Wed Sep 25 05:01:23 UTC 2024: ## KRN Heat Exchanger & Refrigeration IPO Set to Heat Up Market with Strong Grey Market Premium

**Neemrana, Rajasthan:** KRN Heat Exchanger and Refrigeration Ltd. is poised to make a hot debut on the stock market as its initial public offering (IPO) opens for subscription today. Investors are eagerly anticipating the IPO, driven by a strong grey market premium (GMP) indicating high demand.

The GMP, a speculative indicator of potential listing price, currently stands at Rs 239, according to Investor Gain. This suggests an estimated listing price of Rs 459, representing a premium of 108.64% over the upper IPO price band of Rs 220.

The IPO, open for subscription from September 25th to 27th, aims to raise up to Rs 341.95 crore through a fresh issue of 1.55 crore equity shares. The price band is set at Rs 209-Rs 220 per share, with the minimum lot size for bidding being 65 shares. Anchor investor bidding will commence on September 24th.

KRN Heat Exchanger, a leading manufacturer of fin and tube-type heat exchangers for the air conditioning and refrigeration industry, will utilize the IPO proceeds to set up a new manufacturing facility in Neemrana, Rajasthan, through its wholly-owned subsidiary KRN HVAC Products. The company enjoys strong business ties with industry giants like Daikin, Schneider Electric, Kirloskar Chillers, Blue Star, and Climaventa.

Holani Consultants serves as the sole book-running lead manager for the IPO. Prior to the IPO, the company successfully raised Rs 9.54 crore through a pre-IPO placement of 4.77 lakh equity shares at Rs 200 apiece.

With its established track record and strong industry presence, KRN Heat Exchanger is expected to garner significant investor interest. While the GMP is not an official price quote, it serves as a barometer of market sentiment and reflects a positive outlook for the IPO.

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