NEW DELHI: Rajasthan-based KRN Heat Exchanger and Refrigeration Ltd is preparing to launch its Initial Public Offering (IPO) on September 25.
The bidding process for anchor investors will open for a day on September 24 while the IPO will remain open until September 27, according to the Red Herring Prospectus (RHP). The funds raised will fuel company’s expansion plans and will be invested in KRN HVAC Products, a wholly-owned subsidiary of the company, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan.
The will consist of a fresh issue of 1.55 crore equity shares, without any Offer For Sale (OFS) component, as per the RHP.
The company manufactures fin and tube-type heat exchangers used in the heat ventilation air conditioning and refrigeration industry at its integrated manufacturing facility, which consists of two industrial plots located in the RIICO Industrial Area, Neemrana, Rajasthan.
The company has established long-term partnerships with several prominent companies in the industry, including Daikin Air conditioning India Pvt Ltd, Schnieder Electric IT Business India Pvt Ltd, Kirloskar Chillers Pvt Ltd, Blue Star Ltd, and Climaventa Climate Technologies Pvt Ltd.
Earlier, the company successfully raised Rs 9.54 crore through a pre-IPO placement round last month. The placement involved the allocation of 4.77 lakh equity shares at a price of Rs 200 per share.
The majority of the funds were raised by allotting shares to a diverse group of individual investors. Holani Consultants is the sole book-running lead manager to the company’s maiden public issue.