Shree Refrigerations IPO

₹1,19,000/1,000 shares

Minimum Investment

IPO Details

Open Date

25 Jul 25

Close Date

29 Jul 25

Minimum Investment

₹1,19,000

Lot Size

1,000

Price Range

₹119 to ₹125

Listing Exchange

BSE

Issue Size

₹117.33 Cr

Listing Date

01 Aug 25

Open Free Demat Account

Shree Refrigerations IPO Timeline

Bidding Start

25 Jul 25

Bidding Ends

29 Jul 25

Allotment Finalisation

30 Jul 25

Refund Initiation

31 Jul 25

Demat Transfer

31 Jul 25

Listing

01 Jul 25

About Shree Refrigerations Limited

Incorporated in 2006, Shree Refrigerations Limited manufactures HVAC systems, including chillers, condensing units, and spray dampening systems. It caters to sectors like automotive, marine, print media, and pharmaceuticals. The company offers customised fabrication services and products such as marine HVAC systems, test equipment, and printing chillers. Its Karad-based facility is equipped with advanced machinery and testing systems. Services include HVAC installations, equipment repair, CNC production, and quality testing tools. As of May 31, 2025, it employed 129 permanent and 165 contractual staff.

Shree Refrigerations Limited IPO Overview

Shree Refrigerations Limited is launching a book-built IPO worth ₹117.33 crores, comprising a fresh issue of 75.61 lakh shares amounting to ₹94.51 crores and an offer for sale of 18.25 lakh shares valued at ₹22.81 crores. The IPO opens for subscription on July 25, 2025, and closes on July 29, 2025, with allotment expected on July 30, 2025. The company is set to list on the BSE SME platform on August 1, 2025. The price band is ₹119 to ₹125 per share, with a lot size of 1,000 shares. Retail investors must invest a minimum of ₹2,38,000 for 2,000 shares, while the minimum for HNIs is ₹3,75,000 for 3,000 shares. Narnolia Financial Services Ltd is the book-running lead manager, MUFG Intime India Pvt Ltd (Link Intime) serves as registrar, and Mansi Share & Stock Broking Pvt Ltd is the market maker.

Shree Refrigerations Limited IPO Details

Particulars	Details
IPO Date	25 July 2025 to 29 July 2025
Listing Date	1 August 2025
Face Value	₹2 per share
Issue Price Band	₹119 to ₹125 per share
Lot Size	1,000 Shares
Total Issue Size	93,86,000 shares (₹117.33 Cr)
Fresh Issue	70,91,000 shares (₹88.64 Cr)
Offer for Sale	18,25,000 shares (₹22.81 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
Market Maker Portion	4,70,000 shares (₹5.88 Cr)

Shree Refrigerations Limited IPO Reservation

Investor Category	Shares Offered
Market Maker	4,70,000 (5.01%)
QIB	44,55,000 (47.46%)
NII (HNI)	13,39,000 (14.27%)
Retail	31,22,000 (33.26%)
Anchor Investors	26,73,000 (28.48%)

Shree Refrigerations Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,000	₹2,50,000
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 Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	56.60%
Post-Issue	44.59%

Shree Refrigerations Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹5.25
Price/Earnings (P/E) Ratio	23.81
Return on Net Worth	15.44%
Net Asset Value (NAV)	₹40.88
Return on Equity	15.44%
Return on Capital Employed	23.22%
EBITDA Margin	27.29%
PAT Margin	13.72%
Debt to Equity Ratio	0.37

Objectives of the Proceeds

Working capital requirement across manufacturing and operations – ₹70.00 crore

General corporate purposes – Not specified

Key Financials (in ₹ Crore)

Particulars	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
Reserves & Surplus	109.13	55.82	21.25
Total Borrowings	39.73	36.80	32.07

SWOT Analysis of Shree Refrigerations IPO

Strength and Opportunities

Custom HVAC and chiller solutions tailored to industry-specific needs.
ISO certification ensures quality standards across all product lines.
Strong leadership and domain experience in refrigeration systems.
Serves multiple industries, diversifying revenue streams.

Risks and Threats

High dependency on capital-intensive production infrastructure.
Revenue concentration risk across limited sectors.
Competition from global HVAC players with advanced tech.
Market volatility can impact large capital-based project orders.

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About Shree Refrigerations Limited

Shree Refrigerations IPO Strengths

Offers tailored HVAC solutions designed to meet unique industry-specific requirements and client needs.

Follows stringent quality standards and holds ISO certification to ensure product reliability and compliance.

Leverages advanced technologies through strategic collaborations for innovation and manufacturing efficiency.

Provides an extensive portfolio of HVAC products and services across multiple industry segments.

Backed by a strong leadership team with deep industry experience and technical expertise.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (₹)	P/E (x)	RoNW (%)
Shree Refrigerations Limited	5.03	5.03	40.88	23.81	15.44
Peer Groups
Johnson Controls-Hitachi Air Conditioning India Ltd	21.60	21.60	235.73	81.33	9.60

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