KRN Heat Exchanger IPO Subscribed 211 Times, Raises Rs 100 Crore - Read Now 

The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration has seen an overwhelming response, being subscribed 211.53 times as of Friday, 27 September 2024. According to stock exchange data, the IPO received bids for 2,32,53,86,765 shares against the 1.09 crore shares that were on offer.

The IPO, which opened for bidding on 25 September 2024, closed on 27 September 2024. The price range for the IPO was set between Rs 209 and Rs 220 per share. Investors were able to bid for a minimum of 65 equity shares and in multiples thereof.

The IPO includes a fresh issue of 1.55 crore equity shares, each with a face value of Rs 10. Of the net proceeds, Rs 242.46 crore will be invested in the company's wholly-owned subsidiary, KRN HVAC Products, which is establishing a new manufacturing facility at Neemrana. The remaining funds will be used for general corporate purposes.

Ahead of the IPO, KRN Heat Exchanger and Refrigeration raised Rs 100.10 crore from anchor investors on 24 September 2024. The company allotted 45.50 lakh shares at Rs 220 each to 10 anchor investors.

KRN Heat Exchanger and Refrigeration (KHERL), led by Santosh Kumar Yadav, is a manufacturer of fin and tube-type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration (HVAC&R) Industry. The company specializes in supplying OEM products used in commercial air conditioning, including systems for data cooling centers, process cooling equipment, and railway air conditioning units.

For the fiscal year ending 31 March 2024, KRN Heat Exchanger reported a consolidated net profit of Rs 39.07 crore and sales totaling Rs 308.28 crore. The company continues to be a key player in the HVAC industry, expanding its operations with the funds raised from the IPO.