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KRN Heat Exchanger IPO listing price prediction: The grey market premium for the initial public offering of KRN Heat Exchanger and Refrigeration, whose allotment was finalised yesterday, continues to remain over 100 per cent, indicating a blockbuster market debut for the company’s shares, scheduled for Thursday, October 3, 2024.
On Tuesday, KRN Heat Exchanger's unlisted shares were trading at a premium of Rs 270, which translates to a GMP of 122.73 per cent from the IPO issue price of Rs 220, sources trading in the grey market revealed. However, KRN Heat Exchanger's GMP today dropped by Rs 6 from Rs 276, quoted on September 27, when the issue closed for public subscription.
KRN Heat Exchanger shares are expected to make their market debut on the bourses on October 3, by listing on BSE and NSE. Taking the current GMP into consideration, KRN Heat Exchanger shares may list at around Rs 490 (GMP + Issue price). Thus, investors who were allotted the company’s shares in the IPO may expect a return of over 122 per cent at the time of listing.
KRN Heat Exchanger IPO details
KRN Heat Exchanger’s IPO comprised an entirely fresh issue of 15,543,000 shares, with a price band of Rs 209-220. The IPO was open for public subscription from Wednesday, September 25, 2024, to Friday, September 27, 2024. The public issue received massive demand from investors, with an oversubscription reaching 214.42 times, driven primarily by Non-Institutional Investors, who placed bids for a whopping 431.63 times. This was followed by Qualified Institutional Buyers at 253.04 times and Retail Individual Investors at 98.29 times, as per BSE data.
The company intends to use the net proceeds from the public issue to invest in its wholly-owned subsidiary, KRN HVAC Products, for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan, and for general corporate purposes.
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KRN Heat Exchanger and Refrigeration specialises in manufacturing fin and tube-type heat exchangers, offering copper and aluminium fins, copper tubes, and coils (water, condenser, evaporator) in various sizes (5mm-15.88mm diameter). Its products serve the HVAC&R industry across domestic, commercial, and industrial sectors, providing reliable solutions for heating, ventilation, air conditioning, and refrigeration applications.
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