Upcoming KRN Heat Exchanger and Refrigeration IPO: Key Dates, RHP Details, and More—Everything You Need to Know
The KRN Heat Exchanger and Refrigeration IPO will be open for subscription from September 25, 2024, to September 27, 2024. Anchor investors can start bidding on September 24, 2024. The company has not yet announced the price range for the issue.
According to the Red Herring Prospectus (RHP), the IPO will involve the fresh issue of 1.55 crore equity shares, with no shares being offered for sale by existing shareholders.
The funds raised from this IPO will be used to help KRN HVAC Products, a subsidiary of the company, build a new manufacturing plant in Neemrana, Rajasthan.
Before the IPO, KRN Heat Exchanger raised ₹9.54 crore through a pre-IPO placement of 4.77 lakh shares at ₹200 per share. This reduced the size of the fresh issue by the same number of shares.
Holani Consultants is the sole book-running lead manager for the IPO, and Bigshare Services will be handling the share allotment process.
About KRN Heat Exchanger
KRN Heat Exchanger is a Rajasthan-based company that makes heat exchangers used in heating, ventilation, air conditioning, and refrigeration (HVAC&R) systems. The company has long-term business relationships with major brands like Blue Star, Schneider Electric, Daikin, Kirloskar Chillers, and Climaventa Climate Technologies.
KRN has shown strong financial growth, with profits increasing by 20.9% to ₹39 crore for the fiscal year ending in March 2024. Revenue also grew by 24.6%, reaching ₹308.3 crore, up from ₹247.5 crore in the previous year.
The company’s shares will be listed on both the BSE and NSE. Holani Consultants is managing the IPO, and Bigshare Services is the registrar for the offering.
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