The initial public offer (IPO) of KRN Heat Exchanger is set to open for subscription on Wednesday and will be available for investors to bid till September 27. The company proposes to use the net proceeds from the IPO for investment in wholly-owned subsidiary KRN HVAC Products for setting up a new manufacturing facility at Neemrana, Alwar, in Rajasthan. The remaining amount will be used for other general corporate purposes.