Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., noted that KRN Heat Exchangers and Refrigeration Limited, a leading participant in the heat exchanger market, had an impressive IPO performance, with its listing price surging by 118% from the issue price of 220 to 481. The offering saw a strong subscription of 213.41 times. Nyati highlighted the company's expertise in fin and tube-type heat exchangers for HVAC&R applications and its adherence to international quality standards, which positions it well for future growth. She also pointed out that KRN Heat Exchangers benefit from quick turnaround times and strong relationships with prominent clients. According to her, the company's consistent growth in both revenue and profitability enhances its appeal. While the IPO’s valuation seems reasonable, Nyati emphasized that it is challenging to make direct comparisons as no peers in the market have been listed. However, she advised that investors may consider booking a portion of their profits while retaining some investment due to KRN Heat Exchangers' strong fundamentals and market demand.
