KRN Heat Exchanger and Refrigeration Ltd IPO

KRN Heat Exchanger and Refrigeration Limited manufactures fin and tube type Heat Exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry (HVAC&R). Heat Exchangers manufactured by us 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 Company manufactures heat exchangers of various shapes and sizes as per the requirement of the customers and / or demand in the market. The sizes of heat exchanger tubes diameter manufactured by the company ranges from 5MM to 15.88 MM.

Open Demat Account

50years

KRN Heat Exchanger and Refrigeration Ltd IPO Details

Details

Total Shares OfferedOffer to PublicRetail Max (Shares)Pre Issue Promoters HoldingExchangeIssue size
₹ 155.43 LTBA₹ 54.33 L₹ 440 LBSE₹ 341.95 Cr
IPO Open DateClose DateLot SizeMin InvestmentIssue TypeListing Date
25 Sep, 2427 Sep, 2465 ₹ 13,585 Book Building03 Oct, 24

KRN Heat Exchanger and Refrigeration Ltd IPO Dates

  • 25 Sep 2024

    Opening date

  • 27 Sep 2024

    Closing date

  • 30 Sep 2024

    Basis of
    Allotment

  • 01 Oct 2024

    Initiation of
    Refunds

  • 01 Oct 2024

    Credit of
    Shares

  • 03 Oct 2024

    Listing date

Details

SectorType
SectorEngineering
Sub SectorNA
Issue TypeBook Building

Subscription Status

*Values are in Lakhs

Investor TypeSubscription TimesShares Offered*Shares Bid*
QIB101.31x7761500786300710
NII442.52x23284501030387280
Retail99.47x5433050540451015
Employee0x00
Total151.65x155430002357139005

Subscription Status

Investor Type

QIB

NII

Retail

Employee

Total

*Values are in Lakhs

KRN Heat Exchanger and Refrigeration Ltd Financial Status

Income Statement

Balance Sheet

Particulars (in Rs. Crores)FY23FY22FY21
Revenue from operations60.3148.6717.50
EBITDA64.2351.8420.04
PAT39.8832.3110.59
Total Assets196.34115.7770.98
Share Capital46.1444.004.40
Total Borrowings103.5741.7725.60
Operating Activities (Net Cash)43.8035.4813.13
Investing Activities (Net Cash)4.490.000.00
Financing Activities (Net Cash)103.5741.7725.60
Net Cashflow15.6915.5114.19

Particulars (in Rs. Crores)

Revenue from operations

EBITDA

PAT

Total Assets

Share Capital

Total Borrowings

Operating Activities (Net Cash)

Investing Activities (Net Cash)

Financing Activities (Net Cash)

Net Cashflow

About KRN Heat Exchanger and Refrigeration Ltd

KRN Heat Exchanger and Refrigeration Limited was incorporated as KRN HEAT EXCHANGER AND REFRIGERATION PRIVATE LIMITED, a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated August 25, 2017 issued by Central Registration Centre, Manesar. Thereafter, the Company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the extraordinary general meeting of its Shareholders held on March 17, 2023, and consequently, the name of the Company was changed to KRN Heat Exchanger and Refrigeration Limited by deletion of the word `Private'. A fresh certificate of incorporation consequent upon conversion from private company to public company dated April 03, 2023, was issued by the Registrar of Companies, Jaipur, Rajasthan to the Company bearing Corporate Identification Number U29309RJ2017PLC058905.

Heat exchangers transfer thermal energy from one fluid to another, while ensuring that the fluids do not mix. This process is facilitated by conduction, enabling the heat exchanger to heat or cool a substance. Heat exchangers provide a means of regulating temperature, enhancing efficiency, averting overheating, and mitigating other potential hazards, resulting in an improvement in safety standards. Being an efficient source of energy saving, heat exchangers find applications across a broad range of domestic and industrial applications such as steam power plants, chemical processing plants, food processing, HVAC systems, mining, pulp and paper, metallurgy etc. The global heat exchanger market is valued at USD 16.8 billion in 2023, with the industry experiencing a robust CAGR of 6.4% from 2019 to 2023 whereas the Indian market for heat exchanger reached USD 689 million per annum in 2023 with the annual industry turnover increasing by a CAGR of 10% between 2019 and 2023. This growth is primarily driven by the increasing global demand for sustainable, lowenergy consumption solutions that are also cost-effective.

KRN Heat Exchanger and Refrigeration Limited manufactures fin and tube type Heat Exchangers for the Heat Ventilation Air Conditioning and Refrigeration Industry (HVAC&R). Heat Exchangers manufactured by us 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 Company manufactures heat exchangers of various shapes and sizes as per the requirement of the customers and / or demand in the market. The sizes of heat exchanger tubes diameter manufactured by the company ranges from 5MM to 15.88 MM.

Peer Comparison:

  • No Listed Industry Peers

KRN Heat Exchanger and Refrigeration Ltd IPO Key Points

Strengths

  • Promoters with strong leadership and supported by a highly experienced senior management.
  • Long standing business relationships with leading clientele.
  • Effective quality control checks.
  • Consistent financial performance.
  • Established Manufacturing facility.

Risk

  • Its revenue from operations has significantly increased from Rs.15,611.46 Lakhs in FY 2021-22 to Rs.24,748.08 Lakhs in FY 2022-23 resulting in growth of o ver 58% (YOY). Similarly, its revenue from operations has further increased from Rs. 24,748.08 Lakhs in FY 2022-23 to Rs. 30,828.31 Lakhs in FY 2023-24 leading to growth of 24% (YOY). Its revenue from operations from last three Financial Years are increasing by Compounded Annual Growth Rate (CAGR) of 25.46%. If the company is unable to sustain or manage its growth rate its business operations and results of operations may be adversely affected, and this rate of growth may not be achievable in the future.
  • Its Profit after Tax (PAT) has significantly increased from Rs.1,059.04 Lakhs in FY 2021-22 to Rs.3,231.35 Lakhs in FY 2022-23 resulting in growth of over 205.12% (YOY). Similarly, our PAT has further increased from Rs.3231.35 Lakhs in FY 2022-23 to Rs.3906.86 Lakhs in FY 2023-24 leading to growth of 20.90% (YOY). Its PAT from the last three financial years is increasing by CAGR of 54.52%. If the company is unable to maintain these profit margins in future, its financial condition may be adversely affected.
  • The company is dependent on and derive 33.34%, 32.85% and 32.28% of its revenue for the Financial Year 2024, 2023 and 2022 from its single customer namely Daikin Airconditioning India Private Limited and further the company derives 72.31%, 70.87% and 75.82% of its revenue from the company top 10 key customers for the Financial Year 2024, 2023 and 2022 respectively. Delay or Cancellation of orders by any one or all of its top customers could have a material and adverse effect on its business, results of operations and financial condition.

Strategy

  • Expanding its customer base.
  • Focus on increasing operational efficiencies to improve returns.
  • Enhancing existing products base and product quality.
  • Regular Improvement in product design and development.
  • Increasing its global footprint and augmenting growth in current geographies.
  • Promoters with strong leadership and supported by a highly experienced senior management.
  • Long standing business relationships with leading clientele.
  • Effective quality control checks.
  • Consistent financial performance.
  • Established Manufacturing facility.

How To Apply for KRN Heat Exchanger and Refrigeration Ltd IPO Online?

Step 1:

Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

Get your FAQs right

KRN Heat Exchanger and Refrigeration Ltd's IPO offers shares for up to ₹ 0 L It begins on Sep 25, 2024 and ends on Sep 27, 2024.

The price of KRN Heat Exchanger and Refrigeration Ltd IPO ranges between ₹209 to ₹220 per share.

The KRN Heat Exchanger and Refrigeration Ltd IPO opens on Sep 25, 2024 and closes on Sep 27, 2024.

The allotment for the KRN Heat Exchanger and Refrigeration Ltd IPO will be finalised on Sep 30, 2024. The shares will be listed on BSE and NSE on Oct 3, 2024.

The minimum lot size for KRN Heat Exchanger and Refrigeration Ltd IPO is 65 shares, priced between ₹209 to ₹220 per share.

The GMP (Grey Market Premium) of KRN Heat Exchanger and Refrigeration Ltd IPO fluctuates based on market demand and sentiment.

To check the allotment status of KRN Heat Exchanger and Refrigeration Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

The KRN Heat Exchanger and Refrigeration Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Sep 25, 2024, and closes on Sep 27, 2024. The allotment is finalised on Sep 30, 2024.

To apply for the KRN Heat Exchanger and Refrigeration Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.