Today marks the stock market debut of KRN Heat Exchanger and Refrigeration Ltd. The company’s shares will participate in the Special Pre-open Session (SPOS) and will be open for trading starting at 10:00 AM.
The public subscription for KRN Heat Exchanger’s IPO, based in Rajasthan, opened on Wednesday, September 25, and closed on Friday, September 27. The company raised ₹100 crore from anchor investors.
The IPO included a fresh issue of 1.55 crore equity shares, valued at ₹342 crore at the top end of the price range. When the bidding ended, the IPO saw a massive subscription of 214.42 times, with 2.35 billion bids placed against the 1.09 crore shares available.
The non-institutional investors’ segment had a huge subscription of 431.63 times, while the retail investors’ portion was subscribed 98.29 times. The qualified institutional buyers (QIB) category saw 253.04 times subscription.
KRN Heat Exchanger, which supplies heat exchangers to the HVAC and refrigeration industry, carries out manufacturing at its integrated facility in Neemrana, Rajasthan. Holani Consultants is the lead manager for the public offering.
Experts believe that KRN Heat Exchanger’s strong fundamentals and the high demand for the IPO indicate a positive outlook for its stock listing. According to Swastika Investmart’s Shivani Nyati, while comparing its valuation to other companies is difficult due to the lack of listed peers, the company’s promising fundamentals and market interest suggest a good future.
KRN Heat Exchanger’s IPO received a significant subscription, and its grey market premium (GMP) of ₹250 suggests the shares could list at ₹468, which would be about 113% higher than the IPO price of ₹220.
The grey market premium reflects how much investors are willing to pay above the issue price, signalling strong interest in the company’s stock.
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