Shree Refrigerations IPO Subscribed 187.55 Times; Retail Bids Surge 195.05x on Final Day

Mumbai, 29 July 2025: Shree Refrigerations’ ₹117.33 crore initial public offering (IPO) closed today with robust investor interest across all categories, especially among retail investors. By 5:04 PM on Day 3 of bidding, the IPO had been subscribed 187.55 times, with the retail individual investor (RII) segment bidding 195.05 times the allocated shares.

Retail Demand for Shree Refrigerations IPO Peaks at 195.05x – What Drove the Surge

Retail investor participation reached an intense pitch, as over 60.89 crore shares were bid for against an allocation of just 31.22 lakh shares. The minimum investment for individual investors was ₹2,38,000 (2,000 shares), which did not deter applications despite the high ticket size. The IPO price was fixed at ₹125 per share, and the strong brand presence in the refrigeration sector, combined with favourable listing expectations, appears to have triggered elevated interest in this category.

Qualified Institutions Bid 167.32x – Institutional Confidence Drives Market Perception

Qualified Institutional Buyers (QIBs) also displayed high interest, subscribing to their portion 167.32 times. The segment was offered 17.82 lakh shares, for which bids totalling over 29.81 crore shares came in, aggregating to an estimated value of ₹3,726.98 crore. This suggests significant institutional confidence in Shree Refrigerations’ business fundamentals and growth potential.

HNI Category Sees 197.01x Subscription, Led by Large-Value Bidders

Non-institutional investors (NIIs), including high-net-worth individuals, subscribed 197.01 times. Within this, the bNII segment (bids above ₹10 lakh) was subscribed 214.75 times, with demand for over 19.15 crore shares, translating to ₹2,394.44 crore in value. The sNII segment (bids below ₹10 lakh) saw bids for over 7.07 crore shares, with 158.70x subscription and a total application value of ₹884.75 crore.

Day-by-Day Build-up: Retail and HNI Interest Jump on Final Day

On Day 1 (July 25), overall subscription stood at just 2.11x, with retail applications at 3.60x. Interest surged on Day 2, reaching 20.62x overall, and retail bids at 34.85x. The final day (July 29) saw exponential growth, with cumulative subscription reaching 187.55x, reflecting sharp momentum from individual and HNI investors in the closing hours.

Anchor Investors Commit ₹33.41 Cr Ahead of IPO Launch

Ahead of the public offer, Shree Refrigerations secured ₹33.41 crore from anchor investors by allotting 26.73 lakh shares on 24 July 2025. The anchor book gave the IPO a strong launchpad, helping build institutional credibility and drive early interest.

IPO Details: ₹117.33 Cr Issue, BSE SME Listing Set for August 1

The IPO comprised a fresh issue of 75.61 lakh shares (₹94.51 crore) and an offer for sale of 18.25 lakh shares (₹22.81 crore). The bidding window was open from 25 July to 29 July 2025, with allotment likely to be finalised on 30 July 2025 and listing scheduled for 1 August 2025 on the BSE SME platform. The issue was managed by Narnolia Financial Services, and Mansi Share & Stock Broking acted as the market maker.

Minimum Investment High, But Not a Deterrent for Retail Participation

Despite a relatively high minimum investment size of ₹2.38 lakh for retail applicants, demand remained extremely high in this segment. The lot size was 1,000 shares, with a minimum bid of 2 lots (2,000 shares). For HNIs, the minimum investment required was ₹3.75 lakh (3 lots). This trend reflects growing appetite among retail and affluent investors for SME IPOs with perceived quality and growth outlook.

What’s Next: Allotment on July 30, Listing on August 1

The allotment process will be completed by Wednesday, 30 July 2025, with shares expected to be credited to demat accounts by 31 July 2025. Investors can expect the stock to begin trading on the BSE SME platform from Friday, 1 August 2025. With subscription figures far exceeding expectations, listing day interest is likely to be high, particularly from retail investors who were unable to secure allotments.

Shree Refrigerations IPO has clearly drawn broad-based investor interest, especially in the retail and NII segments, with the retail subscription hitting nearly 195 times. The upcoming listing will be closely watched to see if the enthusiasm in bidding translates to post-listing performance.

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