Mon Sep 23 16:11:34 UTC 2024: ## KRN Heat Exchanger IPO to Hit Market on Sept. 25, Anticipated to Be Oversubscribed

**Neemrana, Rajasthan**: KRN Heat Exchanger and Refrigeration Ltd., a leading manufacturer of fin and tube-type heat exchangers, is gearing up for its initial public offering (IPO) which will open for subscription from Sept. 25 to Sept. 27. The IPO, consisting solely of a fresh issue of 1.55 crore equity shares, aims to raise up to Rs 341.95 crore.

The IPO is expected to be well-received by investors, with the grey market premium (GMP) currently at Rs 240, suggesting an estimated listing price of Rs 460. This would represent a 109% premium over the upper end of the IPO price band of Rs 220 per share. It’s worth noting that the GMP is speculative and not an official price quote.

KRN Heat Exchanger plans to use the proceeds from the IPO to invest in its wholly-owned subsidiary, KRN HVAC Products, for establishing a new manufacturing facility in Neemrana.

The Rajasthan-based company has already undertaken a pre-IPO placement of 4.77 lakh equity shares at Rs 200 apiece, raising Rs 9.54 crore. KRN Heat Exchanger boasts strong business relationships with prominent industry players such as Daikin Air conditioning India Pvt., Schnieder Electric IT Business India Pvt., Kirloskar Chillers Pvt., Blue Star Ltd. and Climaventa Climate Technologies Pvt.

The minimum lot size for bidding in the IPO is 65 shares, with further bids to be made in multiples thereof. The anchor investor bidding round will commence on Sept. 24. Holani Consultants serves as the sole book-running lead manager for the issue.

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