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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Investment in subsidiary's new manufacturing facility
Proceeds are earmarked for investing in the company's wholly owned subsidiary, KRN HVAC Products Private Limited, to set up a new manufacturing facility at Neemrana, Alwar, Rajasthan.
General corporate purposes
The remaining proceeds are earmarked for general corporate purposes.
(₹ in Crore)
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KRN Heat Exchanger and Refrigeration Limited manufactures fin and tube type heat exchangers made from copper and aluminium, including condenser coils, evaporator coils and water coils, for the heating, ventilation, air conditioning and refrigeration industry. The company's products are used across residential, commercial, automotive, data centre and industrial cooling applications, and its client base includes established HVAC and refrigeration brands such as Daikin, Blue Star, Voltas and Carrier Aircon. The company operates its manufacturing base out of Neemrana in Alwar, Rajasthan. Its revenue grew from about 158 crore rupees in fiscal 2022 to roughly 314 crore rupees in fiscal 2024, a compound annual growth rate of about 25 percent, with export revenue growing even faster at close to 45 percent a year over the same period. Promoters Santosh Kumar Yadav, Anju Devi and Manohar Lal together held around 94 percent of the company before the issue. The initial public offer, launched in September 2024, was an entirely fresh issue of roughly 342 crore rupees priced in a band of 209 to 220 rupees per share, and it drew extremely strong demand from institutional and retail investors alike, with overall subscription running into the hundreds of times the shares on offer. The stock began trading on the NSE and BSE in early October 2024 with a substantial listing gain. Issue proceeds are earmarked mainly for a new manufacturing facility being set up by its wholly owned subsidiary in Neemrana, along with general corporate purposes.
The company raised approximately 100 crore rupees from anchor investors ahead of the issue at the upper price band of 220 rupees per share. Holani Venture Capital Fund was the largest anchor participant, followed by Mint Focused Growth Fund, with further allocations to Whiteoak Capital Mutual Fund, Bandhan Small Cap Fund, VQ Fastercap Fund and Ashoka India Equity Investment Trust.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 6:05 PM
Established heat exchanger manufacturer with blue-chip clients
The company has long-standing relationships with major HVAC and refrigeration players, including Daikin, Blue Star, Voltas and Carrier Aircon.
Strong revenue growth led by exports
Revenue grew at roughly a 25 percent annual rate over the last three fiscal years, with export revenue growing even faster at around 45 percent a year.
Experienced promoter-led management
The business is led by its founding promoters, supported by an experienced senior management team.
Established quality control processes
The company maintains structured quality control across its manufacturing operations to support consistent product standards.
Consistent financial performance
Net profit and net worth have both grown steadily over the last three fiscal years.
Customer concentration risk
A large share of revenue comes from a small number of customers, including one large air conditioning client, which is a concentration risk.
Import dependence
The company sources a large majority of its raw materials and components from overseas suppliers, exposing it to currency and supply chain risk.
No long-term supplier contracts
The absence of long-term agreements with suppliers leaves the company exposed to potential supply disruptions.
KRN Heat Exchanger and Refrigeration Limited
Plot No. F-46, 47, 48, 49, EPIP, RIICO Industrial Area, Neemrana, Alwar, Rajasthan 301705
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Limited hedging on input costs
The company does not have formal hedging mechanisms for raw material price volatility, which could pressure margins.
Valuation appears full on trailing earnings
At the top of the price band the issue was priced close to fully on trailing fiscal 2024 earnings, leaving less room for re-rating.