KRN Heat Exchanger IPO Opens for Subscription on September 25: Key Dates, Price Band, and More

KRN Heat Exchanger is set to launch its Initial Public Offering (IPO) on September 25, with the subscription window open until September 27. Investors will soon know the price range for the IPO, which includes a fresh sale of 1.55 crore shares.

In this IPO, 50% of the shares are reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors.

The company plans to use the money raised from the IPO to invest in its subsidiary, KRN HVAC Products, to build a new manufacturing facility in Neemrana, Alwar, Rajasthan. The rest of the funds will be used for general business needs.

KRN Heat Exchanger and Refrigeration manufactures heat exchangers for the heating, ventilation, air conditioning, and refrigeration (HVACR) industry. Their products are made from copper and aluminum and include items like condenser coils, evaporator units, steam coils, and metal components.

The company produces heat exchangers in different sizes based on customer needs, with tube diameters ranging from 5MM to 15.88MM. Heat exchangers help transfer heat between fluids without letting them mix, making them useful for heating and cooling processes.

To grow its business, KRN has created a subsidiary called KRN HVAC Products, which will focus on making new types of heat exchangers not currently in its product line.

For the financial year FY24, KRN’s revenue grew by 25% to Rs 308 crore, and net profit after tax increased by 22% to Rs 39 crore.

Holani Consultants is managing the IPO.