Mon Sep 30 19:25:54 UTC 2024: ## KRN Heat Exchanger IPO Overwhelmed by Demand, Subscription Surpasses 80 Times

**Mumbai, September 27, 2024:** KRN Heat Exchanger’s initial public offering (IPO) has been met with overwhelming enthusiasm from investors, exceeding expectations with a subscription level of 83.39 times.

The IPO, which opened for subscription on September 25, aimed to raise Rs 341.95 crore. Strong interest from retail investors propelled the subscription to over 80 times. As of today, the issue has been subscribed 69.62 times in the retail category, 4.57 times in the Qualified Institutional Buyer (QIB) category, and a staggering 217.73 times in the Non-Institutional Investor (NII) category.

KRN Heat Exchanger and Refrigeration Ltd specializes in manufacturing fin and tube-type heat exchangers. The company produces heat exchangers using copper and aluminum fins and copper tubes, along with water coils, condenser coils, and evaporator coils.

The IPO, entirely a fresh issue of 1.55 crore shares, is open for subscription until September 27. The price band for the IPO is set between Rs 209 and Rs 220 per share. Retail investors require a minimum investment of Rs 14,300 for 65 shares.

The Grey Market Premium (GMP) for the KRN Heat Exchanger IPO currently stands at Rs 274, projecting a listing price of Rs 494. This translates to an anticipated gain per share of approximately 124.55%.

The allotment for the IPO is scheduled for Monday, September 30, 2024, with the company’s shares expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Thursday, October 3, 2024.

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