KRN Heat Exchanger listing price of Rs 480 per share on the National Stock Exchange (NSE) on Thursday, October 03, 2024 has given IPO allotees multibagger gains of 118 %. The shares of the company KRN Heat Exchanger and Refrigeration made market debut on the NSE and Bombay Stock Exchange (BSE). The shares listed at Rs 470 apiece on the latter. Investors’ money has more than doubled within just three working days. KRN Heat Exchanger IPO price band was Rs 209-220 per share. The company had raised Rs 341.95 crore from the public issue process. The bidding process had opened on September 25 and winded up on September 27.
On Thursday, special pre-open session (SPOS) was held on the stock exchanges for KRN Heat Exchanger listing.
Where Will KRN Heat Exchanger And Refrigeration Use Money Raised?
The heat exchanger manufacturer had stated earlier that it would use IPO proceeds for general corporate purposes and capital expenditure funding. The company intends to set up a new manufacturing facility in Neemrana, Alwar, Rajasthan. To serve the purpose it would invest in its wholly owned subsidiary KRN HVAC Products.
KRN Heat Exchanger IPO Subscription Status
After the issue closed for biddings, KRN Heat Exchanger IPO Subscription Status had stood 213 times its total size, according to Chittorgarh. Retail investors had oversubscribed the issue 96 times the available quota. While, the Non-Institutional Investors’ category was oversubscribed 430 times. Qualified Institutional Investors’ quota on the other hand stood 253x.
GMP Falls On KRN Heat Exchanger Listing Day
The firm’s earlier Grey Market Premium (GMP) during the bidding process had signaled even higher gains on KRN Heat Exchanger listing. But after the public issue was closed for subscription, its GMP continuously fell and eventually comparatively lower KRN Heat Exchanger listing price was reported. Nevertheless, despite of that investors have more than doubled the value of their investment in this IPO.
