Dream debut for KRN Heat Exchanger; shares jump over 117%

New Delhi: Shares of KRN Heat Exchanger And Refrigeration Ltd made a remarkable market debut on Thursday and ended the day with a premium of over 117 per cent against the issue price of Rs 220.

The stock got listed at Rs 470, reflecting a jump of 113.63 per cent from the issue price on the BSE. During the day, it soared 133.36 per cent to Rs 513.40. Shares of the firm ended at Rs 478.45, up 117.47 per cent.

On the NSE, the stock surged 118.18 per cent to Rs 480 in early trade. It later ended at Rs 473.99, climbing 115.45 per cent.

The company's market valuation stood at Rs 2,973.88 crore.

In terms of volume, 26.50 lakh shares of the firm were traded on the BSE and 335.92 lakh shares on the NSE during the day.

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

The Rs 342-crore Initial Public Offer (IPO) had a price range of Rs 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.