KRN Heat Exchanger to launch IPO in September, raises Rs 9.54 crore in pre-IPO placement

KRN Heat Exchanger and Refrigeration Ltd is poised to launch its initial public offering (IPO) in September, with funds raised set to support its expansion plans. Rajasthan-based company has successfully raised Rs 9.54 crore through a pre-IPO placement round, as announced on Saturday.

company, which specialises in manufacturing fin and tube- heat exchangers for HVAC and refrigeration industry, secured se funds by placing 4.77 lakh equity shares at Rs 200 each. allocation primarily targeted individual investors and was approved by board and shareholders in meetings held on August 3 and August 6.

KRN Heat Exchanger’s IPO was initially filed in January 2024, featuring a fresh issue of 1.93 crore equity shares without any offer for sale (OFS) component. company later revised issue size in March, proposing a fresh issue of 1.6 crore equity shares.

proceeds from upcoming IPO will be directed towards investing in its wholly-owned subsidiary, KRN HVAC Products, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan. This move aims to bolster company’s production capabilities and support its growth trajectory.

company’s manufacturing operations are based at a consolidated facility in RIICO Industrial Area, Neemrana, Rajasthan. KRN Heat Exchanger has established long-term relationships with major industry players, 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.

Holani Consultants has been appointed as sole book-running le manager for IPO, overseeing company’s maiden public issue.

(With PTI inputs)