KRN Heat Exchanger and Refrigeration is scheduled to finalize the basis of allotment of its shares most likely on Monday, September 30. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the weekend or by Tuesday, October 1. The IPO had received a bumper response from the investors during the bidding.
Pune-based KRN Heat Exchanger sold its IPO in the price band of Rs 209-220 per share with a lot size of 65 shares, which was open for bidding between September 25 and September 27. The company aimed to raise around Rs 341.95 crore from its primary offering, which was entirely a fresh share sale of 1,55,43,000 equity shares.
The issue was overall subscribed an astounding 214.42 times, thanks to all round demand. The portion for qualified institutional bidders (QIBs) was booked a solid 253.04 times, while the quota for non-institutional investors (NIIs) was subscribed 431.63 times. The allocation of retail investors was subscribed 98.29 times during the bidding process.
KRN Heat Exchanger and Refrigeration is a manufacturer of fin and tube-type heat exchangers, offering copper and aluminium fins and copper tubes, heat exchangers, water coils, condenser coils, and evaporator coils. All the products offered are used in the domestic, commercial, and industrial heating, ventilation, air conditioning and refrigeration industry.
The grey market premium of KRN Heat Exchanger and Refrigeration has remained firm despite the volatility in the broader markets. Last heard, the company was commanding a premium (GMP) of Rs 275 per share in the unofficial market, suggesting a listing pop of about 125 per cent for the investors. The GMP stood at Rs 250 when the bidding for the issue kicked-off.
Brokerage firms were mostly positive on the issue suggesting to subscribe to it on the back of long-standing relationships, increasing capacity, new product development, experienced promoters, consistent financials and innovative product range. However, dependence on select customers, sharp increase in input costs and short term contracts are key concerns.
Holani Consultants is the sole book running lead manager of the KRN Heat Exchanger IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with Thursday, October 3 as the tentative date of listing on the bourses.
Investors, who had bid for the issue of KRN Heat Exchanger and Refrigeration, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select KRN Heat Exchanger and Refrigeration Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit
Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.