New Delhi: KRN Heat Exchanger and Refrigeration Ltd announced on Tuesday that it has secured Rs 100 crore from anchor investors, one day prior to the commencement of its initial public offering for public subscription. WhiteOak Mutual Fund, Bandhan Mutual Fund, Saint Capital Fund, Ashoka India Equity Investment Trust Plc, and Holani Venture Capital Fund are some of the key investors. The organization has distributed 45.50 lakh equity shares to 10 funds at a price of Rs 220 per share, which is also the highest price limit. According to a circular posted on the BSE website, this combines the transaction amount to Rs 100.10 crore.
The IPO worth Rs 342 crore will be open for public subscription from September 25 to 27, with shares priced between Rs 209 and Rs 220. The planned IPO by KRN Heat Exchanger includes issuing 1,55,43,000 new equity shares worth Rs 342 crore at the highest price point. Rs 242.5 crore will be utilized to invest in a new manufacturing facility at Neemrana, Alwar, Rajasthan for the wholly owned subsidiary KRN HVAC Products, with the rest of the funds allocated for general corporate needs. The company in Rajasthan produces fin and tube type heat exchangers for the HVACR industry. The company conducts all of its manufacturing activities at its combined manufacturing plant consisting of two industrial parcels located in the RIICO Industrial Area, Neemrana, Rajasthan.
In the previous month, KRN Heat Exchanger and Refrigeration revealed that they had secured Rs 9.54 crore through a pre-IPO placement round. The company placed 4.77 lakh equity shares at Rs 200 each before going public. The majority of these funds were raised by giving out shares to a large number of individual investors. Holani Consultants is the only main manager overseeing the company's first public offering
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