KRN Heat Exchanger IPO: Anchor Investors Pump In Rs 100 Crore
In addition to Holani Consultants' VC fund, notable investors include Whiteoak Capital and affiliates, Bandhan Mutual Fund and Kotak Mutual Fund.
KRN Heat Exchanger and Refrigeration Ltd. on Tuesday raised Rs 100 crore from anchor investors ahead of its initial public offering. The company allotted 45.5 lakh shares at Rs 220 apiece to 10 investors.
Jaipur-based merchant banker and stockbroker Holani Consultants Pvt. through its venture capital fund invested Rs 18.9 crore and secured the highest allocation of 18.86%.
Other notable investors include White Oak Capital and affiliates, Bandhan Mutual Fund, and Kotak Mutual Fund.
Domestic mutual funds cornered nearly 20% of the anchor issue.
Regulations stipulate that shares acquired by anchor investors are subject to a lock-in period of 30 days for 50% of the shares and 90 days for the remaining 50% from the grant date.
About KRN Heat Exchanger IPO
Through the mainboard issue, the Rajasthan-based KRN Heat Exchanger aims to raise up to Rs 341.95 crore. The company's maiden offering comprises only a fresh issue of 1.55 crore equity shares with no offer-for-sale component.
The subscription window will be open for investors from Sept. 25 to Sept. 27. The IPO price band is in the range of Rs 209–220 per share.
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, according to the company's IPO draft papers.
Notably, KRN Heat Exchanger is a manufacturer of fin and tube-type heat exchangers for the air conditioning and refrigeration industry.
It has business ties with leading industry players like Daikin Air conditioning India Pvt., Schnieder Electric IT Business India Pvt., Kirloskar Chillers Pvt., Blue Star Ltd. and Climaventa Climate Technologies Pvt.
Currently, the company's entire manufacturing operations are carried out at its consolidated facility comprising two industrial plots situated in the RIICO Industrial Area located in Rajasthan's Neemrana.
