KRN Heat Exchanger likely to float IPO in September; collects ₹9.54 crore in pre-IPO round

2 min read | Updated on August 19, 2024, 09:09 IST

SUMMARY

KRN Heat Exchanger and and Refrigeration had filed initial papers with the market regulator Securities and Exchange Board of India (SEBI) in January 2024, comprising entirely a fresh issuance of 1.93 crore shares. Later, the company filed the papers in March with a revised issue size.

KRN Heat Exchanger and Refrigeration manufactures fin and tube-type heat exchangers for the heat ventilation air-conditioning and refrigeration industry.

KRN Heat Exchanger and Refrigeration Ltd is likely to float its initial public offering (IPO) in September, and funds will be used for expansion plans, news agency PTI reported quoting market sources.

On August 17, the company raised ₹9.54 crore in a pre-IPO placement round.

According to draft papers, the proposed IPO involves a fresh issue of 1.6 crore equity shares. Sources told PTI that the firm is expected to float its initial share sale in September.

Also Read: IPOs next week: 4 public offers open for subscription, 5 listings scheduled; check list

The issue proceeds will be used to invest in KRN HVAC Products, a wholly owned subsidiary, and set up a new manufacturing plant in Rajasthan.

The company announced in a public announcement on Saturday that it has undertaken a pre-IPO placement of 4.77 lakh shares at ₹200 apiece worth ₹9.54 crore.

About KRN Heat Exchanger and Refrigeration

The Rajasthan-based company is into manufacturing fin and tube-type heat exchangers for the heat ventilation, air-conditioning, and refrigeration industry.

Its entire manufacturing operations are undertaken at its manufacturing facility located in the RIICO Industrial Area, Neemrana, Rajasthan.

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

Holani Consultants is the book-running lead manager for the public issue.

With PTI inputs

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KRN Heat Exchanger likely to float IPO in September; collects ₹9.54 crore in pre-IPO round

About KRN Heat Exchanger and Refrigeration

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