KRN Heat Exchanger IPO subscribed over 23 times on the first day, driven by strong NIIs and retail demand

KRN Heat Exchanger and Refrigeration Limited IPO opened to a strong demand across investor categories on Wednesday, September 25, as the public offer was fully subscribed within minutes of launch.

The mainboard issue was booked over 24 times, with bids for more than 26.4 crore shares compared to 1.09 crore shares on offer, the NSE data at 5 pm showed.

The initial public offering (IPO) of the manufacturer of fin and tube-type heat exchangers received applications for nearly 13 crore shares against 54.98 lakh shares in the retail category. The retail portion was booked 23.96 times.

The non-institutional investors applied for over 12.56 crore shares against 23.87 lakh shares set aside for the category, booking the portion 52.62 times.

The Qualified Institutional Buyers (QIBs) segment received applications for over 44.4 lakh shares compared to 31,07,455 shares reserved for the category. The QIBs booked their portion 1.43 times.

KRN Heat Exchanger IPO offer size, price band and minimum investment

KRN Heat Exchanger IPO is a book-built offering aimed at raising ₹341.95 crore. The mainboard IPO consists of an entirely fresh issue of 1.55 crore shares. KRN Heat Exchanger IPO price band has been fixed at ₹209 to ₹220 per share.

The minimum lot size for retail applications is a single lot of 65 shares, amounting to an investment of ₹14,300.

For small non-institutional investors (sNII), the minimum investment is 14 lots (910 shares) totalling ₹2,00,200, while for large non-institutional investors (bNII) it is 70 lots (4,550 shares), aggregating to ₹10,01,000.

KRN Heat Exchanger IPO dates

KRN Heat Exchanger IPO subscription is open from September 25 to September 27. The IPO allotment status is expected to be finalised on Monday, September 30.

Successful bidders will receive shares in their demat accounts on October 1; the same day, refunds will be initiated for non-allottees.

Shares KRN Heat Exchanger and Refrigeration Limited are scheduled to be listed on the NSE and BSE. The IPO listing date has been tentatively fixed as October 3.

KRN Heat Exchanger IPO registrar

Bigshare Services Private Limited is the registrar of the KRN Heat Exchanger IPO, while Holani Consultants Private Limited serves as the book-running lead manager.

KRN Heat Exchanger IPO objective

The company intends to use the funds raised from the public issue to invest in its wholly-owned subsidiary, KRN HVAC Products Private Limited, to set up a new manufacturing facility in Alwar, Rajasthan. It will also use a portion of the IPO proceeds for general corporate purposes.

About KRN Heat Exchanger and Refrigeration Limited

KRN Heat Exchanger and Refrigeration Limited is a leading manufacturer of fin and tube-type heat exchangers, producing products such as copper and aluminium fins, condenser coils, and evaporator coils for the heating, ventilating, air conditioning and refrigerating (HVAC&R) industry.

Their heat exchanger tubes come in various sizes, ranging from 5 mm to 15.88 mm in diameter.

The company serves prestigious clients like Daikin Air Conditioning and Schneider Electric and exports to countries such as the UAE, the United States, and Germany.