Shree Refrigerations IPO is a book building of ₹117.33 crores. The issue is a combination of fresh issue of 75.61 lakh shares aggregating to ₹94.51 crores and offer for sale of 18.25 lakh shares aggregating to ₹22.81 crores.
Shree Refrigerations IPO opens for subscription on July 25, 2025 and closes on July 29, 2025. The allotment for the Shree Refrigeration IPO is expected to be finalized on Wednesday, July 30, 2025. Shree Refrigeration IPO will be list on BSE SME with a tentative listing date fixed as Friday, August 1, 2025.
Shree Refrigeration IPO price band is set at ₹119 to ₹125 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,38,000 (2,000 shares). The minimum lot size investment for HNI is 3 lots (3,000 shares) amounting to ₹3,75,000.
Narnolia Financial Services Ltd is the book-running lead manager of the Shree Refrigerations IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar for the issue.The market maker for Shree Refrigerations IPO is Mansi Share & Stock Broking Private Limited.
Refer to Shree Refrigerations IPO RHP for detailed information.
Shree Refrigerations IPO Details
| IPO Date | July 25, 2025 to July 29, 2025 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹119 to ₹125 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 93,86,000 shares (aggregating up to ₹117.33 Cr) |
| Reserved for Market Maker | 4,70,000 shares (aggregating up to ₹5.88 Cr)Mansi Share & Stock Broking Private Limited |
| Fresh Issue (Ex Market Maker) | 70,91,000 shares (aggregating up to ₹88.64 Cr) |
| Offer for Sale | 18,25,000 shares of ₹2 (aggregating up to ₹22.81 Cr) |
| Net Offered to Public | 89,16,000 shares (aggregating up to ₹111.45 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 2,80,69,409 shares |
| Share Holding Post Issue | 3,56,30,409 shares |
Shree Refrigerations IPO Reservation
Shree Refrigerations IPO offers total 93,86,000 shares. Out of which 44,55,000 (47.46%) allocated to QIB, 17,82,000 (18.99%) allocated to QIB, 13,39,000 (14.27%) allocated to NII, 31,22,000 (33.26%) allocated to RII and 26,73,000 (28.48%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Retail Shares Offered | 31,22,000 (33.26%) |
| Total Shares Offered | 93,86,000 (100.00%) |
Shree Refrigerations IPO Anchor Investors Details
Shree Refrigerations IPO raises ₹33.41 crore from anchor investors. Shree Refrigerations IPO Anchor bid date is July 24, 2025.
| Bid Date | July 24, 2025 |
| Shares Offered | 26,73,000 |
| Anchor Portion Size (In Cr.) | 33.41 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 29, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 28, 2025 |
Shree Refrigerations IPO Timeline (Tentative Schedule)
Shree Refrigerations IPO opens on July 25, 2025, and closes on July 29, 2025.
| IPO Open Date | Fri, Jul 25, 2025 |
| IPO Close Date | Tue, Jul 29, 2025 |
| Tentative Allotment | Wed, Jul 30, 2025 |
| Initiation of Refunds | Thu, Jul 31, 2025 |
| Credit of Shares to Demat | Thu, Jul 31, 2025 |
| Tentative Listing Date | Fri, Aug 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 29, 2025 |
Shree Refrigerations IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,50,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,50,000 |
| S-HNI (Min) | 3 | 3,000 | ₹3,75,000 |
| S-HNI (Max) | 8 | 8,000 | ₹10,00,000 |
| B-HNI (Min) | 9 | 9,000 | ₹11,25,000 |
Shree Refrigerations IPO Promoter Holding
Mr. Ravalnath Gopinath Shende, Mrs. Rajashri Ravalnath Shende, and Mrs. Devashree Vishwesh Nampurkar are the promoters of the company.
| Share Holding Pre Issue | 56.6% |
| Share Holding Post Issue | 44.59% |
About Shree Refrigerations Ltd.
Incorporated in 2006, Shree Refrigerations Limited is engaged in the manufacturing of HVAC systems, including air and water-cooled condensing units, chillers, and spray dampening systems.
The company serves various sectors, such as automotive, marine, print media, chemical, pharmaceutical, and general engineering.
The company offers a range of products, including chillers, test equipment, marine HVAC systems, and printing chillers, along with customized fabrication services to meet engineering industry standards and client needs.
The company's manufacturing facility in Karad, Maharashtra, is equipped with the necessary machinery, testing, and handling equipment to ensure products meet pre-determined quality standards.
The company offers chillers, test equipment, marine HVAC systems, and printing chillers, along with customized fabrication services, collaborating with clients to develop engineered components that meet quality standards.
Services:
- Chiller: Installation of HVAC System ,Repairs of Plants and Equipcertifications & Recognition
- Fabrication: Order and Design, Material Management, CNC Programming and Production, Painting Process
- Other Products and Services: Cabin Leakage Tester, Air Flow Measurement Rig, Psychometric Lab.
As of May 31, 2025, the company had 129 permanent employees and 165 contractual employees.
Competitive Strengths:
- Customization of products
- Quality standards and ISO certified organisation
- Technology and Collaboration
- Wide range of products
- Strong Leadership and Experienced Management
Company Financials
Shree Refrigerations Ltd.'s revenue increased by 22% and profit after tax (PAT) rose by 17% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 185.60 | 124.11 | 94.32 |
| Revenue | 99.10 | 81.19 | 50.90 |
| Profit After Tax | 13.55 | 11.53 | 2.57 |
| EBITDA | 26.94 | 24.38 | 11.90 |
| Net Worth | 114.74 | 60.72 | 45.22 |
| Reserves and Surplus | 109.13 | 55.82 | 21.25 |
| Total Borrowing | 39.73 | 36.80 | 32.07 |
| Amount in ₹ Crore | |||
Key Performance Indicator (KPI)
The market capitalization of Shree Refrigerations IPO is ₹445.38 Cr.
KPI as of Sun, Mar 31, 2024.
| KPI | Values |
|---|---|
| ROE | 15.44% |
| ROCE | 23.22% |
| Debt/Equity | 0.37 |
| RoNW | 15.44% |
| PAT Margin | 13.72% |
| EBITDA Margin | 27.29% |
| Price to Book Value | 4.98 |
Check Shree Refrigerations IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.25 | |
| P/E (x) | 23.81 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2025 that is available in RHP.