Mon Sep 23 14:12:02 UTC 2024: ## KRN Heat Exchanger IPO to Launch on September 25th, Aiming for Rs 341.95 Crore Raise
**New Delhi, India** – KRN Heat Exchanger and Refrigeration Limited is set to launch its initial public offering (IPO) on Wednesday, September 25th, 2024, with a strong grey market premium indicating positive investor sentiment. The IPO aims to raise between Rs 324.85 crore and Rs 341.95 crore, with an issue price band of Rs 209 to Rs 220 per equity share.
The IPO will close on Friday, September 27th, with anchor investor bidding taking place on September 24th. The company is expected to list on both the BSE and NSE on October 3rd, 2024.
KRN Heat Exchanger, a leading manufacturer and exporter of heat exchange products for the HVAC&R sector, boasts a strong track record of growth. In the fiscal year ending March 31, 2024, the company reported revenue of Rs 313.60 crore and a net profit of Rs 39.88 crore, demonstrating a positive growth trajectory from the previous year.
The IPO proceeds will primarily be used to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan, through KRN’s wholly-owned subsidiary, KRN HVAC Products Private Limited. The remaining funds will be allocated for general corporate purposes.
The IPO features a book-building process with a structured reservation strategy for retail investors, requiring a minimum bid of Rs 14,300 (65 equity shares). KRN Heat Exchanger supplies high-quality products to renowned OEMs in the refrigeration, air conditioning, heating, and ventilation industries, including Knorr Bremse, Voltas, Carrier, and Daikin India.
The IPO’s strong grey market premium of Rs 223, translating to a 101.36% listing gain based on the upper price band, highlights the market’s positive outlook on the company’s prospects. Investors interested in participating in the IPO should carefully consider their investment goals and risk tolerance before making a decision.
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