Bookbuilding IPO | ₹117 Cr | Listed at BSE SME | Fri, Jul 25, 2025 - Tue, Jul 29, 2025
Shree Refrigerations IPO is a book build issue of ₹117.33 crores. The issue is a combination of fresh issue of 0.76 crore shares aggregating to ₹94.51 crores and offer for sale of 0.18 crore shares aggregating to ₹22.81 crores.
Shree Refrigerations IPO bidding started from Jul 25, 2025 and ended on Jul 29, 2025. The allotment for Shree Refrigerations IPO was finalized on Jul 30, 2025. The shares got listed on BSE SME on Jul 31, 2025.
Shree Refrigerations IPO price band is set at ₹125 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,50,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹3,75,000.
Narnolia Financial Services Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Mansi Share & Stock Broking Pvt.Ltd..
Refer to Shree Refrigerations IPO RHP for detailed Information.
IPO Open
Fri, Jul 25, 2025
IPO Close
Tue, Jul 29, 2025
Issue Price
₹125 per share
Market Cap (Pre-IPO)
₹445.38 Cr
| IPO Date | 25 to 29 Jul, 2025 |
| Listed on | Fri, Aug 1, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹119 to ₹125 |
| Issue Price | ₹125 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 93,86,000 shares (agg. up to ₹117 Cr) |
| Reserved for Market Maker | 4,71,000 shares Mansi Share & Stock Broking Pvt.Ltd. (agg. up to ₹6 Cr) |
| Fresh Issue (Ex Market Maker) | 70,90,000 shares (agg. up to ₹89 Cr) |
| Offer for Sale | 18,25,000 shares of ₹2 (agg. up to ₹23 Cr) |
| Net Offered to Public | 89,15,000 shares (agg. up to ₹111 Cr) |
| Share Holding Pre Issue | 2,80,69,409 shares |
| Share Holding Post Issue | 3,56,30,409 shares |
| BSE Script Code | 544458 |
| ISIN | INE0FMZ01045 |
Shree Refrigerations IPO comprises a total issue size of 93,86,000 shares. The net offer to the public is 89,15,000 shares, after excluding 4,71,000 shares allotted on a firm basis. Of the Net offer 44,55,000 (49.97%) are allocated to QIB, 13,38,000 (15.01%) allocated to NII 31,22,000 (35.02%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 44,55,000 | 49.97% | 47.46% |
| − Anchor Investor Shares Offered | 26,73,000 | 28.48% | |
| − QIB (Ex. Anchor) Shares Offered | 17,82,000 | 18.99% | |
| NII (HNI) Shares Offered | 13,38,000 | 15.01% | 14.26% |
| − bNII > ₹10L | 8,92,000 | 9.50% | |
| − sNII < ₹10L | 4,46,000 | 4.75% | |
| Retail Shares Offered | 31,22,000 | 35.02% | 33.26% |
| Firm Reservations | |||
| Market Maker Shares Offered | 4,71,000 | 5.02% | |
| Total Shares Offered | 93,86,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| 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 raises ₹33.41 crore from anchor investors. Shree Refrigerations IPO Anchor bid date is July 24, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Jul 24, 2025 |
| Shares Offered | 26,73,000 |
| Anchor Portion (₹ Cr.) | 33.41 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Aug 29, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Oct 28, 2025 |
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.
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 |
| Total Income | 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 | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the Working Capital requirement | 70.00 |
| 2 | General Corporate Purposes | 10.00 |
| 3 | Issue Expense | 14.51 |
| KPI | Mar 31, 2024 |
|---|---|
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.25 | |
| P/E (x) | 23.81 | |
| Promoter Holding | 56.6% | 44.59% |
| Market Cap | ₹445.38 Cr. |
The Shree Refrigerations IPO is subscribed 187.55 times on July 29, 2025 5:04:45 PM (Day 3). The public issue subscribed 195.05 times in the individual investors category, 167.32 times in the QIB category, and 197.01 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB | 167.32 | 17,82,000 | 29,81,58,000 | 0 |
| NII* | 197.01 | 13,38,000 | 26,36,00,000 | 0 |
| bNII (bids above ₹10L) | 214.75 | 8,92,000 | 19,15,55,000 | 3,10,087 |
| sNII (bids below ₹10L) | 158.70 | 4,46,000 | 7,07,80,000 | 3,10,087 |
| Individual Investors | 195.05 | 31,22,000 | 60,89,52,000 | 0 |
| Total | 187.55 | 62,42,000 | 1,17,07,10,000 | 3,10,087 |
Total Application : 3,10,087
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead manager(s) fees including underwriting commission | 5.00 |
| 2 | Brokerage, selling commission and upload fees. | 0.08 |
| 3 | Registrars to the issue | 0.06 |
| 4 | Legal Advisors | 0.05 |
| 5 | Printing, advertising and marketing expenses | 0.54 |
| 6 | Regulators including stock exchanges | 0.25 |
| 7 | Others, if any (Peer Review Auditors, and other misc. expenses) | 11.96 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹125.00 |
| Open | ₹169.85 |
| Low | ₹161.50 |
| High | ₹177.70 |
| Last Trade | ₹175.40 |
Lead Manager Reports
Shree Refrigerations IPO is a SME IPO of 93,86,000 equity shares of the face value of ₹2 aggregating up to ₹117 Crores. The issue is priced at ₹125 per share. The minimum order quantity is 1000.
The IPO opens on Fri, Jul 25, 2025, and closes on Tue, Jul 29, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Shree Refrigerations IPO using UPI as a payment gateway. Zerodha customers can apply in Shree Refrigerations IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Shree Refrigerations IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Shree Refrigerations IPO opens on Fri, Jul 25, 2025 and closes on Tue, Jul 29, 2025.
Shree Refrigerations IPO lot size is 1000, and the minimum amount required for application is ₹2,50,000, with 2 lots being the minimum application size.
You can apply in Shree Refrigerations IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Shree Refrigerations IPO will be done on Wednesday, July 30, 2025, and the allotted shares will be credited to your demat account by Thu, Jul 31, 2025. Check the Shree Refrigerations IPO allotment status.
The Shree Refrigerations IPO listing date is on Thu, Jul 31, 2025.
