IPO

KRN Heat Exchanger and Refrigeration IPO

Mainboard

Other Industrial Products

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

₹ 14300 /65 Shares

Check Allotment

Price Summary

Last Closing

762.95 (246.8%)

52 Week High

798.75

52 Week Low

402.10

Last Update

21-Nov-2024 3:30 PM

KRN Heat Exchanger and Refrigeration IPO Details

25 Sep, 2024

Open Date

27 Sep, 2024

Close Date

30 Sep, 2024

Allotment Date

03 Oct, 2024

Listing Date

Issue Price

₹209-220 per equity share

Face Value

₹10 Per Equity Share

Listing at Group

BSE, NSE

Registrar

Bigshare Services Pvt Ltd

List Price

480.0(NSE)

Listing Date

2024-10-03

Market Lot

Retail : 65 Shares (₹14,300/-)
S-HNI : 910 Shares (₹2,00,200/-)
B-HNI : 4,550 Shares (₹10,01,000/-)

Lead Manager

Holani Consultants Private Limited

Issue Size

15,523,000 shares(aggregating up to ₹341.5 Cr)

Retail Portion

35% (Number of Retail Applications: 83,585 Approx),
(Number of S-HNI Applications : 853 Approx),
(Number of B-HNI Applications : 1,706 Approx)

Subscription

211.03 times

IPO Docs

DRHP RHP ANCHOR

KRN Heat Exchanger and Refrigeration IPO Subscription Details

As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved3,107,4552,387,215
1,591,477    795,738		5,498,33010,993,000
Day 1 - 25-09-24 05:00 PM1.44 x53.88
43.16 x   75.32 x		23.96 x24.09 x
Day 2 - 26-09-24 05:00 PM3.16 x135.85
111.74 x   184.06 x		55.53 x58.17 x
Day 3 - 27-09-24 05:00 PM253.04 x428.04
445.31 x   393.49 x		93.07 x211.03 x
Total No. of Applications: 62,91,460 (Approx)
Retail Subscription on the basis of Applications: Retail:71.39x BHNI:81.89x SHNI:380.45x times

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

RoNW

29.68%

KRN Heat Exchanger and Refrigeration Company Financials All values are in ₹ Cr.

31-Mar-2431-Mar-2331-Mar-22
Assets258.36148.7692.79
Revenue313.54249.89158.23
Profit After Tax39.0732.3110.59

About The 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.

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KRN Heat Exchanger and Refrigeration - Strength and Weakness

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.

KRN Heat Exchanger and Refrigeration - Promoter(s)

Pre Issue Share Holding: N/A%

Post Issue Share Holding: N/A%

Company Promoter(s)

  1. Mr. Santosh Kumar Yadav
  2. Mrs. Anju Devi
  3. Mr. Manohar Lal

KRN Heat Exchanger and Refrigeration IPO - Issue Objectives

  1. Invest in the wholly owned subsidiary, KRN HVAC Products Pvt Ltd for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan
  2. 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.

Other Details

Company Contact Details

KRN Heat Exchanger and Refrigeration

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

Phone: +91 – 9257025440

Email: cs@krnheatexchanger.com

Website: http://www.krnheatexchanger.com/

Registrar Contact Details

Bigshare Services Pvt Ltd

Phone: +91-22-6263 8200

Email: ipo@bigshareonline.com

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

Ans. The IPO price band is set between ₹209-220 per equity share.

Ans. To apply for KRN Heat Exchanger and Refrigeration IPO 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 allotment status for KRN Heat Exchanger and Refrigeration IPO here.