KRN Heat Exchanger and Refrigeration Files IPO Papers with SEBI

19 Jan 2024 , 11:09 AM

Rajasthan-based KRN Heat Exchanger and Refrigeration has submitted preliminary documents to the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO).

The IPO will consist of a fresh issue of 1,93,05,000 equity shares by the company, as indicated in the documents filed on January 16.

The company, promoted by Santosh Kumar Yadav and his wife Anju Devi, is also considering a pre-IPO placement of up to 4,77,990 equity shares. If the pre-IPO placement is successful, the issue size will be adjusted accordingly.

Specializing in the manufacture of fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry (HVAC&R), KRN aims to utilize the proceeds for establishing a manufacturing facility in Alwar, Rajasthan, and for general corporate purposes.

Currently, KRN operates a manufacturing facility in RIICO Industrial Area in Neemrana. The company’s product portfolio includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils, and sheet metal parts. Its clientele comprises notable names such as Daikin Airconditioning India, Schneider Electric IT Business India, Kirloskar Chillers, Blue Star, Climaventa Climate Technologies, and Frigel Intelligent Cooling Systems India, according to the filed documents.