KRN Heat Exchanger share price jumps over 118% on listing

• KRN Heat Exchanger has listed with a premium of over 118% on Thursday.
• The company’s share price is listed at ₹470, against an issue price of ₹220.
• The company's market valuation stood at ₹2,980.10 crore.

Shares of KRN Heat Exchanger And Refrigeration Ltd listed with a premium of over 118% on Thursday against the issue price of ₹220. The stock listed at ₹470, reflecting a jump of 113.63% from the issue price on the BSE. Later, it zoomed 125.90 per cent to ₹497.

At the NSE, it surged 118.18 per cent to ₹480. The company's market valuation stood at ₹2,980.10 crore.

The initial share sale of KRN Heat Exchanger and Refrigeration Ltd garnered 213.26 times subscriptions on the closing day of bidding on Friday, helped by overwhelming participation from institutional investors.

The ₹342-crore Initial Public Offer (IPO) had a price range of ₹209-220 per share. The Rajasthan-based company manufactures fin and tube-type heat exchangers for the heat ventilation, air-conditioning and refrigeration industry.

The company's entire manufacturing operations are carried out at its consolidated manufacturing facility comprising two industrial plots situated in the RIICO Industrial Area, Neemrana, Rajasthan.

The company has a 7,800 sq. mt manufacturing facility in Neemrana, Rajasthan. Its customers include Daikin, Blue Star, Carrier, Voltas and more. It also exports its products to the USA, UAE, UK and more.

The company’s income was ₹308.28 crore in FY24, up from ₹247.48 crore in FY23. The company reported a profit after tax (PAT) of ₹39.07 crore in FY24, up from ₹32.31 crore PAT reported in FY23.

As per the company, the funds raised will be used to invest in a new subsidiary and for general corporate purposes.

With inputs from PTI.

SEE ALSO:

BMW CE 02 electric scooter launched in India at ₹4.50 lakh

Upcoming cars launching in India in October 2024

Upcoming smartphones launching in India in October 2024