Wed Sep 25 08:53:37 UTC 2024: ## KRN Heat Exchanger and Refrigeration IPO Fully Subscribed on Day 1

**New Delhi:** The IPO of KRN Heat Exchanger and Refrigeration Ltd opened today, attracting strong investor interest. The IPO was fully subscribed within minutes of opening, according to news agency PTI. The IPO price band was set at ₹209 to ₹220 per share.

The company received bids for 3,40,48,105 shares, representing a 3.10 times subscription. The qualified institutional buyer (QIB) portion saw a 6.29 times subscription, while the retail portion was subscribed 3.46 times.

KRN Heat Exchanger and Refrigeration had raised ₹100 crore through anchor investors on Tuesday. The IPO aims to raise ₹342 crore, with the company issuing 1,55,43,000 fresh shares.

The company plans to use ₹242.5 crore to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan, through its subsidiary KRN HVAC Products. The remaining funds will be used for corporate purposes.

KRN Heat Exchanger and Refrigeration is a manufacturer of heat exchangers, such as fins and tubes, used in the air conditioning and refrigeration industry.

The company’s shares are trading at a premium of over 100% in the grey market, suggesting a potential for strong listing gains. Investors are hopeful of a double-digit return on investment post-listing.

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