KRN Heat Exchanger IPO: Public Issue Subscribed 103x On Final Day, GMP Hints Multibagger Listing; Check

The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration Limited opened for bidding on September 25, 2024, and will continue to be available for investors until September 27, 2024. The heat exchanger and refrigeration company is looking to raise Rs 341.95 crore through this book build issue, and the entire amount will be fresh equity.

KRN Heat Exchanger IPO Price

KRN Heat Exchanger and Refrigeration Limited has set its IPO price band between Rs 209 and Rs 220 per equity share. The total IPO size stands at Rs 341.95 crore, and since it is a fully fresh issue, the company intends to utilize the proceeds to enhance its working capital requirements, finance capital expenditure, and address general corporate purposes.

Grey Market Premium (GMP)

One of the most telling indicators of the IPO's popularity has been the robust performance in the grey market. The KRN Heat Exchanger IPO grey market premium (GMP) has been rising consistently. As of today, the GMP stands at Rs 253, which marks an increase of Rs 13 from the previous day's GMP of Rs 240.

The grey market often serves as a barometer for investor sentiment and expected listing performance. The heightened GMP suggests that KRN Heat Exchanger and Refrigeration Limited is poised for a significant debut on the stock exchange, with many anticipating multibagger returns. Market experts attribute this positive GMP trend to two major factors: the high demand seen in the IPO subscription status and the prevailing bullish trend on Dalal Street. If this market sentiment persists until the final day of subscription, the GMP is likely to rise even further.

KRN Heat Exchanger IPO Subscription Status

The KRN Heat Exchanger IPO has received an overwhelming response from investors, with the book build issue being subscribed 103 times by 1 pm on the third day of bidding. The retail investor segment has shown remarkable enthusiasm, with the retail category being subscribed 76 times. The Non-Institutional Investors (NII) segment has been the most active, with the NII portion subscribed 295 times, and the Qualified Institutional Buyers (QIB) category subscribed 9.61 times.

IPO Allotment and Listing

With the IPO subscription window closing on September 30, 2024, investors eagerly await the allotment announcement. The most likely date for the IPO allotment is September 28, 2024 (Saturday), as per the 'T+2' basis rule. Should this timeline be adhered to, successful applicants can expect to see their share allotments reflected in their Demat accounts by September 30, 2024 (Monday).

The official registrar for the KRN Heat Exchanger IPO is Bigshare Services Private Limited, which will handle the entire allotment and refund process. In line with the 'T+3' listing rule, the shares are anticipated to be listed on the stock exchanges on October 3, 2024. This listing will be delayed by a day due to the market holiday on October 2, 2024, in observance of Mahatma Gandhi Jayanti.

About KRN Heat Exchanger

KRN Heat Exchanger and Refrigeration Limited is a prominent player in the heat exchanger industry, and the company's products are widely used in various sectors, including power generation, petrochemicals, refrigeration, and HVAC (heating, ventilation, and air conditioning) systems. With this IPO, the company aims to strengthen its financial position, expand its operational capacity, and explore new growth opportunities in both domestic and international markets.

The bullish trend on Dalal Street, coupled with KRN Heat Exchanger's solid fundamentals and potential growth trajectory, has driven investor interest. The IPO's robust subscription numbers and the rising GMP serve as indicators of the market's confidence in the company.