KRN Heat expects to launch its IPO in September

KRN Heat IPO: KRN Heat Exchanger and Refrigeration Limited is all set to launch its initial public offering (IPO) by next month.

The market sources reported that they plan to use the raised funds for expansion.

On Saturday, the heat exchanger manufacturer company said that it plans to raise Rs 9.54 crore through a pre-IPO placement round.

KRN Heat Exchanger and Refrigeration Limited is based in Neemrana, Rajasthan, and manufactures fin and tube-type heat exchangers for refrigerator, HVAC, and heat ventilation industries.

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KRN Heat Exchanger and Refrigeration Limited filed IPO papers in January 2024 which consist of a fresh issue of 1.93 crore equity shares with no OFS shares.

In late March, the company filed the IPO papers again to issue a revised size.

Based on the draft papers filed in March, the company offered a fresh issue of 1.6 crore equity shares.

PTI reported that the company is expected to launch its IPO in September.

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As per the reports, the funds raised from the IPO will be used for KRN HVAC Products, a wholly-owned company to build new plants or factories at Neemrana and Alwar, in Rajasthan.

KRN Heat Exchanger and Refrigeration Limited has a good connection with Daikin Air Conditioning India Private Ltd, Schnieder Electric IT Business India Private Ltd, Kirloskar Chillers Private Ltd, Blue Star Ltd and Climaventa Climate Technologies Private Ltd.

On Saturday, in a public statement, the company said that it would sell 4.77 lakh equity shares at a set price band of Rs 200 each. The total value of 4.77 lakh equity shares is Rs 9.54 crore.

Holani Consultants is the company’s book-running lead manager of the KRN Heat Exchanger IPO.

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