IPO
KRN Heat Exchanger’s Rs.342-Cr IPO subscribed 213 times
The INR 342 crore initial public offer (IPO) of KRN Heat Exchanger was subscribed 212 times. The issue was subscribed 428 times by the NIIs (non-institutional investors) while the retail investors category was subscribed 253 times. The portion reserved for the qualified institutional buyers (QIBs) was subscribed 94 times. The price band for the IPO, which is completely a fresh equity sale of 1.55 crore shares, was fixed at INR 220 at the upper end.The company proposes to use the net proceeds from the IPO for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan. The company's products are used in power generation, petrochemicals, refrigeration, and HVAC (heating, ventilation, and air conditioning) systems.
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