Sep 25, 2024
By: Sourabh Jain
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Rajasthan-based KRN Heat Exchanger’s initial public offering (IPO) is now open and will close on Friday, September 27.
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KRN Heat Exchanger has fixed a price band of ₹209-₹220 per share for its public issue.
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KRN Heat Exchanger is a Rajasthan-based manufacturer of fin and tube-type heat exchangers.
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KRN Heat Exchanger is looking to raise ₹341.95 crore from the current IPO. This is a completely fresh issue and there is no offer for sale (OFS) component.
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Investors can bid for a minimum of 65 shares and in multiples of 65 shares thereafter.
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The company has a 7,800 sq. mt manufacturing facility in Neemrana, Rajasthan. Its customers include Daikin, Blue Star, Carrier, Voltas and more. It also exports its products to the USA, UAE, UK and more.
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The company’s income was ₹308.28 crore in FY24, up from ₹247.48 crore in FY23. The company reported a profit after tax (PAT) of ₹39.07 crore in FY24, up from ₹32.31 crore PAT reported in FY23.
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A major chunk of the company’s revenue comes from its top ten clients. It operates in an industry that is capital intensive and has heavy competition.
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The funds raised will be used to invest in a new subsidiary and for general corporate purposes.
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