KRN Heat Exchanger and Refrigeration IPO to open on Sept 25: All you need to know

KRN Heat Exchanger and Refrigeration IPO will open for subscription on September 25. The initial public offering will conclude on September 27, and the bidding for anchor investors will go take place on September 24. The company is yet to announce the price band for the issue.

According to the Red Herring Prospectus (RHP), the proposed IPO is completely a fresh issuance of 1.55 crore equity shares without an offer-for-sale (OFS) component.

The money raised will be invested in KRN HVAC Products, the company's wholly-owned subsidiary, to set up a new manufacturing plant at Neemrana, Alwar, in Rajasthan.

Last month, the company raised ₹9.54 crore by placing 4.77 lakh equity shares at ₹200 apiece in a pre-IPO round. Most of these funds were collected by allocating equity shares to a number of individual investors.

Holani Consultants is the book-running lead manager to the issue.

KRN Heat Exchanger and Refrigeration IPO: About the company

KRN Heat Exchanger and Refrigeration is into manufacturing of fin and tube-type heat exchangers for heat ventilation air conditioning and refrigeration (HVAC&R) industry.

The company's manufacturing operations take place at its consolidated manufacturing plant, which comprises two industrial plots in Neemrana, Rajasthan.

It has long-standing relations with Blue Star Ltd, Schnieder Electric IT Business India Pvt Ltd, Daikin Air conditioning India Pvt Ltd, Kirloskar Chillers Pvt Ltd, and Climaventa Climate Technologies Pvt Ltd.