KRN Heat Exchanger’s IPO To Open On Sep 25

New Delhi: KRN Heat Exchanger and Refrigeration Ltd on Friday announced a price band of Rs 209 to Rs 220 apiece for its Rs342-crore initial public offering (IPO) with the proceeds aimed at driving the company’s expansion plans.

The initial share-sale will open for public subscription on September 25 and conclude on September 27 and the bidding for anchor investors will open for a day on September 24, the company announced. KRN Heat Exchanger’s proposed IPO involves fresh 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 KRNC 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.