Retail investors have shown a keen interest in subscribing to the initial public offering (IPO) of Rajasthan-based KRN Heat Exchanger and Refrigeration. The IPO opened for bidding on Wednesday, September 25, and within 12 minutes, the issue was fully subscribed. The company is looking to raise Rs 341.95 crore through the IPO, with a price range of Rs 209-Rs 220 per share. The Non-Institutional Investor (NII) portion was subscribed the most at 29.67 times, followed by the retail portion at 15.48 times. KRN Heat Exchanger manufactures heat exchangers, coils, and other related products used in home, commercial, and industrial heating, ventilation, air conditioning, and refrigeration systems.
Background
Rajasthan-based KRN Heat Exchanger and Refrigeration is a leading manufacturer of heat exchangers, coils, and other related products for the heating, ventilation, air conditioning, and refrigeration (HVACR) industry. The company has over 30 years of experience in the sector and caters to a diverse customer base, including original equipment manufacturers (OEMs), contractors, and end-users in both domestic and international markets.
Initial Public Offering (IPO)
On September 25, 2023, KRN Heat Exchanger launched its initial public offering (IPO) to raise Rs 341.95 crore. The IPO comprised a fresh issue of shares worth Rs 175 crore and an offer for sale (OFS) of shares by existing shareholders. The price band for the IPO was set at Rs 209-Rs 220 per share.
Investor Response
The IPO received an overwhelming response from investors, particularly retail investors. Within just 12 minutes of opening, the issue was fully subscribed. The retail portion of the IPO was subscribed 15.48 times, while the Non-Institutional Investor (NII) portion was subscribed 29.67 times. This indicates strong investor interest in the company and its growth prospects.
Top 5 FAQs and Answers
To raise capital for expansion plans, reduce debt, and enhance its brand visibility.
To increase production capacity, expand market share, and introduce new products and technologies.
KRN Heat Exchanger has consistently reported strong financial results, with revenue growth and profitability improving in recent years.
Competition, raw material price fluctuations, and changes in economic conditions are some of the risks associated with the company.
Analysts are optimistic about the company's growth prospects, citing the growing demand for HVACR products in India and the company's strong market position.
The Pune Regional Transport Office (RTO) flying squad has been conducting inspections on school vehicles and has found that nearly 35% of the vehicles were not compliant with transport norms. Asaram Bapu, a controversial religious leader serving a life sentence for rape, was recently granted a 7-day parole to undergo treatment at a hospital between Mumbai and Pune. According to the hospital authorities, he has since completed his treatment and was discharged on Monday.
Savitri Jindal, the head of the Jindal Group, has won the Hisar Assembly seat for the third time as an independent candidate, defeating her BJP and Congress rivals. Her immense personal wealth, estimated at Rs 3.65 lakh crore, makes her not only the richest woman in India but also the fifth-richest individual in the country. Her leadership of the Jindal Group has earned her international recognition and she is now thanking the people of Hisar for their continued support.
Ratan Tata, the renowned industrialist and philanthropist, took to social media to clarify rumors of his hospitalization. He thanked the public for their concern but urged them to refrain from spreading misinformation, as he is only undergoing regular medical checkups. The 83-year-old business tycoon is known for his simplicity and humility and has played a crucial role in the growth and restructuring of Tata Group.
In a move to protect its domestic EV market, the US government has decided to impose tariffs on Chinese-made electric vehicles starting from next month. This decision comes as a result of concerns about unfair trade practices and the need to support local manufacturers. The tariffs, which could be as high as 45%, will be in effect for five years. This is a clear sign of the tense relations between the US and China, particularly in the automotive industry which plays a significant role in both economies.
The Securities and Exchange Board of India (Sebi) has implemented a new rule for credit of bonus shares in demat accounts of investors, to be in force from October 01, 2024. NBCC's bonus share issue's record date is Monday, October 07, 2024, with the Ex Bonus Date also on the same day. However, since all stocks in India now follow T+1 settlement cycle, only those investors who have bought NBCC shares latest by Friday, October 04, 2024 will be eligible for the bonus issue. Stay updated and follow News24 for the latest news and updates on the NBCC bonus share issue.
Business tycoon Ratan Tata breaks his silence and addresses rumors surrounding his health and hospitalization. He assures the public that there is no cause for concern and explains that he is undergoing medical check-ups due to his age and related conditions. This news comes as a relief to his fans and followers, who have been worried about his well-being.
After reports of Ratan Tata's hospitalisation, the former chairman of Tata Sons took to social media to clarify and dispel any concerns about his health. In his statement, he assured the public that the rumours were untrue and that he was undergoing medical check-ups for age-related conditions. Known for his contributions to business, society, and philanthropy, Tata remains in good spirits and continues to oversee the Tata Trusts.
The ECOWAS Commission, in collaboration with the African Development Bank, will be implementing a US$15 million bridge project to connect Liberia and Côte d'Ivoire. The project aims to promote cross-border trade and ease difficulties in movement along the West African region. The commissioning ceremony took place at the Plulo Border and brought together representatives from both governments and regional stakeholders. The African Development Bank will also finance a US$258 million bridge over the Cavalla River, signaling a commitment to solidifying regional trade and integration.
The Indian Navy has announced a recruitment drive for its executive and medical branches for the SSR (Med Asst) in November 2024 batch. Interested and eligible candidates can apply online before September 17, 2024. The detailed advertisement and application process can be found on the official Indian Navy website. Candidates should have qualified 10+2 examination with specified subjects and will receive a stipend during initial training, followed by placement in Level 3 of Defence Pay Matrix upon successful completion. Stay updated with the latest job notifications, preparations and results by downloading the Jagran Josh Sarkari Naukri App.
A heated debate erupted between Ola Electric founder Bhavish Aggarwal and comedian Kunal Kamra on Twitter regarding the service quality of Ola's electric scooters. Kamra criticized the company for neglecting the complaints of consumers, while Aggarwal fired back by challenging Kamra to come and help improve the service network. The exchange quickly turned personal, with Kamra calling Aggarwal arrogant and Aggarwal mocking Kamra's comedy career. Many Ola Electric customers also joined in, expressing their dissatisfaction and urging Aggarwal to address their concerns.