KRN Heat Exchanger Sets IPO Price Band At Rs 209-220 Apiece

The initial public offering of KRN Heat Exchanger and Refrigeration Ltd. will open for subscription next week at a price band of Rs 209-220 per share. The Rajasthan-based company's maiden offering consist of a fresh issue of size of 1.55 crore equity shares with no offer-for-sale component.

The company's initial share sale will open for bidding on Sept. 25 and conclude on Sept. 27. The bidding for anchor investors will open on Sept. 24. The minimum lot size for bidding will be 65 shares, with further bids to be made in multiples thereof, according to the company.

Proceeds from the issue will be used for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility in Rajasthan's Neemrana.

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

The company undertook a pre-IPO placement of 4.77 lakh equity shares at Rs 200 apiece, it said in its price band advertisement.

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 located in Neemrana.

The company has long-standing relations with Daikin Air conditioning India Pvt., Schnieder Electric IT Business India Pvt., Kirloskar Chillers Pvt., Blue Star Ltd. and Climaventa Climate Technologies Pvt.