New Delhi: The first IPO of KRN Heat Exchanger and Refrigeration Ltd received 213.26 times oversubscription on Friday, with strong involvement from institutional investors. According to NSE data, bids for 2,34,43,38,230 shares were received for the IPO, surpassing the 1,09,93,000 shares on offer. Non-Institutional Investors oversubscribed the offer by 430.39 times, whereas Qualified Institutional Buyers (QIBs) were subscribed 253.04 times. Retail Individual Investors (RIIs) oversubscribed by 96.50 times.
KRN Heat Exchanger and Refrigeration Ltd's IPO quickly reached full subscription upon opening for share sale on Wednesday and ultimately closed with a subscription rate of 23.73 times. KRN Heat Exchanger and Refrigeration Ltd announced on Tuesday that it has secured Rs 100 crore from anchor investors. The IPO worth Rs 342 crore is open for public subscription with a share price ranging from Rs 209 to Rs 220. The IPO of KRN Heat Exchanger includes a new offering of 1,55,43,000 equity shares priced at Rs 342 crore at the higher end of the price range. Rs 242.5 crore will be allocated for setting up a new manufacturing facility at Neemrana, Alwar in Rajasthan for wholly-owned subsidiary KRN HVAC Products, with the rest being used for general corporate purposes.
The company in Rajasthan produces heat exchangers of the fin and tube variety for the HVAC and refrigeration sector. All manufacturing processes of the company are conducted at its combined manufacturing facility made up of two industrial plots located in the RIICO Industrial Area, Neemrana, Rajasthan. Holani Consultants is the exclusive main underwriter for the company's public offering.
FIRST Business Portal addressing the potential of business capability of North East Region.
