Thu Sep 26 04:56:22 UTC 2024: ## IPO Buzz: KRN Heat Exchanger Oversubscribed, Manba Finance Allotment Expected Today
**Mumbai, India (September 26, 2023):** The Indian stock market is buzzing with IPO activity, with several companies making their debut on the exchanges. KRN Heat Exchanger, a manufacturer of HVAC products, has witnessed strong investor interest, with its IPO being oversubscribed by 24.09 times on its first day of subscription.
The IPO, which closed on September 27, raised approximately ₹342 crore through a fresh issue of 1.55 crore shares. The company plans to use the proceeds to set up a new manufacturing facility in Neemrana, Rajasthan.
The grey market premium (GMP) for the IPO has climbed to ₹251, indicating that the stock is expected to list at a significant premium on the BSE and NSE on October 3.
Meanwhile, investors are eagerly awaiting the allotment of shares for the Manba Finance IPO, which was oversubscribed by a staggering 224 times on its launch day. The allotment is expected to be finalized today, September 26.
In other news, gold prices remained steady on Thursday, hovering near record highs. The precious metal is supported by expectations of another interest rate cut by the Federal Reserve.
For those interested in the options market, Traders Gurukul is hosting its “BOTS” – India’s Largest Regional Retail Option Traders Summit – on the second or third Sunday of every month across major cities in India.
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