Some people say that if you have the will to do anything and work hard, success will kiss your feet. The words fit Santosh Kumar Yadav, the son of a farmer from Rajasthan, whose company is now on the verge of listing on the stock market. Yes, we’re talking about KRN Heat Exchangers and Refrigeration, and the issue starts on September 25th. Let’s find out in detail…
Quit your job and start your own company
Santosh Kumar Yadav is 44 years old and comes from Tijara, a small town in Rajasthan. His father is a farmer. But through his hard work, the farmer’s son has grown from a trainee operator at Lloyds Electrical Engineering to the founder of KRN Heat Exchangers and Refrigeration Ltd. In 2013, after leaving his job at Lloyd Electric and Engineering, he set up Micro Coils and Refrigeration in Bhiwadi with an investor. In 2017, he sold his shares in the company and founded KRN Heat Exchangers and Refrigeration.
What does KRN Company do?
Talking about KRN’s work, the company manufactures aluminum and copper finned tube condensers and coils for use by OEMs in the heating, ventilation, air conditioning and refrigeration (HVAC&R) business. The company was founded in 2017, started production in 2018, and currently supplies products to at least 17 states in India. In addition, the company’s products are also exported to 9 countries including the United States, Canada, Italy, and Germany. As the business grows, the company’s revenue continues to increase. This figure stands at Rs 308.28 crore in FY24.
Target to raise Rs 341 crore
Now let’s talk about KRN Heat Exchanger IPO, let us tell you that this offering will start on September 25th and investors can bid until September 27th. The IPO size is Rs 341.95 crore and Santosh Kumar Yadav’s company will issue a total of 15,543,000 shares. All these will be new shares with a face value of Rs 10. This will be a book issue and its listing will be on BSE-NSE.
The company has settled on this price range
For the KRN IPO, the company has fixed the price range at Rs 209 to Rs 220. Apart from this, the lot size for this IPO is 65 shares. That means retail investors will have to bid for at least that many shares. If we look at the upper end of the price band, investors have to make a minimum investment of Rs 14,300. A maximum of 13 plots can be bid for at a cost of Rs 185,900. It will open to major investors on September 24, the day before it opens to general investors.
The gray market is very busy. Do you know when it will be launched?
Santosh Yadav This company’s stock has been making waves in the gray market even before its initial public offering (IPO) began. According to IPO premium calculation, on September 23, its stock price had a premium of 110% in the unlisted market. If we look at it this way, there are signs that investors will double their money. However, it remains to be seen what will happen on launch day. Its share allotment will be completed on September 30 after the market close on September 27 and the share credit process in the demat account will begin on October 1. The company’s possible stock market listing date has been set as October 3.
(Note – Always take advice from market experts before making any investment in the stock market or IPO market.)
