Tue Sep 24 15:19:28 UTC 2024: ## KRN Heat Exchanger IPO to Open on September 25th, Aims to Raise ₹341.95 Crore

**Jaipur, India**: KRN Heat Exchanger & Refrigeration Limited, a Rajasthan-based manufacturer of heat exchangers, is set to launch its Initial Public Offering (IPO) on September 25th. The IPO will close on September 27th and aims to raise up to ₹341.95 crore at the upper end of the price band.

The IPO consists of a fresh issue of up to 1,55,43,000 equity shares with a price band of ₹209 to ₹220 per share. The grey market premium (GMP) for the IPO is currently pegged at ₹240, indicating a potential listing price of ₹460.

KRN Heat Exchanger specializes in manufacturing fin and tube type heat exchangers for the HVAC and refrigeration industries. The company plans to utilize the IPO proceeds for setting up a new manufacturing facility in Neemrana, Alwar, Rajasthan, investing in its wholly-owned subsidiary KRN HVAC Products Private Limited, and for general corporate purposes.

The company has witnessed significant growth in its revenue and profit in the past fiscal year. KRN Heat Exchanger’s revenue grew 25% year-on-year to ₹308 crore in FY24, while its net profit after tax rose 22% to ₹39 crore.

Holaní Consultants is the sole book-running lead manager for the IPO.

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