KRN Heat Exchanger and Refrigeration Ltd is set to finalize its IPO allotment today, September 30, 2024. The initial public offering (IPO), valued at Rs 342 crore, has garnered overwhelming interest, with a subscription rate of 213.26 times within the price band of Rs 209-220 per share. The company also raised Rs 100 crore from anchor investors prior to the public offering.
Key IPO Details
- Total Shares Offered: 1,55,43,000 equity shares
- Issue Price Range: Rs 209-220 per share
- Total Subscription: 213.26 times (bids for 234 crore shares against 1.09 crore shares available)
- GMP (Grey Market Premium): Rs 270, reflecting a premium of nearly 123% over the issue price.
How to Check Allotment Status
Bidders can check their allotment status through the official website of Bigshare Services, the registrar for this IPO. Here’s how to do it:
- Open the Registrar’s Website: Bigshare Services IPO Status.
- Select Company: Choose KRN Heat Exchanger from the dropdown menu.
- Investor Services: Click on ‘Status of Issue Application.’
- Application Status Check: Select this option.
- Issue Type: Choose ‘Equity.’
- Fill Required Details: Enter the ‘Issue Name’ and your PAN number.
- Search: Click on ‘Search’ to view your allotment status.
Fund Utilization
KRN Heat Exchanger plans to allocate Rs 242.5 crore from the IPO proceeds for investment in its wholly-owned subsidiary, KRN HVAC Products, which aims to set up a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be utilized for general corporate purposes.
The company specializes in producing fin and tube-type heat exchangers used in the heating, ventilation, air conditioning, and refrigeration industries. All manufacturing operations are conducted at their consolidated facility in the RIICO Industrial Area, Neemrana, Rajasthan.
With a robust subscription rate and significant market interest, KRN Heat Exchanger’s IPO marks an important milestone for the company. Investors eagerly await the allotment results today, looking to capitalize on the promising potential of KRN Heat Exchanger shares.
