KRN Heat Exchanger To Launch IPO for Expansion Drive

KRN Heat Exchanger and Refrigeration Ltd will launch its IPO on September 25 to fund its expansion. The manufacturing company, based in Rajasthan, will raise funds without an Offer For Sale component. The IPO includes a fresh issue of 1.55 crore equity shares and follows a pre-IPO placement.

KRN Heat Exchanger and Refrigeration Ltd is gearing up for its Initial Public Offering (IPO) set to commence on September 25, focusing on bolstering the company's expansion goals.

The IPO period will end on September 27, with anchor investors given a one-day window for bidding on September 24, as outlined in the Red Herring Prospectus (RHP).

Headquartered in Rajasthan, the company specializes in manufacturing fin and tube-type heat exchangers for the HVAC and refrigeration sectors.

The firm operates its entire manufacturing process at a consolidated facility located in the RIICO Industrial Area, Neemrana, Rajasthan.

The IPO aims for a fresh issue of 1.55 crore equity shares, excluding any Offer For Sale (OFS) component, as per the RHP.

Proceeds will be invested in their wholly-owned subsidiary, KRN HVAC Products, for constructing a new manufacturing facility in Neemrana, Alwar, Rajasthan.

KRN Heat Exchanger has established long-term relationships with prominent clients including Daikin Air Conditioning India Pvt Ltd, Schneider Electric IT Business India Pvt Ltd, Kirloskar Chillers Pvt Ltd, Blue Star Ltd, and Climaventa Climate Technologies Pvt Ltd.

In a pre-IPO placement last month, the company secured Rs 9.54 crore by issuing 4.77 lakh equity shares at Rs 200 each, primarily from individual investors.

Holani Consultants is acting as the sole book-running lead manager for this maiden public issue.

(With inputs from agencies.)