Mon Sep 30 19:51:52 UTC 2024: ## KRN Heat Exchanger IPO Over-Subscribed, Allotment Expected Today: GMP Suggests Potential Listing Gain

**New Delhi:** KRN Heat Exchanger and Refrigeration’s Initial Public Offering (IPO), which closed on Friday, September 27th, 2024, has been oversubscribed by a whopping 214.42 times. The IPO received bids for 2,35,71,39,005 shares against the offer of 10,99,30,000 shares, with Non-Institutional Investors (NII) leading the charge with a subscription of 431.63 times.

The allotment of shares is expected to be finalized today. Investors can check their allotment status on the BSE, NSE, or Bigshare Services website, the registrar for the issue.

The company’s shares are expected to list on the BSE and NSE on Thursday, October 3rd, 2024. Based on the current Grey Market Premium (GMP), the shares are estimated to trade around ₹490, a significant premium over the IPO’s upper price band of ₹220, potentially offering investors double the initial investment.

KRN Heat Exchanger’s IPO raised fresh funds through the issuance of 15,543,000 shares, priced between ₹209-220. The proceeds from the IPO will be used for investing in the company’s wholly-owned subsidiary, KRN HVAC Products Pvt Ltd, for setting up a new manufacturing plant in Neemrana, Alwar, Rajasthan, and general corporate purposes.

KRN Heat Exchanger and Refrigeration is a leading manufacturer in the HVAC&R (Heating, Ventilation, Air Conditioning, and Refrigeration) industry, known for its products like fin and tube heat exchangers, water coils, condenser coils, evaporator coils, and heat exchanger tubes in various sizes.

The IPO’s success is a testament to the company’s strong performance and the positive outlook for the HVAC&R industry.

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