KRN Heat Exchanger IPO 2024 Highlights: KRN Heat Exchanger shares had a robust stock market debut on October 3, opening at Rs 480 per share on the NSE, reflecting a premium of 118.18% over the IPO price. The scrip closed its first trading session on a lower note. It closed the day 1.25% lower at Rs 473.99. The company raised Rs 342 crore through its IPO, which was available for public subscription at a price range of Rs 209-220 per share.On the BSE, shares debuted at Rs 470, translating to a premium of 113.6% over the IPO price.
Additionally, KRN Heat Exchanger shares were trading at a grey market premium of ₹220 per share in the unlisted market on Thursday, according to platforms monitoring grey market activities. The actual listing gains exceeded the grey market estimates, showcasing strong investor demand.
KRN Heat Exchanger and Refrigeration's stock closed the trading session 1.25% lower at Rs 474. The stock opened the day at Rs 480 on the National Stock Exchange. However, the stock closed the day on a lower note on profit booking and overall markets' sentiment.
"Despite the markets' selloff, KRN Heat Exchanger listing was in line with our expectations which was on the back of bumper subscription response from all sets of investors. For allotted investors, we had recommended booking profits as we believe post listing the valuations can overstretch on a higher side discounting all the medium-term business growth visibility. For non-allottees, it would be better to wait and watch for the price to settle," said Prashanth Tapse, Senior Vice President of Research Mehta Equities.
Shares of KRN Heat Exchanger fell 6.25% to an intraday low of Rs 450. The stock was trading below its opening price or listing price of Rs 480. The stock was listed on October 03 on NSE and BSE.
The grey market premium (GMP) for the KRN Heat Exchanger IPO stood at Rs 230, down from Rs 270 at the start of the subscription period. On the second day of bidding, the GMP was Rs 235, as per data from InvestorGain.com. Despite the decline, the current GMP still signals strong potential listing gains for KRN Heat Exchanger shares.
Commenting on the KRN Heat Exchanger listing Prashanth Tapse, Senior VP (Research), Mehta Equities said that Despite markets selloff, KRN Heat Exchanger listing was in line with our expectations which was on the back of bumper subscription response from all sets of investors.
Tapse also added that for allotted investors, we had recommended to book profits as we believe post listing the valuations can over stretch on a higher side discounting all the medium term business growth visibility. For non-allottees it would be better to wait and watch for the price to settle.
KRN Heat Exchanger shares rose 3.7% to a high of Rs 497.89 from its opening price of Rs 480. KRN Heat Exchanger was listed on October 03 at a price of Rs 480 on NSE, a premium of 118% to its issue price of Rs 220.
The KRN Heat Exchanger IPO saw a subscription of 213.41 times, with 96.74 times bids in the retail category, 253.04 times in the qualified institutional buyers (QIB) category, and 430.54 times in the non-institutional investors (NII) category.
KRN Heat Exchanger and Refrigeration (KRN) specializes in manufacturing fin and tube type heat exchangers tailored for the heating, ventilation, air conditioning, and refrigeration (HVAC&R) industry. The company primarily utilizes non-ferrous metals, such as copper and aluminum, in its products.
KRN customizes heat exchangers in various shapes and sizes to meet specific customer requirements and market demands, with diameters ranging from 5 mm to 15.8 mm. The product range includes condenser coils, evaporator units, evaporator coils, header and copper parts, fluid and steam coils, as well as sheet metal components for diverse cooling applications.
Heat exchangers play a crucial role in transferring thermal energy between fluids while preventing their mixing. This process relies on conduction, allowing the heat exchanger to effectively heat or cool substances as needed.
KRN Heat Exchanger announced that Rs 242.5 crore of its funds will be allocated to its wholly-owned subsidiary, KRN HVAC Products, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining capital will be utilized for general corporate purposes, reinforcing the company's commitment to expanding its operations and production capabilities.
KRN Heat Exchanger was listed at Rs 480 on the National Stock Exchange, a premium of 118% to the issue price. The company’s IPO price band ranged between Rs 209 to Rs 220 per equity share. The IPO was opened on September 25 and closed on September 27. It raised a sum of Rs 342 crore via sale of 1.55 crore fresh shares. The registrar finalised the allotment of shares on September 30.
KRN Heat Exchanger and Refrigeration is a manufacturer of fin and tube-type heat exchangers. The company manufactures copper and aluminium fins, water coils, condenser coils, and evaporator coils. All the products offered are used in the domestic, commercial, and industrial heating, ventilation, air conditioning and refrigeration (HVAC&R) industry.
KRN Heat Exchanger and Refrigeration is a leading manufacturer of heat exchangers, specializing in products such as water coils, condenser coils, evaporator coils, and heat exchangers with copper and aluminum fins and copper tubes. The company offers a range of heat exchanger tubes with diameters from 5 mm to 15.88 mm. These products are widely used in the HVAC (heating, ventilation, air conditioning, and refrigeration) sector, catering to residential, commercial, and industrial customers.
The grey market premium (GMP) for the KRN Heat Exchanger IPO stood at Rs 230, down from Rs 270 at the start of the subscription period. On the second day of bidding, the GMP was Rs 235, as per data from InvestorGain.com. Despite the decline, the current GMP still signals strong potential listing gains for KRN Heat Exchanger shares.
The KRN Heat Exchanger IPO saw a subscription of 213.41 times, with 96.74 times bids in the retail category, 253.04 times in the qualified institutional buyers (QIB) category, and 430.54 times in the non-institutional investors (NII) category.