Koolking Industries India files draft papers with SEBI to raise funds through IPO

HVAC components maker Koolking Industries India has filed its preliminary papers with market regulator Securities and Exchange Board of India (SEBI) to raise funds via initial public offering.

The proposed initial share sale is a fresh issuance of ₹300 crore and an offer for sale (OFS) component of 3,050,000 shares by promoters Sajiv Gopal, Varun Gopal, Malti Sood and Sugandha Sood, according to the draft red herring prospectus (DRHP).

The net proceeds from the fresh issue will be used for the following objectives:

• Capital expenditure requirements
• Purchase of new machinery and equipment at its existing manufacturing facilities
• Working capital requirements
• General corporate purposes

"Our company expects to receive the benefits of listing of equity shares on the stock exchanges, including enhancing our visibility and our brand image among our existing and potential customers and creating a public market for our Equity Shares in India," the company said in its DRHP.

Koolking Industries India is a leading manufacturer and supplier of heating, ventilation, and air conditioning (HVAC) components in India. It possesses a strong market presence, serving 8 of the top 10 HVAC makers in the country.

Its products find application in commercial and residential air conditioners (ACs), including in window air conditioners and split air conditioners, as well as in the refrigeration industry. It makes and supplies a comprehensive range of brass and copper HVAC components across four business verticals, namely, IDU components, ODU components, other HVAC components, and refrigeration components.

Koolking Industries supplies its products to a diversified client base, including large ODMs manufacturing air conditioners with various specifications, across a range of energy ratings and types of refrigerants.

Keynote Financial Services is the issue's sole book-running lead manager, while KFin Technologies is the registrar.

The company's shares will be listed on the National Stock Exchange of India (NSE) and the BSE (formerly Bombay Stock Exchange).