Wed Sep 25 08:53:40 UTC 2024: ## KRN Heat Exchanger IPO Opens, Aims to Raise Rs 341.95 Crore
**Mumbai, September 25, 2024:** KRN Heat Exchanger and Refrigeration Ltd, a leading manufacturer of fin and tube-type heat exchangers, has launched its initial public offering (IPO) today, seeking to raise Rs 341.95 crore from the public issue.
The IPO, which comprises a fresh issue of 1.55 crore shares, will be open for subscription until September 27. The price band for the IPO has been set at Rs 209 to Rs 220 per share.
Retail investors can apply for a minimum of 65 shares, requiring an investment of Rs 14,300, while small non-institutional investors (sNII) need to apply for at least 910 shares (Rs 200,200), and large non-institutional investors (bNII) for a minimum of 4,550 shares (Rs 1,001,000).
KRN Heat Exchanger, known for its high-quality products and quick turnaround times, enjoys strong relationships with leading clients. The company has consistently demonstrated steady growth in both revenue and profitability. While there is no listed peer for comparison, experts consider the IPO’s valuation fair.
Swastika Investmart Ltd. suggests that investors may consider subscribing to the IPO for both listing gains and long-term prospects, citing the company’s strong fundamentals. The proceeds from the IPO will be used to invest in KRN HVAC Products Pvt Ltd, the company’s wholly-owned subsidiary, and for general corporate purposes.
The IPO currently boasts a grey market premium (GMP) of Rs 239, which translates to an estimated listing price of Rs 459, indicating a potential gain of 108.64% per share. The allotment for the IPO is expected to be finalized on September 30, with the company’s shares scheduled to be listed on both BSE and NSE on October 3.
**Disclaimer:** This news article is for informational purposes only and does not constitute financial advice. Investors should consult with a qualified professional before making any investment decisions.
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