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On Saturday, the company announced that it had raised INR 9.54 crore through a pre-IPO placement round.
According to market sources, KRN Heat Exchanger and Refrigeration Ltd is expected to conduct its first share sale next month and use the funds for expansion plans.
On Saturday, the company announced that it had raised INR 9.54 crore through a pre-IPO placement round.
The Rajasthan-based company manufactures fin and tube heat exchangers for the heating, ventilation, air conditioning and refrigeration industries.
The entire manufacturing activities of the company are carried out at its consolidated manufacturing facility consisting of two industrial plots located in RIICO Industrial Area, Neemrana, Rajasthan.
KRN Heat Exchanger’s initial filings were made in January 2024 and comprised solely a new issue of 1.93 crore common shares without any OFS component.
Later, at the end of March, the company filed the documents with a revised issue size.
According to draft documents filed in March, the company’s proposed IPO included a new offering of 160,000 common shares.
Market sources told PTI that the company is likely to conduct its IPO in September.
The funds will be used to invest in the wholly owned subsidiary KRN HVAC Products to set up a new manufacturing facility in Neemrana, Alwar, in Rajasthan.
The company has long-standing relationships 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.
In a public announcement on Saturday, KRN Heat Exchanger and Refrigeration completed a pre-IPO placement of 477,000 equity shares of Rs 200 each, bringing the transaction size to Rs 954 million.
The majority of these funds were raised through the allocation of shares to individual investors.
This was done following approval by the Board of Directors and shareholders at their respective meetings on August 3 and 6.
Holani Consultants is acting as sole bookrunner and lead manager for the Company’s initial public offering.
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First published: August 18, 2024 | 12:15 p.m. IS
