KRN Heat Exchanger's IPO Soars with 58.14 Times Subscription on Day Two

KRN Heat Exchanger and Refrigeration Ltd's IPO received an overwhelming response, being subscribed 58.14 times on its second day. The company plans to use the funds to set up a new manufacturing facility and for general corporate purposes. The IPO involves a fresh issue of shares worth Rs 342 crore.

The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration Ltd was met with significant investor interest, being subscribed 58.14 times on the second day of the share sale on Thursday.

According to NSE data, bids were received for 63,91,84,780 shares against the 1,09,93,000 shares on offer. Non-institutional investors showed the most enthusiasm, with their quota being subscribed 135.82 times, while Retail Individual Investors (RIIs) saw 55.50 times subscription. Qualified Institutional Buyers (QIBs) garnered 3.16 times subscription.

The IPO, which opened on Wednesday, was fully subscribed within minutes and finally achieved 23.73 times subscription by the end of the first day. KRN Heat Exchanger and Refrigeration Ltd raised Rs 100 crore from anchor investors ahead of the IPO, which aims to gather Rs 342 crore through fresh issue of equity shares. The funds will primarily support the establishment of a new manufacturing facility at Neemrana, Alwar, Rajasthan, with Rs 242.5 crore earmarked for this purpose and the rest for general corporate uses.