KRN Heat Exchanger and Refrigeration will launch its IPO for subscription from September 25, 2024, to September 27, 2024. The anchor investor bidding is set for September 24, 2024. The price band has yet to be announced. The IPO will involve a fresh issue of 1.55 Crore equity shares, with no offer-for-sale (OFS) component.
Proceeds will be directed to KRN HVAC Products, the company’s wholly-owned subsidiary, to fund the establishment of a new manufacturing facility in Neemrana, Alwar, Rajasthan.
The company recently raised ₹9.54 Crore via a pre-IPO placement, issuing 4.77 lakh shares at ₹200 each. This reduced the fresh issue size by 4.77 lakh shares.
Holani Consultants is the exclusive book-running lead manager, and Bigshare Services is the registrar for the IPO.
Based in Rajasthan, KRN Heat Exchanger specializes in fin and tube heat exchangers for the HVAC&R industry. It has partnerships with Blue Star Ltd, Schneider Electric IT Business India Pvt Ltd, and other major firms.
The company reported a 20.9% increase in profit to ₹39 Crore and a 24.6% revenue growth to ₹308.3 Crore for the fiscal year ending March 2024. The shares will be listed on both BSE and NSE.
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