KRN Heat IPO Oversubscribed 213 Times

New Delhi, Sep 27 (PTI) The initial share sale of KRN Heat Exchanger and Refrigeration Ltd garnered 213.26 times subscription on the closing day of bidding on Friday, helped by overwhelming participation from institutional investors.

The Initial Public Offer (IPO) got bids for 2,34,43,38,230 shares against 1,09,93,000 shares on offer, according to NSE data.

Non-Institutional Investors subscribed 430.39 times the offer, while Qualified Institutional Buyers (QIBs) received 253.04 times subscription. The portion for Retail Individual Investors (RIIs) got subscribed 96.50 times.

The IPO of KRN Heat Exchanger and Refrigeration Ltd was fully subscribed within minutes of opening for share sale on Wednesday and finally ended with 23.73 times subscription.

KRN Heat Exchanger and Refrigeration Ltd on Tuesday said it has raised Rs 100 crore from anchor investors.

The Rs 342-crore IPO is available for public subscription in the price range of Rs 209-220 per share.

KRN Heat Exchanger's IPO involves a fresh issue of 1,55,43,000 equity shares valued at Rs 342 crore at the upper end of the price band.

Funds to the tune of Rs 242.5 crore will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan and the remaining funds will be used for general corporate purposes.

The Rajasthan-based company manufactures fin and tube-type heat exchangers for the heat ventilation air conditioning and refrigeration industry.

The company's entire manufacturing operations are carried out at its consolidated manufacturing facility comprising two industrial plots situated in the RIICO Industrial Area, Neemrana, Rajasthan.

Holani Consultants is the sole book-running lead manager to the company's public issue.