KRN Heat Exchanger IPO Closes Today
The price band is set at Rs 209-220, with a lot size of 65 shares.
The shares of KRN Heat Exchanger set to debut on the BSE and NSE on October 3, 2024.
The KRN Heat Exchanger and Refrigeration IPO closes today, showing strong investor interest. The grey market premium (GMP) is over 100%, with unlisted shares trading at Rs 274, reflecting a GMP of 124.55%.
Impressive Oversubscription Rates
Since opening on September 25, 2024, the IPO has received bids for over 63.9 million shares against 1.1 million offered, resulting in an oversubscription of 58.14 times. Non-Institutional Investors led with 135.82 times oversubscription, followed by Retail Individual Investors at 55.50 times.
IPO Details
The price band is set at Rs 209-220, with a lot size of 65 shares. Proceeds will fund a new manufacturing facility for its subsidiary, KRN HVAC Products, in Neemrana, Alwar, Rajasthan.
Key Dates
The basis of allotment is expected on September 30, 2024, with shares credited to demat accounts on October 1. The shares are set to debut on the BSE and NSE on October 3, 2024.
Positive Broker Recommendations
Brokerages like Deven Choksey Research and Reliance Securities have recommended subscribing to the IPO, highlighting strong financial performance, including Rs 308.30 crore in FY 2024 revenues.
Looking Ahead
As the IPO concludes, optimism remains high for KRN Heat Exchanger's growth in the HVAC&R industry, with strong demand indicating a promising future.
