KRN Heat Exchanger & Refrigeration IPO
KRN Heat Exchanger & Refrigeration IPO — date, price band, lot size & details 2024
KRN Heat Exchanger & Refrigeration listed on 3 Oct 2024 at ₹480, 118.2% above the ₹220 issue price.
KRN Heat Exchanger & Refrigeration makes fin and tube type heat exchangers of copper and aluminium for the HVAC and refrigeration industry. Its total income was Rs 313.54 crore in FY2024.
Stock price
KRN Heat Exchanger & Refrigeration is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 25 Sep 2024
- Close 27 Sep 2024
- Allotment 30 Sep 2024
- Refund/credit 01 Oct 2024
- Listing 03 Oct 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 27 Sep, 2024 |
|---|---|
| Price Band | ₹209 – ₹220 |
| Face Value | ₹10 |
| Lot Size | 65 Shares |
| Issue Size | ₹341.95 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,300 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 65 shares at the ₹220 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 65 | ₹14,300 |
| Retail (max) | 13 | 845 | ₹1,85,900 |
| S-HNI (min) | 14 | 910 | ₹2,00,200 |
| S-HNI (max) | 69 | 4,485 | ₹9,86,700 |
| B-HNI (min) | 70 | 4,550 | ₹10,01,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 158.23 crore in FY2022 to Rs 313.54 crore in FY2024.
- 02Profit after tax rose from Rs 10.59 crore in FY2022 to Rs 39.07 crore in FY2024.
- 03The whole Rs 341.95 crore issue was fresh capital, mostly for a new plant.
- 04The source puts the PAT margin at 12.67%.
- 05Net worth grew from Rs 25.53 crore on 31 March 2022 to Rs 131.65 crore on 31 March 2024.
Risks · 5
- 01The pre-issue P/E was 24.78 at the upper band of Rs 220, based on EPS of Rs 8.88.
- 02Copper and aluminium prices drive costs, and demand follows the HVAC and refrigeration cycle. Debt to equity was 0.45 as per the source.
- 03Total borrowing rose from Rs 22.12 crore on 31 March 2022 to Rs 59.69 crore on 31 March 2024.
- 04The new Neemrana plant needs Rs 235.76 crore and carries project and ramp-up risk.
- 05Promoters held 94.39% before the issue and 70.78% after it.
Three years of numbers
All figures in ₹ crore, as reported in the KRN Heat Exchanger & Refrigeration offer document.
| Metric | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 258.36 | 148.76 | 92.79 |
| Revenue from Operations | 308.28 | 247.48 | 156.11 |
| Total Income | 313.54 | 249.89 | 158.23 |
| Profit After Tax | 39.07 | 32.31 | 10.59 |
| NET Worth | 131.65 | 59.57 | 25.53 |
| Total Borrowing | 59.69 | 36.64 | 22.12 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the KRN Heat Exchanger & Refrigeration RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
KRN Heat Exchanger & Refrigeration IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹8.88 | ₹6.56 |
| P/E Ratio (x) | 24.78 | 33.52 |
| Market Cap at Offer Price (₹ Cr) | ₹967.95 | ₹1,310.27 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹220 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹311.12 Cr of the issue is earmarked to named objects.
About the company
Its heat exchangers are made mainly of copper and aluminium, and its range includes condenser coils, evaporator units, evaporator coils and header and copper parts, made to customer requirements.
Its registered office is at Neemrana, Alwar, Rajasthan. Its FY2024 figures are consolidated, while FY2023 and FY2022 are standalone, as per the RHP. Its promoters are Santosh Kumar Yadav, Anju Devi and Manohar Lal.
The IPO was Rs 341.95 crore and was entirely fresh issue. Rs 235.76 crore was planned for its subsidiary KRN HVAC Products to set up a new plant at Neemrana.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
KRN Heat Exchanger & Refrigeration IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Holani Consultants Private Limited
3 issues handledBest listing: Motisons Jewellers (+98.2%). Weakest: Skyways Air Services (-10.1%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of KRN Heat Exchanger & Refrigeration?
The current Grey Market Premium is ₹230, or 105% over the issue price.
What is the KRN Heat Exchanger & Refrigeration IPO price band?
₹209 to ₹220, on a face value of ₹10.
When is the allotment?
The basis of allotment is 30 September 2024, with listing on 3 October 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
