KRN Heat Exchanger IPO is a book-built issue worth ₹341.95 crores, consisting entirely of a fresh issue of 1.55 crore shares. The IPO will open for subscription from September 25 to September 27, 2024, with the allotment date set for September 30, 2024.
The shares are expected to be listed on BSE and NSE on October 3, 2024. The price band for the IPO is between ₹209 and ₹220 per share, with a minimum lot size of 65 shares, requiring retail investors to invest at least ₹14,300. sNII investors need to invest in 14 lots (910 shares), amounting to ₹200,200, while bNII investors will need to invest in 70 lots (4,550 shares), totaling ₹1,001,000.
KRN Heat Exchanger 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 |
| Share holding pre issue | 43,999,980 |
| Share holding post issue | 59,542,980 |
KRN Heat Exchanger IPO Timeline
| IPO Open Date | Wednesday, September 25, 2024 |
| IPO Close Date | Friday, September 27, 2024 |
| Basis of Allotment | Monday, September 30, 2024 |
| Initiation of Refunds | Tuesday, October 1, 2024 |
| 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 |
About KRN Heat Exchanger Company
KRN Heat Exchanger and Refrigeration Ltd is a leading manufacturer of fin and tube-type heat exchangers, catering primarily to the HVAC&R industry.
The company offers a wide range of products, including copper and aluminum fins, copper tubes, water coils, condenser coils, and evaporator coils. T
heir heat exchanger tubes come in various diameters, ranging from 5 mm to 15.88 mm, making them suitable for domestic, commercial, and industrial applications.
The company serves prestigious clients such as Daikin Airconditioning India Pvt Ltd, Schneider Electric IT Business India Pvt Ltd, Kirloskar Chillers Private Ltd, Blue Star Ltd, and Frigel Intelligent Cooling Systems India Pvt Ltd.
Additionally, KRN Heat Exchanger exports its products to countries like the UAE, USA, Italy, Saudi Arabia, Norway, Czech Republic, Germany, and the UK, showcasing its global presence.
Operating from a 7,800 sq. mt. manufacturing facility in Neemrana, Rajasthan, KRN Heat Exchanger uses state-of-the-art coil manufacturing machines such as the Hair Pin Bender, Fin Press Machine, CNC Tube Bender, and Vertical Expander.
The company’s advanced technology and equipment ensure the production of high-quality heat exchangers that meet international standards.
IPO Objectives and Use of Proceeds
The primary objective of the KRN Heat Exchanger IPO is to raise capital to invest in its subsidiary to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan.
This facility will specialize in producing advanced heat exchangers that are not currently part of KRN’s product portfolio, enabling the company to expand its offerings.
Approximately ₹242.46 crores will be allocated for this initiative, with the remaining funds directed toward general corporate purposes and strategic initiatives aimed at strengthening the company’s market position.
KRN Heat Exchanger IPO Lot Size
| 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 |
| KRN Heat Exchanger and Refrigeration Limited Contact Details | KRN Heat Exchanger IPO Registrar |
| KRN Heat Exchanger and Refrigeration Limited Plot No. F – 46, 47, 48, 49 EPIP, RIICO Industrial Area, Neemrana, Alwar Phone: +91 – 9257025440 Email: cs@krnheatexchanger.com Website: http://www.krnheatexchanger.com/ | Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/ipo_status.html |