KRN Heat Exchanger and Refrigeration Raises Rs 100 Crore from Anchor Investors Ahead of IPO

KRN Heat Exchanger and Refrigeration Ltd has raised Rs 100 crore from anchor investors a day before its IPO launch. The IPO, valued at Rs 342 crore at the upper price band, will be available for public subscription between September 25-27. Funds will aid in setting up a new facility and general corporate purposes.

KRN Heat Exchanger and Refrigeration Ltd has successfully raised Rs 100 crore from anchor investors, just a day before its initial public offering opens for public subscription.

Among the anchor investors are WhiteOak Mutual Fund, Bandhan Mutual Fund, Saint Capital Fund, Ashoka India Equity Investment Trust Plc, and Holani Venture Capital Fund. The company allocated 45.50 lakh equity shares at Rs 220 per share to 10 funds, aggregating to Rs 100.10 crore, as per a circular on the BSE website.

The upcoming Rs 342-crore IPO will be open for public from September 25-27, with shares priced between Rs 209-220 each. Proceeds amounting to Rs 242.5 crore will be invested in a new manufacturing facility for KRN HVAC Products in Rajasthan, with the remainder earmarked for general corporate purposes.

(With inputs from agencies.)