KRN Heat Exchanger and Refrigeration Ltd announced on Tuesday that it has secured ₹100 crore from anchor investors just one day before its initial public offering (IPO) opens for public subscription. Notable anchor investors include WhiteOak Mutual Fund, Bandhan Mutual Fund, Saint Capital Fund, Ashoka India Equity Investment Trust Plc, and Holani Venture Capital Fund. The company has allocated 45.50 lakh equity shares to 10 funds at ₹220 each, which is the upper limit of the price band, totaling ₹100.10 crore as per a circular posted on the BSE website.
The ₹342-crore IPO will be available for public subscription from September 25 to 27, with shares priced between ₹209 and ₹220. KRN Heat Exchanger’s IPO includes a fresh issue of 1,55,43,000 equity shares, valued at ₹342 crore at the upper end of the price range. Approximately ₹242.5 crore of the raised funds will be directed towards investments in its wholly-owned subsidiary, KRN HVAC Products, for establishing a new manufacturing facility in Neemrana, Alwar, Rajasthan. The remaining funds will be allocated for general corporate purposes.
KRN Heat Exchanger specializes in manufacturing fin and tube type heat exchangers for the heating, ventilation, air conditioning, and refrigeration sectors. The company’s manufacturing operations are located at its consolidated facility in the RIICO Industrial Area of Neemrana, Rajasthan. Last month, KRN Heat Exchanger raised ₹9.54 crore through a pre-IPO placement of 4.77 lakh equity shares at ₹200 each, primarily from individual investors. Holani Consultants is the sole book-running lead manager for the company’s debut public issue.
