KRN Heat Exchanger and Refrigeration Ltd IPO

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.

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