KRN Heat Exchanger IPO: Farmer’s son from Rajasthan to float ₹342 crore offer on Sept 25; check key details

KRN Heat Exchanger and Refrigeration IPO will open for subscription on Wednesday, September 25. The initial public offering of the company, which is promoted by a farmer's son, will conclude on September 27. The price range has been fixed at ₹209 to ₹220 per share.

The Rajasthan-based company is issuing new shares to raise ₹341.9 crore. There is no offer-for-sale (OFS) component. The money raised will be used to invest in its subsidiary to set up a new manufacturing unit and serve general corporate purposes.

Interested investors can bid for at least one lot comprising 65 equity shares worth ₹13,585.

Who is Santosh Kumar Yadav, the promoter of KRN Heat Exchanger?

According to the red herring prospectus (RHP), Yadav holds a Business Management (DBM) diploma from the Institute of Management Technology, Centre for Distance Learning, Ghaziabad. He also has a Diploma in Mechanical Engineering (DME) from the Board of Technical Education, Rajasthan.

He previously worked with Lloyd Electric and Engineering Limited and has 19 years of experience manufacturing heat exchangers and refrigeration units.

The company produces fin and tube-type heat exchangers for the heat ventilation air conditioning (HVAC) and refrigeration industry. Its products include evaporator units, evaporator coils, condenser coils, fluid and steam coils, header/copper, and sheet metal parts.

The company has long-established relationships with Daikin Air conditioning India, Kirloskar Chillers, Schneider Electric IT Business India, and Blue Star, among others.

KRN Heat Exchanger IPO: Financials