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KRN Heat Exchanger IPO: Check price band, lot size, and other key details

Upstox
By Upstox News Desk

2 min read | Updated on September 20, 2024, 08:57 IST

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SUMMARY

KRN Heat Exchanger and Refrigeration is a leading manufacturer of fin and tube-type heat exchangers. The company manufactures copper and aluminum fins and copper tubes heat exchangers, water coils, condenser coils, and evaporator coils.

The company aims to raise ₹341 crore via its public issue.

The company aims to raise ₹341 crore via its public issue.

KRN Heat Exchanger IPO: KRN Heat Exchanger and Refrigeration has set the price band of ₹209-₹220 for its initial public offering (IPO), which is slated to open on September 25. The lot size for the share sale has been decided at 65 shares and its multiples thereafter.

The company aims to raise ₹341 crore via its public issue. The proposed IPO involves a fresh issue of 1.55 crore equity shares with no offer for sale (OFS) component, as per the RHP.

KRN Heat Exchanger's initial share sale will conclude on September 27, and the bidding for anchor investors will open for a day on September 24, according to the red herring prospectus (RHP).

KRN Heat Exchanger and Refrigeration is a leading manufacturer of fin and tube-type heat exchangers. The company manufactures copper and aluminum fins and copper tubes heat exchangers, water coils, condenser coils, and evaporator coils.

It manufactures heat exchanger tubes of different shapes and sizes from 5 mm in diameter to 7 mm, 9.52 mm, 12.7 mm, and 15.88 mm. All the products offered are used in the domestic, commercial, and industrial heating, ventilation, air conditioning, and refrigeration (HVAC&R) industry.

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Its entire manufacturing operations are carried out at its consolidated manufacturing facility, comprising two industrial plots situated in the RIICO Industrial Area, Neemrana, Rajasthan.

Funds will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan.

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

Last month, KRN Heat Exchanger and Refrigeration announced raising ₹9.54 crore by way of pre-IPO placement round.

The company undertook a pre-IPO placement of 4.77 lakh equity shares at ₹200 apiece. Most of these funds were collected by allocating shares to a number of individual investors.

Holani Consultants is the sole book-running lead manager for the company's maiden public issue.

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The company's promoters include Santosh Kumar Yadav, Anju Devi, and Manohar Lal. They hold a 94.39% stake in the company ahead of the public issue.

Uplearn

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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