KRN Heat Exchanger IPO fully subscribed within the first half-hour of day 1

KRN Heat Exchanger IPO: Investors have shown strong confidence in KRN Heat Exchanger and Refrigeration's IPO, as the issue saw a surge in demand from the moment subscriptions opened. Remarkably, the IPO was fully subscribed within the first half-hour of its debut on Wednesday, reflecting high investor enthusiasm.

The grey market trends are also indicating strong momentum for the stock. The latest grey market premium (GMP) of the KRN Heat Exchanger IPO is ₹239. This indicates the stock is expected to be listed at a premium of 108.64 per cent at ₹459 on the Indian bourses.

According to BSE data, by 10:30 am on Wednesday, the first day of subscription, the KRN Heat Exchanger IPO had seen an overall subscription of 2.37 times.

The portion reserved for retail investors was subscribed 2.37 times, while the non-institutional investors' category had seen a subscription of 4.86 times. By that time, the QIB segment of the issue had not seen any subscriptions.

The ₹342 crore mainboard issue opened for subscription on Wednesday, September 25, and will remain open till Friday, September 27. Ahead of the IPO, the company raised ₹100.10 crore from 10 anchor investors. The IPO is entirely a fresh issue of 1.55 crore shares, with a price band of ₹209 to ₹220 per share.

The minimum lot size for retail investors is one lot, and the maximum lot size for them is 13. The minimum lot size for an application is 65 shares. This means the minimum investment required by retail investors is ₹14,300, and the maximum amount is ₹1,85,900.

According to the company's RHP, the company wants to use the net proceeds from the issue to invest in its wholly-owned subsidiary KRN HVAC Products Private Limited for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan. Some parts of the issue will be used for general corporate purposes.

The company is expected to finalise the share allotment on Monday, September 30, while shares are proposed to be listed on the BSE and the NSE tentatively on Thursday, October 3.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decision