KRN Heat Exchanger and Refrigeration Ltd Preps for Initial Share Sale

KRN Heat Exchanger and Refrigeration Ltd plans to launch its initial share sale next month. The Rajasthan-based company has raised Rs 9.54 crore in a pre-IPO placement round. The funds will support expansion plans, including a new manufacturing facility. The IPO involves a fresh issue of 1.6 crore equity shares.

KRN Heat Exchanger and Refrigeration Ltd is poised to launch its initial share sale next month, with plans to utilize the funds for expansion, market sources revealed on Sunday.

According to company announcements on Saturday, KRN raised Rs 9.54 crore through a pre-IPO placement round. The Rajasthan-based firm specializes in manufacturing fin and tube-type heat exchangers for the HVAC and refrigeration industry, operating from its consolidated manufacturing facility in Neemrana, Rajasthan.

The company's IPO, initially filed in January 2024, consists of a fresh issue of 1.93 crore equity shares, later revised to 1.6 crore shares in March. The IPO is expected to launch in September, with funds directed toward a new subsidiary facility in Neemrana. Prominent clients include Daikin India and Blue Star Ltd. Holani Consultants is the lead manager for the IPO.

(With inputs from agencies.)