KRN Heat Exchanger IPO: Allotment Status Released

IPO allotment soon

KRN Heat Exchanger and Refrigeration is set to finalize its share allotment, likely by Monday, September 30. Investors can expect to receive notifications, alerts, or emails regarding the debit of funds or the revocation of their IPO mandate over the weekend or by Tuesday, October 1. The IPO garnered an overwhelming response from investors during the bidding process.

KRN Heat Exchanger IPO: Allotment Status Released : Pune-based KRN Heat Exchanger offered its IPO in a price range of Rs 209-220 per share, with a lot size of 65 shares. The bidding period ran from September 25 to September 27, and the company aimed to raise approximately Rs 341.95 crore through the sale of 1,55,43,000 fresh equity shares.

The IPO saw an exceptional subscription rate of 214.42 times overall, driven by strong demand across all categories. The qualified institutional bidders (QIBs) portion was subscribed 253.04 times, while non-institutional investors (NIIs) booked their portion 431.63 times. Retail investors’ quota was subscribed 98.29 times.

KRN Heat Exchanger and Refrigeration manufactures fin and tube-type heat exchangers, including copper and aluminium fins, copper tubes, water coils, condenser coils, and evaporator coils. These products are widely used in domestic, commercial, and industrial heating, ventilation, air conditioning, and refrigeration systems.

GMP stable at Rs 275

KRN Heat Exchanger IPO: Allotment Status Released: The grey market premium (GMP) for KRN Heat Exchanger and Refrigeration has remained stable, despite broader market fluctuations. Currently, the company is trading at a GMP of Rs 275 per share in the unofficial market, indicating a potential listing gain of approximately 125% for investors. This premium was Rs 250 when bidding for the IPO began.

Brokerage firms generally have a positive outlook on the IPO, recommending subscriptions based on factors such as strong relationships, expanding capacity, new product development, experienced management, stable financial performance, and an innovative product range. However, concerns persist regarding reliance on a limited number of customers, rising input costs, and short-term contracts.

Holani Consultants is serving as the sole book-running lead manager for the KRN Heat Exchanger IPO, while Bigshare Services acts as the registrar for the offering. The company’s shares are expected to be listed on both the BSE and NSE, with a tentative listing date of Thursday, October 3.

KRN Heat Exchanger IPO: Allotment Status Released: Investors who participated in the KRN Heat Exchanger and Refrigeration IPO can verify their allotment status on the Bombay Stock Exchange (BSE) website by following these steps:

1. Go to BSE India
2. Select “Equity” under the issue type.
3. Choose “KRN Heat Exchanger and Refrigeration Limited” from the drop-down menu under the issue name.
4. Enter your application number.
5. Provide your PAN card ID.
6. Click on “I am not a Robot” and then hit submit.

Investors can also check their allotment status on the Bigshare Services Limited online portal at this link, which serves as the registrar for the issue.

The registrar, a Sebi-registered entity, is responsible for processing all applications electronically and managing the allotment process as outlined in the prospectus. Their duties include ensuring timely updates for electronic credit of shares to successful applicants, handling refunds, and addressing all investor inquiries.

To check your allotment status on Bigshare Services:

1. Visit the Bigshare Services Private Limited web portal.
2. Choose the IPO from the drop-down menu, which will only appear if the allotment has been finalized.
3. Select one of the three identification methods: Application number/CAF No, Beneficiary ID, or PAN ID.
4. Enter the relevant details based on your selected method.
5. Complete the captcha for security verification.
6. Click “Search” to view your allotment status.

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