KRN Heat Exchanger Shares Set for Exciting Stock Market Debut Today

KRN Heat Exchanger and Refrigeration shares are set to launch on the stock market today, October 3, 2024. The company’s initial public offering (IPO) drew significant interest from investors between September 25 and 27.

Listing Details

According to a notice from the Bombay Stock Exchange (BSE), KRN Heat Exchanger shares will be listed under the 'B' Group of Securities. The shares will be available for trading starting at 10:00 AM today as part of a Special Pre-open Session (SPOS).

Market Demand

Ahead of the listing, KRN Heat Exchanger shares are seeing strong demand in the grey market. The grey market premium (GMP) for the shares is Rs. 243, indicating a potential listing price of Rs. 463, which is 110% higher than the IPO price of Rs. 220 per share. Analysts predict significant gains for investors.

Subscription Success

The KRN Heat Exchanger IPO was extremely popular, with a total subscription rate of over 213 times. Specifically, it received 96.74 times bids from retail investors, 253.04 times from qualified institutional buyers (QIBs), and 430.54 times from non-institutional investors (NIIs).

Company Background

KRN Heat Exchanger focuses on producing fin and tube-type heat exchangers for the heating, ventilation, air conditioning, and refrigeration (HVAC&R) sector. In the fiscal year 2024, the company generated revenues of ₹3,083 million, achieving robust profit margins.

Fund Utilization

The Rs. 341.95 crore raised from the IPO will be used to invest in a new manufacturing facility for its subsidiary, KRN HVAC Products Pvt Ltd, along with other general corporate needs.

Also read: RBI Likely to Maintain Interest Rates in Upcoming Policy Meeting

This IPO has generated excitement in the market, with expectations of strong gains for early investors. As the company makes its stock market debut, many are looking forward to how the shares perform today.