The much-awaited IPO of KRN Heat Exchanger has garnered quite a lot of attention in the market, thereby showing strong investor interest and an optimistic future ahead for the company. Thus, here’s an all-inclusive view of the allotment day of the KRN Heat Exchanger IPO, how it has performed, and what would be the expectation from the investors in the long run.
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Overview of KRN Heat Exchanger IPO
Another major gainer, the KRN Heat Exchanger and Refrigeration Ltd, too, had recently mobilized a sum of around ₹342 crore. The IPO for the company was open for subscription from September 25 to September 27, 2024, at a price of ₹209 to ₹220. The issue involved an offer for the sale of 15,543,000 equity shares to raise funds for setting up a greenfield facility at Neemrana, Rajasthan, and general corporate purposes12.
Exceptional Subscription Rates
The KRN Heat Exchanger IPO witnessed an overwhelming response from investors and was highly oversubscribed 214.42 times. Non-institutional investors accounted for a majority of this demand as they subscribed to 431.63 times the allotted shares to them, while QIBs subscribed 253.04 times and retail investors subscribed 98.29 times14. Such high figures are certainly an indicator of a great deal of confidence in the growth prospects and market position of the company.
Date of Allotment and How to Check Status
The shares are allotted today that is on 30th September, 2024. Investors can check their allotment status through several mediums:
BSE Website:
Go to the website of BSE
On your left-hand side, see ‘Investors’ and select ‘Status of Issue Application.’
Application number and PAN details should be entered.
Big share Services:
Visit the website of Big Share Services.
Click on ‘IPO allotment status’, and drop down for KRN Heat Exchanger.
Enter your application number or PAN to check your status.
Grey Market Premium (GMP)
As of date, KRN Heat Exchanger shares are trading at a GMP of ₹270. That is almost ₹123% above the upper price band of the IPO 26. This, in essence, means that shares will list around ₹490 on debut day, thus offering tremendous returns for successful applicants
Expected Listing Date
KRN Heat Exchanger shares are expected to debut on leading exchanges BSE and NSE on October 3, 2024. The listing price is perceived to be much higher than the issue price since a huge GMP value has been noted in the grey market.
KRN Company’s Overview
KRN Heat Exchanger is a company in manufacturing fin and tube heat exchangers, which find applications in various sectors. Their product range varies from coils for water to condenser coils, evaporator coils, and a wide range of tubes for heat exchangers to meet the different types of requirements of their customers25. With innovation and quality as core policy, KRN aims to increase production capacity through the IPO.
Prospects in the Future
The proceeds from this IPO would be deployed by KRN to make strategic investments in KRN HVAC Products Pvt Ltd. This would further help it to further its manufacturing capabilities in its new Neemrana facility. These expansions would be expected to place KRN in an even more competitive position in the market for HVAC&R while also helping respond to growing demand from sector 34.
Concluding Remarks on KRN
This, therefore, is much more than just a form of investment but also represents broader trends in the growth trajectory of the HVAC&R industry; it comes at an appropriate time when the subscription rates coupled with a promising GMP indicate that good market confidence accompanied this IPO. Investors wait for allotment results and subsequent listing, and once listed, investors will keenly watch KRN’s further growth prospects over the coming years.
These investors must keep their eyes peeled as they check their allotment status today and wait to experience what can be an exciting debut on 3rd October.
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This text is written by KASHAF MUHAMMAD