KRN Heat Exchanger and Refrigeration IPO: Heat exchanger maker KRN Heat Exchanger & Refrigeration has raised over Rs 100 crore from anchor investors. The company has raised this amount from 10 anchor investors today on 24 September before the IPO opens. The company’s IPO is going to open tomorrow i.e. on 25 September. The Rajasthan-based company said in its filing to the exchanges that it has allotted 45.5 lakh equity shares to anchor investors at a price of Rs 220 per equity share.
These anchor investors placed bets in KRN Heat Exchanger IPO
Holani Venture Capital Fund was the biggest buyer among participants in the anchor book, purchasing 8.58 lakh equity shares worth Rs 18.87 crore at the upper price band. It was followed by Mint Focused Growth Fund, which bought 6.36 lakh shares worth Rs 14 crore. 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.
Cent Capital Fund bought 4.81 lakh shares worth Rs 10.58 crore. Kotak Iconic Fund and Ashoka Whiteoak Emerging Markets Trust were also buyers in the anchor book. “Out of the total 45.50 lakh equity shares, 9.09 lakh shares were allotted to two domestic mutual funds,” KRN said.
About KRN Heat Exchanger IPO
Investors will be able to bid in the price band of Rs 209-220. The lot size is 65 shares. The IPO will close on September 27. The company, which was started in 2017, is looking to raise Rs 341.95 crore from the issue. Allotment will be finalized on September 30 after the IPO closes. The shares will be listed on BSE and NSE on October 3. Holani Consultants Private Limited is the book running lead manager for the issue. The registrar is Bigshare Services Pvt Ltd. 1.55 crore new shares will be issued in the KRN Heat Exchanger IPO.
KRN Heat Exchanger Business
KRN Heat Exchanger is a large manufacturer and exporter of fin and tube type heat exchangers. It manufactures copper and aluminum fins, copper tubes heat exchanger, water coils, condenser coils and evaporator coils. It also manufactures heat exchanger tubes. Its products are used in domestic, commercial and industrial heating, ventilation, air conditioning and refrigeration industries. The promoters of KRN Heat Exchanger are Santosh Kumar Yadav, Anju Devi and Manoharlal.
