The listing ceremony of KRN Heat Exchanger and Refrigeration Limited took place on the Bombay Stock Exchange.
Shares of KRN Heat Exchanger & Refrigeration Ltd were listed at ₹480 on the National Stock Exchange (NSE), 118.18% above the issue price. The share listed at ₹470 on the Bombay Stock Exchange (BSE), 113.64% above the issue price. The issue price of this initial public offering was ₹220.
This IPO was open for investors from 25 September to 27 September. The IPO was subscribed a total of 213.41 times in three trading days. It was subscribed 96.74 times in the retail category, 253.04 times in the Qualified Institutional Buyers (QIB) and 430.54 times in the Non-Institutional Investors (NII) category.
The issue of KRN heat exchanger was worth ₹341.95 crore.
This issue total of KRN Heat Exchanger was ₹341.95 crore. For this, the company issued 15,543,000 fresh shares worth ₹ 341.95 crore. The existing investors of the company did not sell a single share through Offer for Sale i.e. OFS.
Retail investors could bid for maximum 845 shares
KRN Heat Exchanger & Refrigeration had fixed the IPO price band at ₹209 to ₹220. Retail investors could bid for a minimum of one lot i.e. 65 shares. If you had applied for 1 lot at the upper price band of IPO at ₹ 220, you would have had to invest ₹ 14,300.
At the same time, retail investors could apply for a maximum of 13 lots i.e. 845 shares. For this, investors would have to invest ₹ 185,900 as per the upper price band.
35% of the issue was reserved for retail investors
The company had reserved 50% of the issue for Qualified Institutional Buyers (QIB). Apart from this, 35% share was reserved for retail investors and the remaining 15% share was reserved for non-institutional investors (NII).
Company manufactures tube type heat exchangers
KRN Heat Exchanger manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry (HVAC&R). As per the documents, the company supplies various parts including condenser coil, evaporator unit, evaporator coil, header/copper parts, fluid and steam coils.
Customers like Daikin Airconditioning India, Schneider Electric IT Business India, Kirloskar Chillers, Blue Star, ClimaVenta Climate Technologies and Frigel Intelligent Cooling Systems India avail KRN Heat Exchanger.
What is IPO?
When a company issues its shares to the general public for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.
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