KRN Heat Exchanger IPO Fully Subscribed Within Minutes

The initial public offer of KRN Heat Exchanger and Refrigeration Ltd was fully subscribed within minutes. The IPO received bids amounting to 3.10 times the shares on offer. Non-Institutional Investors showed significant interest, subscribing 6.29 times the offer. The funds raised will primarily be used for setting up a new manufacturing facility in Rajasthan.

The initial public offer of KRN Heat Exchanger and Refrigeration Ltd was fully subscribed within minutes of opening for share sale on Wednesday.

The IPO attracted bids amounting to 3.10 times the 1,09,93,000 shares on offer, as per data from the NSE by 10:39 hours. Non-Institutional Investors were particularly enthusiastic, with subscriptions 6.29 times the offer, and Retail Individual Investors also showed robust interest with 3.46 times subscription.

KRN Heat Exchanger raised Rs 100 crore from anchor investors ahead of the IPO. The Rs 342-crore public offering is priced between Rs 209-220 per share and is open for subscription from September 25-27. The company plans to utilize Rs 242.5 crore of the funds to invest in its subsidiary, KRN HVAC Products, for a new manufacturing facility in Neemrana, Alwar, Rajasthan. The rest will be allocated for general corporate purposes.

(With inputs from agencies.)