KRN Heat Exchanger IPO subscribed 7.5 times so far on Day 1. Check GMP, other details
KRN Heat Exchanger which opened for subscription earlier today, sailed through on the first day of the bidding process. The issue has been subscribed 7.5 times so far, driven by strong demand from the non-institutional investors.
As of noon, the issue was subscribed by 14.75 times by the NIIs while the retail category had subscribed the issue by 8.8 times. Meanwhile, the qualified institutional buyers (QIBs) attracted bids of 34,710 shares against the 31,07,455 reserved for them.
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 remaining amount will be used for other general corporate purposes.
KRN Heat Exchanger IPO price band
The price band for the IPO, which is completely a fresh equity sale of 1.55 crore shares, is fixed at Rs 220 at the upper end.
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