Mon Sep 30 04:27:05 UTC 2024: ## KRN Heat Exchanger IPO Over-Subscribed 214 Times, Shares to List on October 3

**MUMBAI, INDIA -** The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration, a Rajasthan-based manufacturer of heat exchangers, has been oversubscribed 214.42 times on the final day of bidding.

Investors poured in bids for 235.71 crore equity shares, significantly exceeding the offer size of 1.09 crore shares. The IPO, which opened on September 25 with a price band of Rs 209-220 per share, raised a total of Rs 341.95 crore.

Non-institutional investors were the most enthusiastic, subscribing 431.63 times their allotted quota. Qualified institutional investors followed closely, bidding 253.04 times the reserved portion. Retail investors also showed strong interest, subscribing 98.29 times their quota.

The funds raised through the IPO will be primarily used for setting up a new manufacturing facility in Alwar, Rajasthan by the company’s subsidiary, KRN HVAC Products. The remaining funds will be used for general corporate purposes.

The company is expected to finalize the basis of allotment for IPO shares by September 30, with shares being credited to successful investors’ demat accounts by October 1. Trading in KRN Heat Exchanger shares will commence on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) on October 3, following the Gandhi Jayanti holiday on October 2.

The IPO’s success is reflected in the grey market, where shares are currently trading at a premium of 120-125% over the upper price band. This indicates a strong demand for the company’s shares ahead of its listing.

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