KRN Heat Exchanger and Refrigeration IPO

Mainboard

Other Industrial Products

Listed On: Oct 3, 2024 at ₹ 480.0(NSE)

₹ 14300 /65 Shares

Check Allotment

25 Sep, 2024

Open Date

27 Sep, 2024

Close Date

30 Sep, 2024

Allotment Date

03 Oct, 2024

Listing Date

Price Summary

Last Closing

840.50 (282.05%)

52 Week High

1,012.00

52 Week Low

416.07

Last Update

23-Oct-2025 3:30 PM

KRN Heat Exchanger and Refrigeration IPO Issue Details

Issue Price ₹209-220 per equity share
Face Value ₹10 Per Equity Share
Total Issue Size 1,55,43,000 shares(aggregating up to ₹341.95 crore)
Fresh Share 1,55,43,000 shares(aggregating up to ₹341.95 crore)
Listing at BSE, NSE
List Price 480.0(NSE)
Listing Date 2024-10-03
Lead Manager Holani Consultants Private Limited
Registrar Bigshare Services Pvt Ltd

Market Lot Size

Investors can bid for a minimum of 65 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application	Lots	Shares	Amount
Retail (min)	1	65	₹14,300
Retail(max)	13	845	₹1,85,900

KRN Heat Exchanger and Refrigeration IPO Reservation

KRN Heat Exchanger and Refrigeration IPO offers total 1,55,43,000 shares. Out of which 31,07,455 (19.99%) allocated to QIB, 23,87,215 (15.36%) allocated to NII,54,98,330 (35.37%) allocated to RII, NA (NA%) allocated to employees and 45,50,000 (29.27%) allocated to Anchor investors.

Investor Category	Shares Offered	Maximum Allottees
Anchor Investor Shares Offered	45,50,000 (29.27%)
QIB Shares Offered	31,07,455 (19.99%)
NII (HNI) Shares Offered	23,87,215 (15.36%)
bNII < ₹10L	15,91,477 (10.24%)
sNII < ₹10L	7,95,738 (5.12%)
Retail Shares Offered	54,98,330 (35.37%)
Total Shares Offered	1,55,43,000 (100%)

KRN Heat Exchanger and Refrigeration IPO Documents

DRHP

RHP

ANCHOR

KRN Heat Exchanger and Refrigeration IPO Details

KRN Heat Exchanger and Refrigeration IPO is a book-built issue of ₹341.95 crores, The total issue size is ₹341.95 crores. The IPO of KRN Heat Exchanger and Refrigeration is priced at ₹209-220 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Sep 25, 2024 and ends on Sep 27, 2024. The allotment for KRN Heat Exchanger and Refrigeration IPO will be finalized on Sep 30, 2024. KRN Heat Exchanger and Refrigeration IPO will be listed on BSE, NSE, with a tentative listing date fixed as Oct 3, 2024. The company shall list its equity shares on the BSE, NSE. Bigshare Services Pvt Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 65 shares, extendable to 14,300. The book-running lead manager for the IPO is/are Holani Consultants Private Limited.

The total issue ₹341.95 crore, comprising a fresh issue of 1,55,43,000 shares ₹341.95 crore
The KRN Heat Exchanger and Refrigeration IPO sets its price band at 209-220 for each share. A single application for KRN Heat Exchanger and Refrigeration IPO must contain at least 65 shares. Sentiment investors need to invest a minimum of 65 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,300

As on	QIB	NII bNII sNII	Retail	Total
Shares Offered / Reserved	3,107,455	2,387,215 1,591,477 795,738	5,498,330	10,993,000
Day 1 25-09-24 05:00 PM	1.44 x	53.88 43.16 x 75.32 x	23.96 x	24.09 x
Day 2 26-09-24 05:00 PM	3.16 x	135.85 111.74 x 184.06 x	55.53 x	58.17 x
Day 3 27-09-24 05:00 PM	253.04 x	428.04 445.31 x 393.49 x	93.07 x	211.03 x

Total No of Applications

62,91,460

Subscription on the basis of Applications

Retail:71.39x BHNI:81.89x SHNI:380.45x

KRN Heat Exchanger and Refrigeration Valuations

EPS Pre IPO 8.88

EPS Post IPO 6.56

P/E Pre IPO 24.78

P/E Post IPO 33.52

ROE 40.86%

ROCE 31.21%

Debt/Equity 0.45

RoNW 29.68%

PAT Margin 12.67

KRN Heat Exchanger and Refrigeration Company Financials

In Crs.

In Cr.

	31-Mar-24	31-Mar-23	31-Mar-22
Assets	258.36	148.76	92.79
Revenue	313.54	249.89	158.23
Profit After Tax	39.07	32.31	10.59
Net Worth	131.65	59.57	25.53
Total Borrowing	59.69	36.64	22.12

About KRN Heat Exchanger and Refrigeration Company

KRN Heat Exchanger and Refrigeration Limited is a prominent manufacturer of fin and tube-type heat exchangers for the HVAC&R industry. The company's product lineup includes condenser coils, evaporator units, and various other components made primarily from copper and aluminium, tailored to client specifications with tube diameters ranging from 5MM to 15.88 MM.

KRN's products are utilised in a wide range of applications including residential and commercial air conditioning, refrigeration for food and beverages, and specialised cooling systems for data centres and medical equipment. To ensure longevity and efficiency, the company applies advanced protective coatings like nano and powder coatings to critical parts.

Manufacturing is conducted at KRN's extensive facilities located in the RIICO Industrial Area, Neemrana, Rajasthan. These plants are equipped with state-of-the-art technology to maintain high standards of quality and productivity. KRN holds several key certifications such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and others, reflecting its commitment to quality and environmental management.

KRN Heat Exchanger and Refrigeration - Promoter(s)

Mr. Santosh Kumar Yadav

Mrs. Anju Devi

Mr. Manohar Lal

Pre Issue Share Holding : 94.39%

Post Issue Share Holding : N/A%

KRN Heat Exchanger and Refrigeration IPO - Issue Objectives

Invest in the wholly owned subsidiary, KRN HVAC Products Pvt Ltd for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan

General corporate purposes.

KRN Heat Exchanger and Refrigeration IPO - Anchor Investors

KRN Heat Exchanger and Refrigeration raises over Rs 100 crore from anchor investors.
Holani Venture Capital Fund is the largest buyer amongst the participants in the anchor book, buying 8.58 lakh equity shares worth Rs 18.87 crore at the upper price band, followed by Mint Focused Growth Fund, which picked 6.36 lakh shares worth Rs 14 crore.
The Rajasthan-based company in its filing to exchanges said it has finalised allocation of 45.5 lakh equity shares to anchor investors at a price of Rs 220 per equity share.
Whiteoak Capital Mutual Fund, Bandhan Small Cap Fund, VQ Fastercap Fund, and Ashoka India Equity Investment Trust bought 4.54 lakh shares worth Rs 10 crore each.

Strength

KRN Heat Exchanger and Refrigeration Limited exhibits robust financial performance, with a substantial revenue increase to ₹16,064.24 lakh in 2023, demonstrating a CAGR growth of 48.34% over the past three years, indicating strong market demand and effective business strategies.

The company has established an extensive manufacturing capability at its RIICO industrial area facility in Neemrana, fully equipped for end-to-end production, which enables control over quality and cost advantages over competitors who outsource production stages.

KRN maintains a comprehensive in-house quality management system with 41 dedicated employees, ensuring product excellence through multi-level checks such as Helium and Water Leak Tests, contributing to a consistent reputation for quality and reliability in the market.

Weakness

KRN Heat Exchanger and Refrigeration Limited plans to invest ₹22,688.54 lakhs in a new manufacturing facility. However, delays or cost overruns in machinery acquisition and construction could significantly exceed the budgeted ₹24,410.98 lakhs, impacting financial stability.

The company derives substantial revenue from a few key customers, with 75.94% from the top 10 in 2023. Any loss or reduction in orders from these customers could materially harm business and financial outcomes.

80.58% of the company's raw materials were imported as of September 2023. Any new import restrictions or tariffs could escalate costs and disrupt supply chains, adversely affecting operations and profitability.

Contact Details

KRN Heat Exchanger and Refrigeration

Plot No. F - 46, 47, 48, 49 EPIP, RIICO Industrial Area, Neemrana, Alwar 301705

+91 – 9257025440

cs@krnheatexchanger.com

http://www.krnheatexchanger.com/

Registrar Contact Details

Bigshare Services Pvt Ltd

+91-22-6263 8200

ipo@bigshareonline.com

https://ipo.bigshareonline.com/ipo_status.html

KRN Heat Exchanger and Refrigeration IPO - FAQs

Ans. KRN Heat Exchanger and Refrigeration IPO is a Mainboard IPO. The issue is priced at ₹209-220 per equity share. The minimum order quantity is 65 Shares. The IPO opens on Sep 25, 2024, and closes on Sep 27, 2024. Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The KRN Heat Exchanger and Refrigeration IPO opens on Sep 25, 2024 and closes on Sep 27, 2024.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of KRN Heat Exchanger and Refrigeration IPO is 15,523,000 shares(aggregating up to ₹341.5 Cr).

Ans. The KRN Heat Exchanger and Refrigeration IPO price band is set between ₹209-220 per equity share.

Ans. To apply for KRN Heat Exchanger and Refrigeration IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find KRN Heat Exchanger and Refrigeration IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of KRN Heat Exchanger and Refrigeration IPO is Sep 30, 2024.

Ans. The KRN Heat Exchanger and Refrigeration IPO will be listed on Oct 3, 2024.

Ans. Follow the steps to check the KRN Heat Exchanger and Refrigeration IPO allotment status online.