KRN Heat Exchanger IPO Day 2: Latest Subscription Status; Know GMP, Shares Allotment, Listing Details

KRN Heat Exchanger and Refrigeration Limited IPO: The leading manufacturer and exporter of aluminium and heat exchangers, KRN continued to receive strong demand from investors during the second day of its Rs 342 crore IPO. On Thursday, September 26, 2024, KRN oversubscribed by 58.17x with non-institutional investors being the biggest bidders.

KRN Heat Exchangers IPO Subscription Status:

On Day 2, the IPO received bids of 63,94,11,630 equity shares, against the offered size of 1,09,93,000 equity shares - registering an oversubscription of 58.17x.

Of the total, the portion reserved for non-institutional investors (NII) oversubscribed strongly by 135.85x, while retail individual investors (RII) portion oversubscribed by 55.53x. On the other hand, the Qualified Institutional Buyers (QIBs) portion fully subscribed by 3.16x, despite the slow demand.

The IPO opened on September 25 and will close on September 27. Further, the price band of the IPO is fixed at Rs 209 and Rs 220 per share. The face value is set at Rs 10 each.

KRN Heat Exchanger GMP Today:

As per Investor Grain, KRN Heat Exchanger IPO's last GMP is Rs 255, last updated Sep 26th 2024 04:54 PM. With a price band of 220.00, KRN Heat Exchanger IPO's estimated listing price is Rs 475 (cap price + today's GMP). The expected percentage gain/loss per share is 115.91%.

KRN Heat Exchanger Allotment Status:

After the IPO, the company's share allotment is likely to take place on September 30, 2024. The initiation of refunds and credit of shares to eligible investors' Demat accounts may be carried out on October 1, 2024.

The allotment status can be viewed online on BSE, NSE, and the registrar of the IPO, Bigshare Services' website.

KRN Heat Exchanger Listing:

The listing of the proposed equity shares will be on BSE and NSE. The market debut can be expected on October 3, 2024.

In its IPO note brokerage, SMIFS said, "We recommend to subscribe to the issue as a good long-term investment as the current valuations seem attractive given the huge capex the company is doing vis-a-vis current capacity, add to that the focus on exports further bolstering growth prospects & air-conditioning seeing the best growth amongst consumer durables in India over the next decade and improving margins leading to even improved return ratios."

KRN Heat's revenue grew at a CAGR of 25.46% to INR 3082.83 million in FY24 from FY22. EBITDA grew at a CAGR of 21.53% to INR 584.52 million in FY24 from FY22 and PAT grew at 55% CAGR to INR 390.69 million during the same period.

KRN Heat Exchangers manufactures fin and tube type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry (HVAC&R). Heat exchangers manufactured by KRN are made of non-ferrous metals, primarily copper and aluminium. The product range includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils, and sheet metal parts. KRN manufactures heat exchangers of various shapes and sizes as per the requirements of the customers and/or demand in the market.