KRN Heat Exchanger IPO: Raises Funds for New Facility

New Delhi, Jan 18 (PTI) KRN Heat Exchanger and Refrigeration Ltd has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO).

The initial share sale is entirely a fresh issue of 1.93 crore equity shares with no Offer for Sale (OFS) component, draft red herring prospectus (DRHP) filed with Sebi showed on Thursday.

Funds will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan.

The company manufactures fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry.

According to the Dun and Bradstreet Research Report, the Indian market for heat exchanges reached USD 625 million per annum in 2022, with an annual industry turnover increasing by a CAGR of 10 per cent between 2019 and 2022.

Holani Consultants is the sole book-running lead manager to the issue.