KRN Heat Exchanger IPO allotment: Step-by-Step guide to check status

KRN Heat Exchanger IPO allotment: Investors who participated in the KRN Heat Exchanger IPO can check their allotment status through the websites of the Bombay Stock Exchange and Bigshare Services.

In Short

• KRN Heat Exchanger IPO allotment set to be finalised today
• IPO subscribed an impressive 214.42 times, reflecting strong demand
• Investors can check allotment status via BSE or Bigshare

The allotment of its shares for KRN Heat Exchanger and Refrigeration is set to finalised today (September 30), following its initial public offering (IPO). .

Bidders can expect to receive notifications regarding the debit of their funds or revocation of their IPO mandates over the weekend or by Tuesday, October 1.

The IPO has garnered strong interest from investors, reflecting a strong demand during the bidding period.

The Pune-based company offered its shares in a price band of Rs 209-220 each, with a lot size of 65 shares.

How to check allotment status

Investors who participated in the KRN Heat Exchanger IPO can check their allotment status through two primary channels:

Via Bombay Stock Exchange (BSE)

Visit BSE's official website.

Select "Equity" under issue type.

Choose "KRN Heat Exchanger and Refrigeration Limited" from the dropdown menu.

Enter your application number.

Provide your PAN card ID.

Click on "I am not a Robot" and hit submit.

Via Bigshare Services

Go to Bigshare Services' IPO Status page.

Select the IPO from the dropdown menu (available once allotment is finalized).

Choose one of three modes: Application number/CAF No., Beneficiary ID, or PAN ID.

Enter the details based on your selected mode.

Complete the captcha verification.

Click "Search" to view your allotment status

Subscription details, latest GMP and more

The IPO was open for bidding from September 25 to September 27, aiming to raise approximately Rs 341.95 crore through the sale of 1,55,43,000 equity shares.The response was overwhelming, with the issue subscribed an impressive 214.42 times overall.

Qualified institutional bidders (QIBs) showed substantial interest, subscribing 253.04 times, while non-institutional investors (NIIs) subscribed an astounding 431.63 times. Retail investors also participated actively, with their portion subscribed 98.29 times.

KRN Heat Exchanger specialises in manufacturing fin and tube-type heat exchangers, providing products such as copper and aluminum fins and tubes, water coils, condenser coils, and evaporator coils.

These products cater to various sectors within the domestic, commercial, and industrial heating, ventilation, air conditioning, and refrigeration industries.

Despite market volatility, the grey market premium (GMP) for KRN Heat Exchanger shares remains strong, currently standing at around Rs 270 per share. This suggests a potential listing gain of approximately 125% for investors.

It may be noted that the GMP was Rs 250 when bidding commenced.

Brokerage firms have largely recommended subscribing to this IPO due to KRN's solid relationships with clients, increasing production capacity, experienced management team, consistent financial performance, and innovative product offerings.

However, concerns regarding reliance on a limited customer base and rising input costs have been noted.Holani Consultants serves as the sole book-running lead manager for the IPO, while Bigshare Services is the registrar for the issue.

Shares are expected to be listed on both BSE and NSE by Thursday, October 3.

The funds raised will primarily be allocated towards establishing a new manufacturing facility in Neemrana, Alwar, Rajasthan, under its wholly-owned subsidiary KRN HVAC Products.

The remaining capital will be utilised for general corporate purposes.

KRN Heat Exchanger operates from its consolidated facility located in the RIICO Industrial Area in Neemrana and is poised for growth within its sector as it continues to innovate and expand its product range.