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Shree Refrigerations IPO
₹1,19,000/1,000 shares
Minimum Investment
IPO Details
25 Jul 25
29 Jul 25
₹1,19,000
1,000
₹119 to ₹125
BSE
₹117.33 Cr
01 Aug 25
Open Free Demat Account
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 |
How to apply IPO with HDFC SKY?
Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.
- 1Login to your HDFC SKY Account
- 2Select Issue
- 3Enter Number of Lots and your Price.
- 4Enter UPI ID
- 5Complete Transaction on Your UPI App
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