KRN Heat Exchanger shares made a strong debut, opening at ₹480 on NSE, 118.18% above the issue price of ₹220. On BSE, they opened at ₹470. The IPO included a fresh issue of shares worth ₹342 crore.
KRN Heat Exchanger’s IPO saw massive demand, being subscribed 214.42 times with bids for 2.35 billion shares against 1.09 million available. Non-institutional investors subscribed 431.63 times, retail investors 98.29 times, and QIBs 253.04 times. It closed with 23.73 times subscription.
KRN Heat Exchanger and Refrigeration Limited specializes in manufacturing fin and tube-type heat exchangers for the HVAC&R sector, utilizing non-ferrous metals like copper and aluminum. Their diverse product line includes condenser coils, evaporator units, and fluid coils, catering to industries such as residential, commercial, automotive, and medical equipment. They will also produce bar and plate heat exchangers and oil cooling units for various applications.
The objective of KRN Heat Exchanger’s IPO is to raise funds for business expansion, working capital needs, and general corporate purposes. The capital will support growth initiatives, improve production capacity, and strengthen the company’s financial position.