Tue Sep 24 10:11:47 UTC 2024: ## KRN Heat Exchanger IPO to Open This Week with High Demand in Grey Market

**Mumbai, September 26, 2023:** KRN Heat Exchanger and Refrigeration Ltd.’s initial public offering (IPO) is set to open on Wednesday, September 25th, with investors having until September 27th to place their bids. Even before the IPO opens, the company’s shares are creating a buzz in the grey market, trading at a premium of 109%.

The IPO’s price band is set between ₹209 and ₹220. However, the current grey market premium (GMP) stands at around ₹240, indicating a potential listing price of ₹460 (₹220 + ₹240). This translates to a significant 109% premium over the upper price band.

KRN Heat Exchanger plans to issue 1,55,23,000 fresh shares, raising ₹341.95 crore through the IPO. The IPO lot size is 65 shares, meaning retail investors need to bid a minimum of ₹14,300 (one lot at the upper price band). The maximum investment allowed is ₹1,85,900 (13 lots, or 845 shares).

The IPO has reserved 50% of the shares for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs). The share allotment is scheduled for September 30th, with shares credited to demat accounts on October 1st. The listing is set for October 3rd on the BSE and NSE.

This strong demand in the grey market suggests high investor interest in KRN Heat Exchanger. The IPO’s success will depend on the company’s ability to meet market expectations and deliver on its growth plans.

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