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KRN Heat Exchanger Gears Up for September IPO; Secures ₹9.54 Crore in Pre-IPO Funding

KRN Heat Exchanger and Refrigeration plans a September 2024 IPO after raising ₹9.54 crore in a pre-IPO round, aiming to issue 1.93 crore new shares, initially filed with SEBI in January.
KRN Heat Exchanger Gears Up for September IPO; Secures ₹9.54 Crore in Pre-IPO Funding

KRN Heat Exchanger and Refrigeration is set to launch its IPO in September 2024 after securing ₹9.54 crore in a pre-IPO round. Initially filed in January with SEBI, the company plans to issue 1.93 crore new shares, with adjustments made in a subsequent March filing.

The company aims to use the IPO proceeds to expand its subsidiary, KRN HVAC Products, and to establish a new manufacturing facility in Rajasthan. This strategic expansion is designed to enhance their production capabilities and market reach.

On August 17, KRN Heat Exchanger and Refrigeration successfully raised ₹9.54 crore through the sale of 4.77 lakh shares priced at ₹200 each. This pre-IPO placement underlines investor confidence and sets a positive precedent for the upcoming public offering.

Located in the RIICO Industrial Area in Neemrana, Rajasthan, the company specialises in manufacturing fin and tube-type heat exchangers. These are essential components for systems in the heating, ventilation, air-conditioning, and refrigeration industries.

KRN has cultivated strong business relationships with prominent industry players like Schnieder Electric IT Business India, Daikin Air Conditioning India, Kirloskar Chillers, Climaventa Climate Technologies, and Blue Star Ltd. Holani Consultants has been appointed as the book-running lead manager for the IPO.

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