NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.Anand Rathi ReportKRN Heat Exchanger and Refrigeration Ltd. launched its initial public offering today and the offer closes for subscription on Sept. 27. The Rajasthan-based manufacturer of fin and tube-type heat exchangers, catering primarily to the heat ventilation air conditioning and refrigeration industry has fixed the price band in the range of Rs 209-Rs 220 per share.The minimum lot size for bidding will be 65 shares, with further bids to be made in multiples thereof.The Rs 341.95 crore IPO comprises only of a fresh issue of 1.55 crore equity shares with no offer-for-sale component.Objects of the IssueInvestment in subsidiary for setting up new manufacturing facility at Neemrana Rajasthan.For general corporate purposes.Valuation and Outlook KRN Heat Exchanger and Refrigeration specializes in manufacturing fin and tube type heat exchangers for the heat ventilation air conditioning and refrigeration industry and their products are primarily made from non-ferrous metals such as copper and aluminium. KRN plans to expand its capacity multi-fold which will generate increased growth in revenues from existing as well as new products like bar and plate heat exchanger, oil cooling unit with blower and motor and roll bond evaporator with improved margins from the export markets. On Valuation parse, at the upper price band the company's implied market cap is around Rs 13100 million valuing at PE of 33.5 times for FY24 which appears to be fully priced. Looking at the company's experienced legacy along with its plan to expand internationally and rising demand in HVAC market which could aid KRN's revenue and profit margin in long run. Therefore we believe that this issue may be considered for its long term growth. Hence we give “Subscribe for Long Term” rating to this IPO.Click on the attachment to read the full IPO report:KRN Heat Exchanger IPO - Issue Details, Financials, Strengths, Risks, Valuation And More: DRChokseyDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.