KRN Heat Exchanger IPO Subscription Status: KRN Heat Exchanger & Refrigeration Ltd’s initial public offering was completely subscribed within minutes of the shares being offered for sale on Wednesday. Bids were received for 3,40,48,105 shares against 1,09,93,000 shares offered in the initial share sale, which translates to 3.10 times subscription, as per data available with NSE till 10:39 hrs.

Non-institutional investors subscribed 6.29 times the offering, while the retail individual investor (RII) portion received 3.46 times subscriptions. KRN Heat Exchangers and Refrigeration Ltd on Tuesday said it has raised Rs 100 crore from anchor investors.

The Rs 342 crore IPO is open for public subscription between September 25-27 at a price range of Rs 209-220 per share. The IPO of KRN Heat Exchanger has seen a fresh issue of 1,55,43,000 equity shares worth Rs 342 crore at the upper end of the price band.

Also Read: Stock Market: Sensex, Nifty Close Flat After Hitting Record Highs; Hindustan Unilever, Kotak Mahindra Bank Fall

242.5 crore will be used for investment in wholly-owned subsidiary KRNHVAC Products to set up a new manufacturing facility at Nimrana in Alwar, Rajasthan and the remaining funds will be utilized for general corporate purposes.

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

The entire manufacturing operations of the company are carried out in the integrated manufacturing facility comprising two industrial plots located in Nimrana ReICO Industrial Area, Rajasthan. Holani Consultants is the sole book-running lead manager of the company’s public issue.

Also Read: Sebi fines Anil Ambani's Son Jai Anmol Ambani Rs 1 Crore For Alleged Irregularities In Reliance Home Finance