KRN Heat Ignites Excitement with Rs 9.54 Cr Pre-IPO Success Ahead of September Share Sale
KRN Heat Exchanger Plans IPO Following Rs 9.54 Crore Pre-IPO Fundraising
Rajasthan-based KRN Heat Exchanger and Refrigeration Ltd. has successfully raised Rs 9.54 crore through a pre-IPO (initial public offering) placement round, the company announced on Saturday. This strategic move is part of their impending IPO, expected to launch next month, with funds earmarked for expansion plans.
The company specializes in manufacturing fin and tube-type heat exchangers for the HVAC and refrigeration sector. Its consolidated manufacturing operations are located in the RIICO Industrial Area, Neemrana, Rajasthan.
KRN Heat Exchanger initially filed its IPO papers in January 2024, proposing a fresh issue of 1.93 crore equity shares. These plans were later revised, and the March filing proposed a fresh issue of 1.6 crore equity shares. The IPO is projected to be launched in September 2024.
Proceeds from the IPO will be invested in the wholly-owned subsidiary, KRN HVAC Products, to set up a new manufacturing facility in Neemrana, Alwar, Rajasthan. The company maintains long-standing relationships with renowned industry players such as Daikin Air Conditioning India Pvt Ltd, Schneider Electric IT Business India Pvt Ltd, Kirloskar Chillers Pvt Ltd, Blue Star Ltd, and Climaventa Climate Technologies Pvt Ltd.
The recent pre-IPO placement involved 4.77 lakh equity shares priced at Rs 200 each, aggregating Rs 9.54 crore. These funds were primarily raised from individual investors following approval by the board and shareholders on August 3 and August 6, respectively. Holani Consultants is serving as the sole book-running lead manager for KRN Heat Exchanger’s maiden public issue.
This announcement reflects the company’s strategic efforts towards growth, capital expansion, and strengthening its market presence in the HVAC and refrigeration industry.
Original Story https://www.business-standard.com/companies/news/krn-heat-to-float-initial-share-sale-in-sep-collects-rs-9-54-cr-in-pre-ipo-124081800129_1.html
Category :
Tags:
