2024 is proving to be a great year for the IPO market, after other companies start issuing shares and making money for investors. Today, another mainboard IPO will be open for subscription and one can ensure a share of its profits with an investment of just Rs 14,300. In particular, the protagonist of this issue is a farmer’s son. He relies on his own efforts and enthusiasm to move from a small town to great heights. Santosh Kumar Yadav, the son of a farmer from Rajasthan, is all set to list his company on the stock market, with the KRN Heat Exchanger IPO set to begin today.
I didn’t want to work, so I started a company.
First, let’s talk about Santosh Kumar Yadav, the owner of KRN Heat Exchanger Company. He is 44 years old and comes from Tijara, a small town in Rajasthan. His father was a farmer, but through his efforts his son had grown from a trainee operator at Lloyds Electrical Engineering Company to the founder of KRN Heat Exchangers and Refrigeration Ltd.
In 2013, after leaving his job at Lloyd Electric and Engineering, he set up Micro Coils and Refrigeration in Bhiwadi with an investor. In 2017, he sold his shares in the company and founded KRN Heat Exchangers and Refrigeration.
The IPO size is Rs 341 crore.
If we look at the details of the KRN Heat Exchanger IPO, the offering will begin today, September 25, and investors can bid until September 27. The IPO size is Rs 341.95 crore and Santosh Kumar Yadav’s company will issue a total of 15,543,000 shares. All these will be new shares with a face value of Rs 10. This will be a book issue and its listing will be on BSE-NSE.
The company has settled on this price range
For the KRN IPO, the company has fixed the price range at Rs 209 to Rs 220. Apart from this, the lot size for this IPO is 65 shares. That means retail investors will have to bid for at least that many shares. If we look at the upper end of the price range, investors have to make a minimum investment of Rs 14,300. Bids can be made for up to 13 plots at a cost of Rs 185,900. It will open to major investors on September 24, the day before it opens to general investors.
Gray market creates uproar
The KRN Heat Exchanger IPO opened to major investors on Tuesday before opening it to general investors and received a strong response. The company has issued 4550,000 equity shares, raising Rs 100.10 crore. Meanwhile, even before it opens, it appears to be making waves in the gray market. The company’s shares are trading at a premium of about 109%, or Rs 239 per share, in the gray market. If we look at it accordingly, there is a good chance that investors’ money will double upon listing.
Do you know when it will be released?
Regarding the listing of KRN shares on the stock market, the subscription for the IPO will close on September 27, after which the allotment of its shares will be completed on September 30, while the credit process for shares in investors’ demat accounts will begin on October 1st..The date for the company’s possible listing on the stock market has been set as October 3rd.
(Note- Always take advice from market experts before making any kind of investment in the stock market or IPO market.)
