong demand across investor categories on the second day of bidding on Wednesday, September 26. The mainboard issue was fully subscribed within minutes of launch on Thursday, September 25

The mainboard issue has been booked over 37 times so far on the second day of bidding till 11:50 am, as per the NSE data.

The IPO received bids for over 40.81 crore shares against 1.09 crore shares offered for subscription, leading to an overall subscription of 37.13 times.

The retail individual investors applied for over 21.14 crore shares of KRN Heat Exchanger against the 54.98 lakh shares set aside for the category. The retail portion was booked 38.45 times. The mainboard issue was subscribed 80.43 times in the Non-Institutional Investors (NIIs) category with applications for over 19.2 crore shares against 23.87 lakh shares reserved for the category. The Qualified Institutional Buyers (QIBs) placed bids for 47.35 lakh shares compared to the 31.07 lakh shares set aside for the category. The QIBs booked their quota 1.52 times.

The ₹341.95 crore book-building issue of KRN Heat Exchanger and Refrigeration Limited is open for subscription from September 25 to September 27. Here are the key details about the IPO for investors looking forward to applying for the shares of the company.

KRN Heat Exchanger IPO Offer size and price band

KRN Heat Exchanger IPO comprises a fresh issue of 1.55 crore shares. The IPO price band has been fixed at ₹209 to ₹220 per share.

Retail investors can apply for a minimum lot size of 1 lot or 65 shares, which aggregates to an investment of ₹14,300.

KRN Heat Exchanger IPO allotment status and listing date

The share allotment status is expected to be finalised on Monday, September 30. After the share allotment status of the public issue is finalised, refunds will be initiated for unsuccessful bidders on Tuesday, October 1, and successful bidders will receive shares of KRN Heat Exchanger in their Demat accounts on the same day.

Shares of the company will be listed on the NSE and BSE. The tentative listing date for the shares is Thursday, October 3.

KRN Heat Exchanger IPO Registrar

The book-running lead manager for KRN Heat Exchanger IPO is Holani Consultants Private Limited and the registrar for the issue is Bigshare Services Pvt Ltd.

KRN Heat Exchanger IPO objective

The company plans to use the funds raised via the public issue to set up a new manufacturing facility at Neemrana, Rajasthan, and for general corporate purposes.

About KRN Heat Exchanger and Refrigeration Ltd

KRN Heat Exchanger and Refrigeration Ltd is a manufacturer of fin and tube-type heat exchangers. The company’s product portfolio includes copper and aluminium fins and copper tubes, heat exchangers, water coils and other such components. The company caters to the domestic, commercial and industrial Heating, Ventilation, Air Conditioning and Refrigeration (HVAC&R) industry.