Koolking Industries Files IPO Papers, Plans to Raise ₹300 Crore Through Fresh Issue

Koolking Industries India, a Punjab-based manufacturer of heating, ventilation and air-conditioning components, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering. 

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The proposed IPO includes a fresh issue of shares worth ₹300 crore. Its promoters also plan to sell up to 30.5 lakh shares through an offer for sale (OFS), according to the draft red herring prospectus filed on September 23. 

The company could also raise as much as ₹60 crore before the IPO through a pre-IPO placement. Should that happen, the size of the fresh issue will be reduced by the amount raised through the placement. 

Koolking plans three new manufacturing units 

A sizeable portion of the money from the fresh issue is earmarked for expanding Koolking’s manufacturing footprint. 

The company plans to spend ₹138.4 crore on new manufacturing units at Malerkotla in Punjab, Sricity in Andhra Pradesh and Ghiloth in Rajasthan. Another ₹14.5 crore is proposed to be spent on machinery and equipment for its existing plants. 

Koolking has also set aside ₹60 crore from the net proceeds for working capital requirements. The balance will be available for general corporate purposes. 

Five plants currently make up Koolking’s manufacturing network 

Koolking has been in business since 2008 and currently operates five manufacturing facilities spread across Punjab, Uttar Pradesh, Rajasthan and Andhra Pradesh. 

Together, these plants have an annual capacity of 41.92 crore units across the company’s product range. Koolking makes components used in commercial and residential air conditioners as well as in the refrigeration industry. 

The proposed expansion would add three more manufacturing units to this network. 

Profit rises 22.4% in FY26 

The IPO papers come after a year in which Koolking recorded growth in both revenue and profit. 

For the financial year ended March 2026, the company reported a profit of ₹33.2 crore, up 22.4% from ₹27.1 crore a year earlier. 

Revenue rose at a slower pace, increasing 9% to ₹526.7 crore from ₹483.1 crore in the previous financial year. 

Pre-IPO placement remains an option 

While the fresh issue has been proposed at ₹300 crore, the final size could change if Koolking proceeds with the ₹60 crore pre-IPO placement. 

The IPO will also include the promoters’ OFS of up to 30.5 lakh shares. Since an OFS involves the sale of existing shares, those proceeds will go to the selling shareholders rather than the company. 

Keynote Financial Services has been appointed as the merchant banker for the proposed IPO. The Moneycontrol report does not disclose the IPO price band or subscription dates.