KRN Heat Exchanger & Refrigeration Ltd’s IPO just dropped, and it’s already a hot cake! 🍰 In just minutes of opening, the ₹342 crore IPO was fully subscribed, with an overwhelming response from both retail and non-institutional investors. 🙌
What’s The Hype? 💸
The IPO received bids for 3.10 times the shares available for sale. That’s a massive 3,40,48,105 shares against just 1,09,93,000 shares on offer. Non-Institutional Investors showed strong interest, subscribing 6.29 times the offer, while Retail Individual Investors (RIIs) weren’t far behind with 3.46 times subscription. 🚀
Anchor Investors Bagged ₹100 Crore 💰
KRN Heat Exchanger raised ₹100 crore from anchor investors ahead of its public opening. The share price band is set between ₹209 and ₹220, and the IPO will be open for subscriptions until September 27.
Where’s The Money Going? 💼
Of the ₹342 crore raised:
- ₹242.5 crore will be invested into a new manufacturing facility for their wholly-owned subsidiary, KRN HVAC Products. This facility will be located in Neemrana, Rajasthan. 🏗️
- The rest will cover general corporate expenses.
KRN specializes in fin and tube-type heat exchangers for the HVAC and refrigeration industry, and its operations are all based in Rajasthan.
With the IPO now fully subscribed, KRN Heat Exchanger is set to make some serious waves in the market! 🌊 Get ready to see what’s next for this rising star. 🌟