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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 ₹125.00 per share . The lot size for an application is 1,000. The minimum amount of investment required by an individual investor (retail) is ₹2,38,000.00 (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 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 Date | July 25, 2025 to July 29, 2025 |
| Listing Date | July 31, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹119 to ₹125 per share |
| Issue Price Final | ₹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 | 4,71,000 shares Mansi Share & Stock Broking Pvt.Ltd. (aggregating up to ₹5.89 Cr) |
| Fresh Issue (Ex Market Maker) | 70,90,000 shares (aggregating up to ₹88.63 Cr) |
| Offer for Sale | 18,25,000 shares of ₹2 (aggregating up to ₹22.81 Cr) |
| Net Offered to Public | 89,15,000 shares (aggregating up to ₹111.44 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 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 (Ex- Anchor), 13,38,000 (14.26%) 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 |
|---|---|
| Market Maker Shares Offered | 4,71,000 (5.02%) |
| QIB Shares Offered | 44,55,000 (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 (14.26%) |
| − bNII > ₹10L | 8,92,000 (9.50%) |
| − sNII < ₹10L | 4,46,000 (4.75%) |
| Retail Shares Offered | 31,22,000 (33.26%) |
| Total Shares Offered | 93,86,000 (100.00%) |
Shree Refrigerations IPO raises ₹33.41 crore from anchor investors. Shree Refrigerations IPO Anchor bid date is July 24, 2025. Shree Refrigerations IPO Anchor Investors list
| 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 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 Tue, Jul 29, 2025 |
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) (Min) | 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 5.25 | |
| P/E (x) | 23.81 |
The Company Shree Refrigerations IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding the Working Capital requirement | 70.00 |
| 2 | General Corporate Purposes | 10.00 |
| 3 | Offer for sale | 22.81 |
| 4 | Issue Expense | 14.51 |
[Dilip Davda] SRL enjoys niche place in refrigeration and air-conditioning with specialized tailor-made services. It has long term contracts with defence sector of GoI for war ship/submarine/and other critical areas servicing. The company posted growth in its top and bottom lines for the reported periods. Based on recent financial data, the issue appears fully priced. Its small equity base with strong balance sheet augurs well for long term investment. Investors may park funds for medium to long term. Read detail review...
| Listing Date | July 31, 2025 |
| BSE Script Code | 544458 |
| NSE Symbol | |
| ISIN | INE0FMZ01045 |
| Final Issue Price | ₹125 per share |
| BSE Listing Group | MT |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹125.00 |
| Open | ₹169.85 |
| Low | ₹161.50 |
| High | ₹177.70 |
| Last Trade | ₹175.40 |
Shree Refrigerations Ltd.
Plot. No. 131/1+2,
Opp. MSEB Stores, Virwade Road,
Ogalewadi,
Karad, Maharashtra, 415105
Phone: 02164-272015
Email: Investor@shreeref.com
Website: http://www.shreeref.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: shreerefrigerations.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Shree Refrigerations IPO is a SME IPO of 93,86,000 equity shares of the face value of ₹2 aggregating up to ₹117.33 Crores. The issue is priced at ₹125 per share. The minimum order quantity is 1000.
The IPO opens on July 25, 2025, and closes on July 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 July 25, 2025 and closes on July 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 Thursday, July 31, 2025. Check the Shree Refrigerations IPO allotment status.
The Shree Refrigerations IPO listing date is on Friday, August 1, 2025.
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