- Price Band fixed at ₹209 to ₹220 per Equity Share of face value of ₹10 each
- The issue size at lower price band is ₹324.85 crore and upper price band is ₹341.95 crore
- Bid / Issue will close on Friday, September 27, 2024. The Anchor Investor Bidding Data Shall be Tuesday, September 24, 2024
- Bids can be made for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, SEPT 23
Rajasthan-based KRN Heat Exchanger and Refrigeration Limited on Monday announced its initial public offering (IPO) will open for bidding on Wednesday, September 25 and the issue can be subscribed until Friday, September 27.
The IPO entirely includes a fresh sale of 1,55,23,000 shares, worth ₹341.50 crore at the upper end of the price band and at lower price band is ₹324.85 crore. The anchor book opens on Tuesday, September 24.
Bids can be made for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter.
The Price Band of the Issue has been fixed at ₹209 to ₹220 per Equity Share.
The Company proposes to utilise net proceeds from fresh issue of Equity Shares towards (a) investment in our wholly owned subsidiary, KRN HVAC Products Private Limited in the form of equity for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan estimated to ₹ 24,246.10 Lakh [₹ 242.46 crore] and General corporate purposes.
KRN Heat Exchanger and Refrigeration is a manufacturer of fin and tube-type heat exchangers. It manufactures copper and aluminium fins and copper tubes, heat exchangers, water coils, condenser coils, and evaporator coils. All the products offered are used in the domestic, commercial, and industrial heating, ventilation, air conditioning and refrigeration industry.
KRN Heat Exchanger and Refrigeration Limited serves prestigious customers, including Daikin India, Schneider Electric, Voltas, Carrier, Eberspaecher, Kirloskar, Blue Box, and Knorr Bremse. With a projected export revenue of $8.75 million and domestic sales of $26.25 million for the 2023-24 fiscal year, KRN continues to solidify its position as a leading player in the heat exchanger manufacturing sector, serving diverse applications in the heating, ventilation, air conditioning, and refrigeration industries.
The company also exports products overseas to countries, including UAE, USA, Italy, Saudi Arabia, Norway, Czech Republic, Germany, UK, and more.
The company has raised about ₹9.54 crore through its pre-IPO placement by selling 4.77 lakh shares for ₹ 200 apiece. It has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs) and 35 per cent for the retail investors. Remaining 15 per cent shares all be allocated towards non-institutional investors (NIIs).
KRN Heat Exchanger reported a net profit of ₹39.07 crore with a revenue of ₹313.54 crore for the financial year ended on March 31, 2024. The company’s bottomline came in at ₹32.31 crore with revenue of ₹249.89 crore for the fiscal year 2022-23.
This Equity Shares are are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited.
Holani Consultants is the sole book running lead manager, while Bigshare Services is the registrar for the issue.
