KRN Heat Exchanger turns multibagger on listing with 118% premium over IPO price

KRN Heat Exchanger and Refrigeration made an impressive debut on Dalal Street, with shares listing at Rs 480 on the National Stock Exchange (NSE), an impressive 118.18% premium over the issue price of Rs 220.
Similarly, on the Bombay Stock Exchange (BSE), the stock opened at Rs 470, reflecting a 113.64% rise.
While analysts had expected strong listing gains for the company, the company’s market debut has exceeded expectations.
The Rajasthan-based company, which specialises in manufacturing fin and tube-type heat exchangers, raised Rs 341.95 crore through its initial public offering (IPO), offering 1,55,43,000 shares in the price range of Rs 209-220 per share.
The IPO, which opened for subscription from September 25 to 27, saw an extraordinary response, with overall subscription levels reaching 214.42 times.
The non-institutional investor (NII) segment was subscribed a remarkable 431.63 times, while the qualified institutional buyer (QIB) category saw 253.04 times oversubscription. Retail investors also showed strong interest, with their portion booked 98.29 times.
Shivani Nyati, Head of Wealth at Swastika Investmart, highlighted the strong fundamentals and market demand for KRN Heat Exchanger, calling the IPO’s valuation fair and indicating a promising future for the stock.
KRN Heat Exchanger manufactures a range of products, including copper and aluminum fins, water coils, condenser coils, and evaporator coils, which are widely used in the domestic, commercial, and industrial HVAC and refrigeration industries.
The company’s successful IPO was managed by Holani Consultants, with Bigshare Services serving as the registrar. KRN Heat Exchanger shares are now listed on both the NSE and BSE.