Shree Refrigerations IPO Subscribed 2.11x on Day 1; Strong Retail Response
By Shishta Dutta | Published at: Jul 25, 2025 06:54 PM IST
Mumbai, July 25, 2025 — The ₹117 crore IPO of Shree Refrigerations Limited saw robust retail interest on Day 1, with an overall subscription of 2.11 times. The public issue opened for subscription on July 25, 2025, and will close on July 29, 2025. The shares will list on the SME Platform of BSE on August 1, 2025. The price band has been fixed at ₹119 to ₹125 per share.
Shree Refrigerations’ IPO opened to a positive market backdrop, attracting investor attention with its established presence in the HVAC and marine cooling sectors. The company’s status as a supplier to the Indian Navy and its sectoral diversification added credibility ahead of the listing.
Day 1 Subscription Status
| Category | Shares Offered | Bids Received | Times Subscribed |
|---|---|---|---|
| Anchor Investors | 26,73,000 | 26,73,000 | 1 |
| Qualified Institutional Buyers (QIBs) | 17,82,000 | 0 | 0.00x |
| Non-Institutional Investors (NIIs) | 13,38,000 | 19,16,000 | 1.43x |
| • above ₹10 lakh | 8,92,000 | 9,88,000 | 1.11x |
| • up to ₹10 lakh | 4,46,000 | 9,28,000 | 2.08x |
| Retail Individual Investors (RIIs) | 31,22,000 | 1,12,36,000 | 3.60x |
| Total | 62,42,000 | 1,31,52,000 | 2.11x |
Over 5,889 applications have been received so far, with overwhelming participation from retail investors. The NII segment has also crossed the 1x mark, while QIB bids are yet to come in and are expected closer to the final day.
Financial Performance (Consolidated)
Shree Refrigerations reported steady financial growth over the past three fiscal years. Revenue rose consistently, reaching ₹9,872.70 lakh in FY25, up from ₹5,057.61 lakh in FY23. Profit after tax improved to ₹1,354.66 lakh, supported by strong operational performance across key business lines.
The EBITDA margin stood at 27.29% in FY25, slightly lower than FY24 but well above FY23 levels, reflecting cost efficiency. Return on equity moderated to 15.44%, while earnings per share was ₹5.25, compared to ₹1.30 two years ago. These shifts indicate expanding scale with stable profitability.
Lead Manager
The IPO is being managed by Pantomath Capital Advisors Pvt Ltd, a SEBI-registered merchant banker with extensive experience in SME and mid-cap listings.
Company Overview
Shree Refrigerations Limited is a Maharashtra-based HVAC and marine chiller manufacturer, serving sectors such as automotive, marine, pharmaceuticals, chemicals, and print media. It is an approved vendor to the Indian Navy and operates a specialized fabrication unit.
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