KRN Heat to float initial share sale in Sep, collects Rs 9.54 cr in pre-IPO

KRN Heat Exchanger and Refrigeration Ltd is likely to come out with its initial share sale next month, and funds will be used for expansion plans, market sources said on Sunday.

On Saturday, the company announced raising Rs 9.54 crore by a pre-IPO (initial public offering) placement round.

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 undertaken at its consolidated manufacturing facility comprising two industrial plots located in the RIICO Industrial Area, Neemrana, Rajasthan.

KRN Heat Exchanger's initial paper was filed in January 2024, comprising entirely a fresh issue of 1.93 crore equity shares with no OFS component.

Later, the company filed the papers in late March with a revised issue size.

Going by the draft papers filed in March, the company's proposed IPO involved a fresh issue of size of 1.6 crore equity shares.

Market sou