Admin
23 September 2024

KRN Heat Exchanger and Refrigeration Limited IPO, GMP, Details, Price, And Review

Specializing in the manufacturing of fin & tube-type heat exchanges for the Heat Ventilation Air Conditioning and Refrigeration industry, KRN Heat Exchanger and Refrigeration Limited will be out with its IPO soon. HRN manufactures items made of non-ferrous metals, primarily Aluminium and Copper. The company’s product range includes,

● Evaporator Units and Coils

● Condenser Coils

● Header/Copper parts

● Steam Coils

● Fluid Coils

● Sheet Metal parts

The heat exchanger manufactured by KRN Heat Exchanger and Refrigeration Limited IPO comes in varied shapes and sizes, based on customers’ requirements and the market demand. The heat exchanger tube diameter ranges between 5mm-15.88mm. All products are well-suited for the wide air conditioning, refrigeration, heating and ventilation, and the refrigeration and process cooling applications.

KRN Heat Exchanger IPO Overview:

● Issue Size: ₹341.95 crores
● Issue Type: Fresh issue of 1.55 crore shares
● Price Band: ₹209 to ₹220 per share
● Minimum Lot Size: 65 shares
● Subscription Period:
○ Opening Date September 25, 2024
○ Closing Date: September 27, 2024
● Book Running Lead Manager: Holani Consultants Private Limited
● Registrar: Bigshare Services Pvt Ltd

KRN Heat Exchanger and Refrigeration Limited IPO And GMP

WHAT IS GMP?

GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.

A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.

KRN Heat Exchanger and Refrigeration Limited IPO GMP

GMP Date	IPO Price	GMP	Last Updated
03-10-2024	220	235 (106.82%)	03-Oct-2024 12:42
01-10-2024	220	256 (116.36%)	01-Oct-2024 12:05
30-09-2024	220	270 (122.73%)	30-Sep-2024 12:20
28-09-2024	220	275 (125.00%)	28-Sep-2024 12:10
27-09-2024	220	274 (124.55%)	27-Sep-2024 12:15
26-09-2024	220	251 (114.09%)	26-Sep-2024 12:35
25-09-2024	220	239 (108.64%)	25-Sep-2024 12:10
24-09-2024	220	240 (109.09%)	24-Sep-2024 12:40
23-09-2024	220	223 (101.36%)	23-Sep-2024 12:35

**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**

KRN Heat Exchanger IPO Overview

Detail	Description
IPO Date	September 25, 2024 to September 27, 2024
Listing Date	[.]
Face Value	₹10 per share
Price Band	[.] to [.] per share
Lot Size
Total Issue Size	15,523,000 shares (aggregating up to ₹[.] Cr)
Fresh Issue	15,523,000 shares (aggregating up to ₹[.] Cr)
Issue Type	Book Built Issue IPO
Listing At	BSE, NSE
Shareholding pre issue	43,999,980
Shareholding post issue	59,522,980

KRN Heat Exchanger IPO Timeline (Tentative Schedule)

Detail	Description
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 Limited IPO Lot Size

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

KRN Heat Exchanger Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50%
Retail Shares Offered	Not less than 35%
NII (HNI) Shares Offered	Not less than 15%

KRN Heat Exchanger IPO Promoter Holding

Share Holding Pre Issue	94.39%
Share Holding Post Issue

Company & Financials

Leading manufacturer of fin and tube-type heat exchangers, KRN Heat Exchanger and Refrigeration Ltd manufacture Aluminum and Copper fins and copper tubes, water coils, heat exchangers, etc. With its manufacturing facility in Neemrana, Rajasthan, it manufactures heat exchanger tubes of shapes and sizes with diameters of 5mm-7mm, 9.52mm, 12.7mm, and 15.88mm. For manufacturing/production, the company uses the latest coil manufacturing machines like,

● Vertical Expander

● CNC Tube Bender

● Fin Press Machine

● Hair Pin Bender, etc.

The products offered by KRN Heat Exchanger and Refrigeration Limited IPO are used in, the Commercial, Domestic, and Industrial Heating, Ventilation, Air Conditioning, and Refrigeration (HVAC&R) industry. The prestigious customers list of the company includes,

● Daikin Air Conditioning India Pvt Ltd

● Schneider Electric IT Business India Pvt Ltd

● Kirloskar Chillers Private Ltd

● Blue Star Ltd

● Climaveneta Climate Technologies Pvt Ltd

● Frigel Intelligent Cooling Systems India Pvt Ltd

The products are also exported to countries like the UAE, the USA, Germany, Saudi Arabia, Norway, Italy, the Czech Republic, the UK, and more.

KRN Heat Exchanger and Refrigeration Limited Financial Information

Period Ended	31 Mar 2024	31 Mar 2023	31 Mar 2022
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
Amount in ₹ Crore

Key Performance Indicator

KPI	Values
ROE	40.86%
ROCE	31.21%
Debt/Equity	0.45
RoNW	29.68%

Objectives of KRN Heat Exchanger IPO

The company proposes the use of Net Proceeds from the issue towards objectives, including,

● Invest in Wholly Owned Subsidiary, KRN HVAC Products Pvt Ltd to set up a new manufacturing facility in Neemrana.

● Prepayment/repayment of all or a portion of some loans that have been availed by the company.

● Funding the company’s working capital requirements.

● General corporate purposes.

KRN Heat Exchanger IPO Review

KRN Heat Exchanger is an emerging leader in fin tubes and other heat exchange-related products for the B2B segment. The company has some major blue-chip clients including,

● Daikin

● Blue Star

● Voltas

● Carrier Aircon and others

It shows a significant growth for FY23 and FY24. With expansion plans afoot, the company is poised to gallop its performance in the upcoming years. Based on the FY24 earnings, the issue appears fully priced. Investors might lap it up for the medium-long term.

FAQs for KRN Heat Exchanger IPO

Which IPO is being launched by KRN Heat Exchanger and Refrigeration Limited?

The company is launching a Mainboard IPO that will be listed on the BSE and NSE. It is expected to raise ₹341.5 Crores through this. The issue has been priced at ₹209 to ₹220 per equity share.
When does the subscription for KRN Heat Exchanger and Refrigeration Limited IPO open?

The subscription for the QIB, NII, and Retail Investors opens on September 25, 2024, and closes on September 27, 2024.
What is KRN Heat Exchanger IPO Investors Portion?

The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
What is the issue size of KRN Heat Exchanger and Refrigeration Limited IPO?

₹341.5 crores is KRN Heat Exchanger and Refrigeration Limited IPO issue size.
What is the Price Band for KRN Heat Exchanger and Refrigeration Limited IPO?

₹209 to ₹220 is the Price Band for KRN Heat Exchanger and Refrigeration Limited IPO.
What is the lot size of KRN Heat Exchanger and Refrigeration Limited?

65 Shares with ₹14,300 amount is the lot size.
What is the Allotment date for KRN Heat Exchanger and Refrigeration Limited IPO?

September 30, 2024, is the allotment date for KRN Heat Exchanger and Refrigeration Limited IPO.
What is the listing date for the KRN Heat Exchanger and Refrigeration Limited IPO?

October 3, 2024, is the listing date for KRN Heat Exchanger and Refrigeration Limited IPO. The IPO will be listed on the NSE and BSE.
What is KRN Heat Exchanger’s current GMP?

The current GMP of KRN Heat Exchanger is 235 (106.82%).