KRN Heat Exchanger IPO subscribed over 90 times on Day 3, GMP soars 115%. Check details
KRN Heat Exchanger was subscribed 93 times so far on Day 3, driven by a massive demand from the non-institutional investors.
As of 12:30 pm, the issue was subscribed by a whopping 256 times by the NIIs while the retail category had subscribed the issue by 73.6 times. Meanwhile, the portion reserved for the qualified institutional buyers (QIBs) was subscribed 8.26 times.
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.
KRN Heat Exchanger IPO GMP
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