KRN Heat Exchanger shares made a strong stock market debut in October 3 trade, listing at Rs 480 per share on the NSE, at a premium of 118.18 percent over the IPO price. The Rs 342-crore KRN Heat Exchanger IPO was available for public subscription in the price range of Rs 209-220 per share.
On the BSE, the shares opened at Rs 470 apiece, a premium of 113.6 percent over the IPO price.
KRN Heat Exchanger shares were commanding a grey market premium of Rs 220 per share in the unlisted market on Thursday, according to platforms that track the GMP activities. The listing gains are above than the grey market estimates.
The initial public offering of KRN Heat Exchanger and Refrigeration Ltd garnered 213.26 times subscription, helped by overwhelming participation from institutional investors. The company had raised Rs 100 crore from anchor investors.
The company stated that Rs 242.5 crore will be allocated for investment in its wholly-owned subsidiary, KRN HVAC Products, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be utilised for general corporate purposes.
Based in Rajasthan, the company produces fin and tube-type heat exchangers for the heating, ventilation, air conditioning, and refrigeration (HVAC&R) industry.
All of the company’s manufacturing operations are conducted at its consolidated facility, which consists of two industrial plots located in the RIICO Industrial Area, Neemrana, Rajasthan.
