The initial public offering of KRN Heat Exchanger and Refrigeration Ltd. has been subscribed 58.17 times on Thursday, its second day of bidding. The IPO was subscribed 24.09 times on Wednesday. The Rajasthan-based company is looking to raise Rs 341.95 crore, with its maiden offering consisting of a fresh issue of 1.55 crore equity shares with no offer for sale component.The price band has been set at Rs 209-220 per share for the issue, which will close on Sept. 27, with the listing expected to take place on Oct. 3. The minimum lot size for bidding will be 65 shares, with further bids to be made in multiples thereof, according to the company.The company raised Rs 100 crore from anchor investors ahead of its initial IPO, by allotting 45.5 lakh shares at Rs 220 apiece to 10 investors.KRN Heat Exchanger IPO Opens On Sept 25: Here's What The GMP IndicatesIssue DetailsIssue opens: Sept. 25.Issue closes: Sept. 27.Issue price: Rs 209-220 per share.Fresh issue: 1.55 crore shares.Total issue size: Rs 341.95 crore.KRN Heat Exchanger IPO - Issue Details, Financials, Strengths, Risks, Valuation And More: DRChokseyUse Of ProceedsProceeds from the issue will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility in Rajasthan's Neemrana.KRN Heat Exchanger And Refrigeration To Invest Rs 340 Crore In Subsidiary Post IPOBusiness OverviewThe 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 located in Neemrana.The company has long-standing relations with Daikin Air conditioning India Pvt., Schnieder Electric IT Business India Pvt., Kirloskar Chillers Pvt., Blue Star Ltd. and Climaventa Climate Technologies Pvt.KRN Heat Exchanger, Manba Finance Among 10 New IPOs This Week; 14 Listings In The PipelineKRN Heat Exchanger IPO Subscription Status: Day 2The IPO was subscribed 58.17 times as of 5:00 p.m. on Thursday.Qualified institutional buyers: 3.16 times.Non-institutional investors: 135.85 times.Retail investors: 55.53 times.KRN Heat Exchanger IPO GMP TodayThe grey market premium of KRN Heat Exchanger was Rs 251 as of 02:01 p.m., implying a 114.09% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 471 per share.GMP is not an official price quote for the stock and is based on speculation. Watch IPO Adda Here: