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 opens for subscription on September 25, 2024 and closes on 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 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 Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Issue |
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 |
| 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…
| 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 |
