KRN Heat Exchanger IPO Fully Subscribed in Minutes, Ends 23.73 Times Oversubscribed

KRN Heat Exchanger and Refrigeration Ltd's IPO was fully subscribed within minutes of opening, ending with a 23.73 times subscription. The IPO, offering shares in the range of Rs 209-220 each, attracted significant interest from non-institutional, retail, and institutional investors. The raised funds will be used for a new manufacturing facility and corporate purposes.

The initial public offer of KRN Heat Exchanger and Refrigeration Ltd achieved full subscription within minutes on Wednesday and concluded with an impressive 23.73 times oversubscription.

Data from the NSE revealed that the IPO received bids for 26,08,36,485 shares, significantly surpassing the 1,09,93,000 shares on offer.

Non-Institutional Investors demonstrated strong interest, subscribing to 52.73 times the offer, while Retail Individual Investors subscribed 23.74 times. The Qualified Institutional Buyers segment saw a 1.43 times subscription.

Leading up to this, the company raised Rs 100 crore from anchor investors on Tuesday.

The Rs 342-crore IPO, available from September 25-27, is priced at Rs 209-220 per share.

The IPO includes a fresh issue of 1,55,43,000 equity shares, with Rs 242.5 crore earmarked for investment in a new manufacturing facility in Neemrana, Alwar, Rajasthan, and the remainder for general corporate purposes.

KRN Heat Exchanger manufactures fin and tube-type heat exchangers, operating from its consolidated manufacturing facility in RIICO Industrial Area, Neemrana, Rajasthan.

Holani Consultants is serving as the sole book-running lead manager for the issue.

(With inputs from agencies.)