Wed Sep 25 17:53:36 UTC 2024: ## KRN Heat Exchanger IPO Oversubscribed Within First Half Hour
**Mumbai, India:** KRN Heat Exchanger and Refrigeration’s initial public offering (IPO) has received an overwhelming response, with the issue getting fully subscribed within the first half hour of opening on Wednesday. The strong demand for the IPO is reflected in the grey market, where the shares are trading at a 108% premium.
According to Investorgain.com, the KRN Heat Exchanger and Refrigeration IPO is available at a premium of ₹236 in the grey market.
By 10:30 am on Wednesday, the first day of subscription, the KRN Heat Exchanger IPO had received an overall subscription of 2.37 times, according to BSE data. The portion reserved for retail investors was subscribed 2.37 times, while the non-institutional investor category was subscribed 4.86 times. The QIB segment of the issue had not seen any subscriptions by then.
The company is expected to finalize the share allotment on Monday, September 30th, with the shares tentatively scheduled to be listed on the BSE and NSE on Thursday, October 3rd.
The ₹342 crore mainboard IPO opened for subscription on Wednesday, September 25th, and will remain open until Friday, September 27th. The company had raised ₹100.10 crore from 10 anchor investors before the IPO.
The IPO is a fresh issue of 1.55 crore shares, priced between ₹209 and ₹220 per share. The minimum lot size for retail investors is one lot, comprising 65 shares of the company. This means the minimum investment required for retail investors is ₹14,300.
According to the company’s RHP, KRN Heat Exchanger plans to use the proceeds from the IPO to invest in its wholly owned subsidiary, KRN HVAC Products Private Limited, for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan. A portion of the issue will also be used for general corporate purposes.
First Piper 