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The offer received a bid for 2.35 crore shares against 1.09 crore shares on offer.
The initial public offering (IPO) of KRN Heat Exchanger and Refrigeration received bids for 2,35,71,39,005 shares against 1,09,93,000 shares on offer. The issue was subscribed 214.42 times.
The Qualified Institutional Buyers (QIB) category was subscribed 253.04 times. The Non-Institutional Investors (NII) category was subscribed 431.63 times. The Individual Investors (RII) category was subscribed 98.29 times.
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The issue opened for bidding on Wednesday (September 25, 2024) and will close on Friday (September 27, 2024). The price band for the IPO has been fixed between Rs 209 and 220 per share. An investor can offer a minimum of 65 equity shares and multiples thereof.
The IPO includes fresh issue of equity shares of 1,55,23,000 shares of face value of Rs 10.
Of the net proceeds of the fresh issue, approximately Rs 242.46 crore will be used to invest in the equity of KRN HVAC Products (a wholly owned subsidiary of the Company) which is setting up a new manufacturing plant at Neemrana and the balance proceeds net is used for general corporate purposes.
Ahead of the IPO, KRN Heat Exchanger and Refrigeration on Tuesday, September 24, 2024, raised Rs 100.10 crore from anchor investors. The board has allotted 45.50 lakh shares at Rs 220 each to 10 anchor investors.
KRN Heat Exchanger and Refrigeration (KHERL), promoted by Santosh Kumar Yadav, manufactures fin and tube heat exchangers for the ventilation, air conditioning and refrigeration (HVAC&R) industry. It acts as an OEM supplier for the HVAC industry in India, specializing in the manufacturing of heat exchangers used in commercial air conditioning and packaging of air conditioning products such as process cooling equipment, cooling centers data, railways/subways and other commercial air conditioning units.
The company reported consolidated net profit of Rs 39.07 crore and sales of Rs 308.28 crore for the twelve months ended March 31, 2024.
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First publication: October 1, 2024 | 4:56 p.m. STI