Mon Sep 23 17:11:54 UTC 2024: ## KRN Heat Exchanger IPO: Promising Growth in HVAC&R Sector

**Neemrana, India – September 23, 2024:** KRN Heat Exchanger and Refrigeration Limited, a leading manufacturer of fin and tube-type heat exchangers, is set to launch its Initial Public Offering (IPO) on September 25th, 2024. The IPO, valued at Rs. 341.95 crore, will see all shares offered as fresh issues. The offer will close on September 27th and the company is expected to be listed on the exchange on October 3rd.

KRN specializes in producing a wide range of heat exchangers, including copper and aluminum fins, copper tubes, water coils, condenser coils, and evaporator coils, catering to diverse applications in the HVAC&R industry. With a state-of-the-art manufacturing facility in Neemrana, Rajasthan, KRN has established a strong presence in both domestic and international markets, exporting to countries like the UAE, USA, and Germany.

The company boasts a prestigious clientele including Daikin India, Schneider Electric, Voltas, and Carrier.

**Strong Financial Performance:**

KRN has demonstrated impressive financial growth, with revenue increasing from ₹247.48 crores in FY23 to ₹308.28 crores in FY24, representing a 24.57% year-on-year growth. The company’s net profit also surged from ₹10.59 crore in FY22 to ₹39.07 crore in FY24.

**Favorable Market Conditions:**

The global heat exchanger market is projected to grow at a CAGR of 6.4% from FY19 to FY23, reaching USD 16.8 billion in 2023. The Indian heat exchanger industry, driven by rapid industrialization and urbanization, has grown at a CAGR of 10% from 2019 to 2023, reaching USD 689 million in 2023.

**Promising IPO Prospect:**

KRN’s IPO offers investors a unique opportunity to participate in the dynamic heat exchanger market. The company’s focus on technological advancement, expanding product portfolio, and strong customer relationships positions it well for continued growth.

**Grey Market Premium:**

Shares of KRN are currently trading at a 101.36% premium in the grey market, indicating strong investor interest.

**Overall, KRN Heat Exchanger and Refrigeration Limited presents an exciting investment opportunity for those looking to capitalize on the growing HVAC&R industry.**

**Note:** This news article is based on the provided text. It is recommended to conduct thorough due diligence before making any investment decisions.

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