KRN Heat Exchanger IPO is a book built issue of Rs 341.95 crores. The issue is entirely a fresh issue of 1.55 crore shares.

KRN Heat Exchanger IPO is open for subscription on September 25, 2024 and close today September 27, 2024. The allotment for the KRN Heat Exchanger IPO is expected to be finalized on Monday, September 30, 2024. KRN Heat Exchanger IPO will list on BSE, NSE with tentative listing date fixed as Thursday, October 3, 2024.

KRN Heat Exchanger IPO price band is set at ₹209 to ₹220 per share. The minimum lot size for an application is 65 Shares. The minimum amount of investment required by retail investors is ₹14,300. The minimum lot size investment for sNII is 14 lots (910 shares), amounting to ₹200,200, and for bNII, it is 70 lots (4,550 shares), amounting to ₹1,001,000.

Holani Consultants Private Limited is the book running lead manager of the KRN Heat Exchanger IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Refer to KRN Heat Exchanger IPO RHP for detailed information.

KRN Heat Exchanger IPO Details

IPO Date September 25, 2024 to September 27, 2024
Listing Date [.]
Face Value ₹10 per share
Price Band ₹209 to ₹220 per share
Lot Size 65 Shares
Total Issue Size 15,543,000 shares
(aggregating up to ₹341.95 Cr)
Fresh Issue 15,543,000 shares
(aggregating up to ₹341.95 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE
Share holding pre issue 43,999,980
Share holding post issue 59,542,980

KRN Heat Exchanger IPO Reservation

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

Investor Category Shares Offered Maximum Allottees 
Anchor Investor Shares Offered 45,50,000 (29.27%) NA
QIB Shares Offered 31,07,455 (19.99%) NA
NII (HNI) Shares Offered 23,87,215 (15.36%)  
  bNII > ₹10L 15,91,477 (10.24%) 1,748
  sNII < ₹10L 7,95,738 (5.12%) 874
Retail Shares Offered 54,98,330 (35.37%) 84,589
Total Shares Offered 1,55,43,000 (100%)  

KRN Heat Exchanger IPO Anchor Investors Details

KRN Heat Exchanger IPO raises Rs 100.10 crore from anchor investors. KRN Heat Exchanger IPO Anchor bid date is September 24, 2024. KRN Heat Exchanger IPO Anchor Investors list

Bid Date September 24, 2024
Shares Offered 4,550,000
Anchor Portion Size (In Cr.) 100.10
Anchor lock-in period end date for 50% shares (30 Days) October 30, 2024
Anchor lock-in period end date for remaining shares (90 Days) December 29, 2024

KRN Heat Exchanger IPO Timeline (Tentative Schedule)

KRN Heat Exchanger IPO opens on September 25, 2024, and closes on September 27, 2024.

IPO Open Date Wednesday, September 25, 2024
IPO Close Date Friday, September 27, 2024
Basis of Allotment Monday, September 30, 2024
Initiation of Refunds Tuesday, October 1, 2024
Credit of Shares to Demat Tuesday, October 1, 2024
Listing Date Thursday, October 3, 2024
Cut-off time for UPI mandate confirmation 5 PM on September 27, 2024

KRN Heat Exchanger IPO Lot Size

Investors can bid for a minimum of 65 shares and in multiples thereof. The below 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 ₹185,900
S-HNI (Min) 14 910 ₹200,200
S-HNI (Max) 69 4,485 ₹986,700
B-HNI (Min) 70 4,550 ₹1,001,000
Lot Size Calculator

KRN Heat Exchanger IPO Promoter Holding

Mr. Santosh Kumar Yadav, Mrs. Anju Devi, and Mr. Manohar Lal are the company promoters.

Share Holding Pre Issue 94.39%
Share Holding Post Issue  

About KRN Heat Exchanger and Refrigeration Limited

KRN Heat Exchanger and Refrigeration Ltd is a leading manufacturer of fin and tube-type heat exchangers. The company manufactures Copper and Aluminium fins and copper tubes heat exchangers, water coils, condenser coils, and evaporator coils. It manufactures heat exchanger tubes of different shapes and sizes from 5 mm diameter to 7 mm, 9.52 mm, 12.7 mm, and 15.88 mm. All the products offered are used in the domestic, commercial, and industrial Heating, Ventilation, air conditioning and refrigeration (HVAC&R) industry.

Daikin Airconditioning India Pvt Ltd, Schnieder Electric IT Business India Pvt Ltd, Kirloskar Chillers Private Ltd, Blue Star Ltd, Climaventa Climate Technologies Pvt Ltd and Frigel Intelligent Cooling Systems India Pvt Ltd are some of the prestigious customers. The company also export products overseas to countries including UAE, USA, Italy, Saudi Arabia, Norway, Czech Republic, Germany, UK, and more.

Its manufacturing facility is situated in Neemrana, Rajasthan over an aggregated area of 7,800 sq. mt. The company uses the latest coil manufacturing machines including Hair Pin Bender, Fin Press Machine, CNC Tube Bender, and Vertical Expander.

 

Company Financials

KRN Heat Exchanger and Refrigeration Limited Financial Information (Restated Consolidated)

Period Ended 31 Mar 2024
Assets 258.36
Revenue 313.54
Profit After Tax 39.07
Net Worth 131.65
Total Borrowing 59.69
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of KRN Heat Exchanger IPO is Rs 1309.51 Cr.

KPI as of March 31, 2024.

KPI Values
ROE 40.86%
ROCE 31.21%
Debt/Equity 0.45
RoNW 29.68%
PAT Margin (%) 12.67

Check KRN Heat Exchanger IPO Peer Comparison here.

  Pre IPO Post IPO
EPS (Rs)  8.88 6.56
P/E (x)  24.78 33.52

Note:

  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.

Objects of the Issue (KRN Heat Exchanger IPO Objectives)

The net proceed from fresh issue is to be utilized for the following;

  • Invest in the wholly owned subsidiary, KRN HVAC Products Pvt Ltd for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan, and
  • General corporate purposes.

KRN Heat Exchanger IPO Review (Apply)

[Dilip Davda]  The company is one of the emerging leader in fin tubes and other heat exchange related products for B2B segment and has blue chip clients like Daikin, Blue Star, Voltas, Carrier Aircon, to name a few. It marked good growth for FY23 and FY24 and with the expansion plans afoot, it is poised for galloping performance in coming years. Though based on FY24 earnings, the issue appears fully priced, investors may lap it up for medium to long term. Read detail review…

KRN Heat Exchanger IPO Subscription Status (Bidding Detail)

The KRN Heat Exchanger IPO is subscribed 83.46 times on September 27, 2024 11:45:08 AM (Day 3). The public issue subscribed 69.66 times in the retail category, 4.57 times in the QIB category, and 217.94 times in the NII category. Check Day by Day Subscription Details (Live Status) Reload Subscription

Category Subscription (times) Shares Offered Shares bid for
QIB 4.57 31,07,455 1,41,92,490
NII 217.94 23,87,215 52,02,73,195
    bNII (bids above ₹10L) 200.86 15,91,477 31,96,60,575
    sNII (bids below ₹10L) 252.11 7,95,738 20,06,12,620
Retail 69.66 54,98,330 38,30,21,470
Total 83.46 1,09,93,000 91,74,87,155

Total Application : 4,669,529

Period Ended 31 Mar 2023 31 Mar 2022
  Standalone Standalone
Assets 148.76 92.79
Revenue 249.89 158.23
Profit After Tax 32.31 10.59
Net Worth 59.57 25.53
Total Borrowing 36.64 22.12

KRN Heat Exchanger IPO Prospectus

KRN Heat Exchanger and Refrigeration Limited Contact Details

KRN Heat Exchanger and Refrigeration Limited
Plot No. F – 46, 47, 48, 49 EPIP,
RIICO Industrial Area,
Neemrana, Alwar
Phone: +91 – 9257025440
Email: cs@krnheatexchanger.com
Website: http://www.krnheatexchanger.com/

KRN Heat Exchanger IPO Registrar

Bigshare Services Pvt Ltd

Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html