KRN HEAT EXCHANGER AND REFRIGERATION LIMITED FILES DRHP WITH SEBI
Bhubaneswar: KRN Heat Exchanger and Refrigeration Limited, manufacturer of fin and tube type heat exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry (“HVAC&R”) has filed DRHP with market regulator SEBI on January 16, 2024 for an IPO (Initial Public Offer)
The offer comprises of Fresh Issue of up to 1, 93, 05, 000 Equity Shares of face value of ₹ 10/- each. The company proposes to utilize the net proceeds from IPO towards Investment in its wholly owned subsidiary, KRN HVAC Products Private Limited for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan (“Proposed Project”) and General corporate purposes.
KRN Heat Exchanger & Refrigeration Limited manufacture heat exchangers of various shapes and sizes as per the requirements of its customers and/or demand in the market. The diameter of heat exchanger tubes it produces ranges from 5MM to 15.88 MM. Company’s products are well suited for wide range of air conditioning, heating and ventilation, refrigeration, and process cooling applications. Heat exchangers manufactured by company are made of non-ferrous metals primarily Copper and Aluminium. Its product range includes condenser coils, evaporator units, evaporator coils, header/copper parts, fluid and steam coils and sheet metal parts. The entire manufacturing operations are carried out at consolidated manufacturing facility comprising 2 industrial plots situated in the RIICO Industrial Area, Neemrana, Rajasthan.
KRN Heat Exchanger and Refrigeration Limited is led by Mr. Santosh Kumar Yadav, Chairman and Managing Director. Mr. Yadav is MBA from the Institute of Management Technology, Ghaziabad, and a Diploma in Mechanical Engineering from the Board of Technical Education, Rajasthan. He brings an unparalleled blend of academic prowess and practical experience to the Company. With over 19 years of rich experience in manufacturing heat exchangers and refrigeration units, Mr. Yadav has consistently demonstrated exceptional operational skills.
To expand the business Company has incorporated a wholly owned subsidiary namely KRN HVAC Products Private Limited to increase value-added products in its existing portfolio. KRN HVAC Products Private Limited will focus on manufacturing certain types of heat exchangers that are currently not manufactured by our Company such as Bar & Plate Heat Exchanger, Oil Cooling Unit with Blower & Motor and Roll Bond Evaporator. Through this forward integration, company plans to venture into the distribution and sells channels which allow it to control the marketing and distribution of complete product range of heat exchangers.
Holani Consultants Private Limited is the Book Running Lead Managers to the issue.