Rajasthan-based engineering company KRN Heat Exchanger concluded its initial public offering recently, sparking strong interest among investors. The IPO allotment process is now underway, allowing bidders to check their application status.
KRN Heat Exchanger sold its IPO shares in the price range of Rs 209-220 between September 25-27. The issue received massive demand, getting oversubscribed 214 times overall. All investor categories lapped up the issue in heavy numbers.
The allotment process is expected to be finalized on September 30. Investors will receive allotment/refund messages over the weekend or by October 1 if their applications are unsuccessful or scaled down.
Those bidding for the IPO can check allotment status on the BSE website or registrar Bigshare Services’ portal. On BSE, they need to select the issue type and name, enter application number and PAN. On Bigshare’s site, choose the IPO name after selecting allotment check mode.
The grey market premium of KRN Heat Exchanger has remained strong despite volatility. It was commanding a GMP of Rs 275 per share last, indicating a robust listing pop of 125% may be in store.
Brokerages were positive on KRN Heat Exchanger’s IPO on the back of its long experience, expanding capacities, product innovation and financial profile. However, dependence on major clients and input cost swings pose risks.
Holani Consultants managed the issue while shares will likely get listed on the NSE and BSE from October 3, subject to regulatory approval. Investors can thus keep track of the application check process for the high interest KRN Heat Exchanger IPO.
