India's KRN Heat Exchanger more than doubles in debut trade

KRN Heat Exchanger and Refrigeration

03/10/2024 07:03

** Shares of KRN Heat Exchanger and Refrigeration  KRNH.NS 
rise 116.9% to 477.25 rupees in debut trade
    ** Stock opened at 480 rupees from IPO price of 220 rupees
    ** Air conditioning parts-maker's IPO was oversubscribed
214.42 times per exchange data; got bids worth 518.57 bln rupees
($6.18 bln)
    ** Co to benefit from quick turnaround times and strong
relationships with clients, and consistent profit and rev growth
re-inforces appeal - Shivani Nyati, head of wealth, Swastika
Investmart
    ** She adds, even though the IPO's valuation seems
reasonable, it is difficult to draw direct comparisons because
no peers have been listed
    ** KRNH will use funds to set up new manufacturing facility
in India's Rajasthan state, it said in its RHP

($1 = 83.9360 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))