Wed Sep 25 14:53:32 UTC 2024: ## KRN Heat Exchanger IPO Over-Subscribed on Day 1, Grey Market Shows Strong Confidence

**Mumbai, September 25:** The Initial Public Offering (IPO) of KRN Heat Exchanger, a leading manufacturer of fin and tube-type heat exchangers, was met with overwhelming investor enthusiasm, being subscribed 11.45 times on the first day of bidding. The IPO opened on September 25th and closed on September 27th, with a price band of Rs 209-220 per share.

Retail investors showed particularly strong interest, subscribing the IPO 12.32 times. The NII segment was even more enthusiastic, booking the issue over 24 times. The company aims to raise Rs 342 crore through the sale of 1.55 crore fresh shares. The allotment of shares is expected by September 30th, with the listing scheduled on October 3rd on both BSE and NSE.

The IPO’s strong performance is reflected in the grey market, where shares of KRN Heat Exchanger are trading at a premium of 108%. This unregulated market offers investors a sense of the public perception of an IPO, and a premium exceeding 100% suggests strong confidence in the company’s future prospects.

KRN Heat Exchanger specializes in copper and aluminium fins, copper tube heat exchangers, and coils used in the HVAC&R industry. The company’s revenue has been growing at a CAGR of 25.46% over the last three years. However, the DRHP highlighted several risks, including reliance on a few key customers, potential revenue volatility, and margin concerns.

Holani Consultants acted as the book-running lead manager for the IPO, while Bigshare Services served as the registrar.

**Meanwhile, Air India has upgraded its service on the Delhi-London route by introducing the Airbus A350 aircraft. This move aligns with the airline’s Vihaan.Ai initiative to enhance long-haul flight experience. The A350 offers a modern three-class configuration with upgraded amenities such as private suites, increased legroom, and advanced in-flight entertainment.**

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