Tue Sep 24 20:07:00 UTC 2024: ## KRN Heat Exchanger Raises Rs 100 Crore in Anchor Investor Round Ahead of IPO

**Jaipur, India** – KRN Heat Exchanger and Refrigeration Ltd. successfully raised Rs 100 crore from anchor investors ahead of its upcoming initial public offering (IPO). The company allotted 45.5 lakh shares at Rs 220 apiece to 10 investors, with Holani Consultants Pvt. securing the largest allocation of 18.86% through its venture capital fund. Other notable investors include White Oak Capital, Bandhan Mutual Fund, and Kotak Mutual Fund, with domestic mutual funds claiming nearly 20% of the anchor issue.

According to regulations, anchor investors are required to hold 50% of their shares for 30 days and the remaining 50% for 90 days from the grant date.

KRN Heat Exchanger, based in Rajasthan, is aiming to raise up to Rs 341.95 crore through its mainboard IPO, which will consist solely of a fresh issue of 1.55 crore equity shares. The subscription window for investors is open from September 25th to 27th, with the IPO price band set between Rs 209 and Rs 220 per share.

The company plans to utilize the proceeds from the IPO to invest in its wholly-owned subsidiary, KRN HVAC Products, for the establishment of a new manufacturing facility in Neemrana, Rajasthan.

KRN Heat Exchanger specializes in the manufacturing of fin and tube-type heat exchangers for the air conditioning and refrigeration industry. It boasts strong business relationships with prominent industry players such as Daikin Air Conditioning India Pvt., Schneider Electric IT Business India Pvt., Kirloskar Chillers Pvt., Blue Star Ltd., and Climaventa Climate Technologies Pvt. Currently, the company operates its manufacturing operations at its consolidated facility in the RIICO Industrial Area in Neemrana.

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