Thu Sep 26 02:57:41 UTC 2024: ## KRN Heat Exchanger IPO Over-Subscribed on Day One, Grey Market Premium Soars

**Mumbai, India** – KRN Heat Exchanger, a manufacturer of heat exchanger tubes for the HVAC and refrigeration industries, saw an overwhelming response to its initial public offering (IPO) on Wednesday, September 25th. The IPO, aiming to raise ₹342 crore, was subscribed 24.09 times on the first day, with retail investors particularly enthusiastic, subscribing 23.96 times their allotted portion.

The IPO, which consists entirely of fresh shares, will conclude on Friday, September 27th.

The grey market premium (GMP) for KRN Heat Exchanger shares has surged to ₹251, indicating a potential listing price of ₹471, representing a premium of 114.09% over the upper end of the price band.

The company’s IPO price band has been set at ₹209 to ₹220 per share.

**Key IPO Details:**

* **IPO Size:** ₹342 crore
* **Lot Size:** 65 shares (minimum investment of ₹14,300)
* **Allotment Date:** Monday, September 30th
* **Listing Date:** Thursday, October 3rd
* **Registrar:** Bigshare Services Private Limited

**Analysts’ Views:**

Analysts are generally positive about KRN Heat Exchanger’s IPO, citing the company’s strong growth prospects and fair valuation.

Sagar Shetty, a research analyst at StoxBox, highlighted the company’s strong financial performance, including a robust EBITDA margin of 18.9% and a return on equity of 29.7% in FY24. He also noted the growing demand for energy-efficient HVAC solutions in India, a key market for the company.

However, Arun Kejriwal, founder of Kejriwal Research and Investment Services, advises investors to proceed with caution due to the company’s vendor-based business model and the crowded IPO market.

**Disclaimer:** The views and recommendations expressed in this article are solely those of the analysts and do not represent the views of Mint. Investors are advised to consult with certified financial professionals before making any investment decisions.

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