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KRN Heat Exchanger IPO is a book-built issue of Rs 341.95 crores. The issue is entirely a fresh issue of 1.55 crore shares.
KRN Heat Exchanger IPO opens for subscription on September 25, 2024, and closes on September 27, 2024. The IPO price band is set at ₹209 to ₹220 per share. The minimum lot size for an application is 65 Shares.
Company Summary
KRN Heat Exchanger and Refrigeration Ltd is a leading manufacturer of fin and tube-type heat exchangers. The company manufactures Copper and Aluminium fins, copper tube heat exchangers, water coils, condenser coils, and evaporator coils.
It manufactures heat exchanger tubes of different shapes and sizes from 5 mm diameter to 7 mm, 9.52 mm, 12.7 mm, and 15.88 mm. All the products offered are used in the domestic, commercial, and industrial Heating, Ventilation, air conditioning, and refrigeration (HVAC&R) industry.
Daikin Airconditioning India Pvt Ltd, Schnieder Electric IT Business India Pvt Ltd, Kirloskar Chillers Private Ltd, Blue Star Ltd, Climaventa Climate Technologies Pvt Ltd, and Frigel Intelligent Cooling Systems India Pvt Ltd are some of the prestigious customers.
The company also exports products overseas to countries including UAE, USA, Italy, Saudi Arabia, Norway, Czech Republic, Germany, UK, and more.
Its manufacturing facility is situated in Neemrana, Rajasthan over an aggregated area of 7,800 sq. mt. The company uses the latest coil manufacturing machines including Hair Pin Bender, Fin Press Machine, CNC Tube Bender, and Vertical Expander.
Company Financials
| Period Ended | 31 Mar 2024 |
| Assets | 258.36 |
| Revenue | 313.54 |
| Profit After Tax | 39.07 |
| Net Worth | 131.65 |
| Total Borrowing | 59.69 |
Amount in ₹ Crore | |
Objectives of the IPO
The net proceeds from the fresh issue are to be utilized for the following;
1. Invest in the wholly owned subsidiary, KRN HVAC Products Pvt Ltd for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan.
2. General corporate purposes.
Promoters of the company
The Promoters of our Company are:
1. Mr. Santosh Kumar Yadav
2. Mrs. Anju Devi
3. Mr. Manohar Lal
Mr. Santosh Kumar Yadav and Mrs. Anju Devi together hold 4,39,99,960 Equity Shares, representing 94.39% of the issued, subscribed, and paid-up Equity Share capital of our Company.
IPO details
| IPO Date | September 25, 2024 to September 27, 2024 |
| Listing Date | Thursday, October 3, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹209 to ₹220 per share |
| Lot Size | 65 Shares |
| Total Issue Size | 15,543,000 shares (aggregating up to ₹341.95 Cr) |
| Fresh Issue | 15,543,000 shares (aggregating up to ₹341.95 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 65 | ₹14,300 |
| Retail (Max) | 13 | 845 | ₹185,900 |
| S-HNI (Min) | 14 | 910 | ₹200,200 |
| S-HNI (Max) | 69 | 4,485 | ₹986,700 |
| B-HNI (Min) | 70 | 4,550 | ₹1,001,000 |
Allotment Schedule
| Basis of Allotment | Monday, September 30, 2024 |
| Initiation of Refunds | Tuesday, October 1, 2024 |
| The credit of Shares to Demat | Tuesday, October 1, 2024 |
| Listing Date | Thursday, October 3, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 27, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% |
| Retail Shares Offered | Not less than 35% |
| NII (HNI) Shares Offered | Not less than 15% |
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