The second day of bidding for the KRN Heat Exchanger and Refrigeration Limited IPO, there was still a lot of interest from a wide range of investor categories. Within minutes of its release on Thursday, September 25, the mainboard issue had been subscribed fully.
According to NSE cosolidated bid data, as of 02:32 am on the second day of bidding, the mainboard issue has been booked over 47 times.
Over 51.90 crore shares were bid on during the IPO, compared to the 1.09 crore shares that were offered for subscription. This resulted in an overall subscription of 47.22 times.
Subscription across categories
Against the 54.98 lakh shares reserved for the category, retail individual (RIIS) investors applied for over 26.33 crore shares of KRN Heat Exchanger. There were 47.90 times bids for the retail section.
The Non-Institutional Investors (NIIs) category received 105.06 times subscriptions to the mainboard issue, with applications for over 25.07 crore shares against the 23.87 lakh shares reserved for the category.
Qualified Institutional Buyers (QIBs) made bids for 48.76 lakh shares, while the category was allocated 31.07 lakh shares. 1.57 times was the quota booked by the QIBs.
Minimum bid and price band
1.55 crore new shares are being issued as part of the KRN Heat Exchanger IPO. A fixed price range of Rs 209 to Rs 220 per share has been set for the IPO.
A minimum lot size of one lot, comprising of 65 shares, is available to retail investors; this equates to an investment of Rs 14,300.
New Mainboard IPO
️Date : 25-Sep to 27-Sep-2024
✴️Price : ₹209 – ₹220
✴️Lot : 65 Shares
Size : ₹341.95 Cr#IPO#KRNHeatExchangerIPOpic.twitter.com/lHIMoKdtoO— Mehul Bumtaria (@mehul_bumtaria) September 23, 2024
Subscription and listing timetable
Subscriptions for KRN Heat Exchanger and Refrigeration Limited's Rs 341.95 crore book-building issue can be made from September 25 to September 27. For investors hoping to apply for the company's shares, these are the essential details regarding the initial public offering (IPO).
It is anticipated that on Monday, September 30, the share allotment status will be finalised. Successful bidders will receive shares of KRN Heat Exchanger in their Demat accounts on the same day that the public issue's share allotment status is finalised, and unsuccessful bidders will begin receiving refunds on Tuesday, October 1.
On the NSE and BSE, the company's shares will be listed. For the shares, Thursday, October 3 is the tentative listing date.
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Utilisation of IPO proceeds
The company intends to establish a new manufacturing facility in Neemrana, Rajasthan, with the proceeds from the public offering, in addition to using them for general corporate purposes.