KRN Heat Exchanger IPO: Rs 100 Cr from Anchor Investors

New Delhi, Sep 24 (PTI) KRN Heat Exchanger and Refrigeration Ltd on Tuesday said it has raised Rs 100 crore from anchor investors, a day before its initial share-sale opening for public subscription.

WhiteOak Mutual Fund, Bandhan Mutual Fund, Saint Capital Fund, Ashoka India Equity Investment Trust Plc, and Holani Venture Capital Fund are among the anchor investors.

The company has allotted 45.50 lakh equity shares to 10 funds at Rs 220 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 100.10 crore, according to a circular uploaded on the BSE website.

The Rs 342-crore IPO will be available for public subscription during September 25-27 in the price range of Rs 209-220 per share.

KRN Heat Exchanger's proposed IPO involves a fresh of 1,55,43,000 equity shares valued Rs 342 crore at the upper end of the price band.

Funds to the tune of Rs 242.5 crore will be used for investment in wholly owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan and the remaining funds will be used for general corporate purposes.

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

The company's entire manufacturing operations are carried out at its consolidated manufacturing facility comprising two industrial plots situated in the RIICO Industrial Area, Neemrana, Rajasthan.

Last month, KRN Heat Exchanger and Refrigeration announced raising Rs 9.54 crore by way of a pre-IPO placement round.

The company undertook a pre-IPO placement of 4.77 lakh equity shares at Rs 200 apiece. Most of these funds were collected by allocating shares to a slew of individual investors.

Holani Consultants is the sole book-running lead manager to the company's maiden public issue.