KRN Heat Exchanger and Refrigeration Limited has announced the complete utilization of its Initial Public Offer (IPO) proceeds. The funds were allocated towards setting up a new manufacturing facility for its wholly-owned subsidiary, KRN HVAC Products Private Limited, and for general corporate purposes. The Monitoring Agency Report confirms that all ₹34,194.60 lakhs raised have been deployed as per the original offer document’s objectives.
KRN Heat Exchanger Reports Full IPO Proceeds Utilization
KRN Heat Exchanger and Refrigeration Limited has confirmed the complete utilization of funds raised through its Initial Public Offer (IPO). As per the final Monitoring Agency Report prepared by Crisil Ratings Limited, the company has successfully deployed the entire ₹34,194.60 lakhs in gross proceeds.
Investment in Manufacturing Facility
A significant portion of the IPO funds, amounting to ₹23,575.66 lakhs, was invested in KRN HVAC Products Private Limited, a wholly-owned subsidiary. This investment was earmarked for setting up a new manufacturing facility at Neemrana, Alwar, Rajasthan. The report indicates that as of June 30, 2026, the subsidiary had fully utilized this amount for land development, civil and structural works, and the procurement of plant and machinery for the proposed project.
General Corporate Purposes and Issue Expenses
In addition to the capital expenditure for the manufacturing facility, the remaining proceeds were allocated towards general corporate purposes and issue-related expenses. The total utilization for general corporate purposes was ₹7,536.00 lakhs, and issue-related expenses amounted to ₹3,082.94 lakhs. The Monitoring Agency confirms that the entire gross proceeds have been accounted for, with no unutilized funds remaining as of the reporting quarter.
Monitoring Agency’s Conclusion
Crisil Ratings Limited, in its final report dated August 12, 2026, has verified the utilization of IPO proceeds in line with the disclosures made in the offer document. The report, prepared in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concludes that all objectives have been met, and the company has successfully executed its plans for the utilization of the IPO funds.
Source: BSE
