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 the funds raised set to support its expansion plans. The Rajasthan-based company has successfully raised Rs 9.54 crore through a pre-IPO placement round, as announced on Saturday.The company, which specialises in manufacturing fin and tube-type heat exchangers for the HVAC and refrigeration industry, secured these funds by placing 4.77 lakh equity shares at Rs 200 each. The allocation primarily targeted individual investors and was approved by the 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. The company later revised the issue size in March, proposing a fresh issue of 1.6 crore equity shares.The proceeds from the 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 the company’s production capabilities and support its growth trajectory.The company’s manufacturing operations are based at a consolidated facility in the 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 the sole book-running lead manager for the IPO, overseeing the company’s maiden public issue.(With PTI inputs)

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

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.

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