Shree Refrigerations IPO
Shree Refrigerations Limited · Industrial Machinery / HVAC
- Price band
- ₹125per share
- Issue size
- ₹117.33 Cr93,86,000 shares
- Face value
- ₹2per equity share
- Lot size
- 1,000 sharesMin. ₹1.25 L at the upper price
- Anchor biddingThu, 2025
- OpensFri, 2025
- ClosesTue, 2025
- AllotmentThu, 2025Demat credit and Refunds same day
- ListingFri, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 75,61,000 shares (₹94.51 Cr)
- Offer for sale
- 18,25,000 shares (₹22.81 Cr)
- Total issue
- 93,86,000 shares (₹117.33 Cr)
- Market maker portion
- 4,71,000 shares
- Face value
- ₹2
- Listing at
- BSE SME
- Promoter holding
- 56.61% → 44.59%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail33.3%
- Anchor28.5%
- QIB ex-anchor19.0%
- NII14.3%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 31,22,000 | 35.02% | 35% |
| Non-institutional investors (NII) | 13,38,000 | 15.01% | 15% |
| Qualified institutional buyers (QIB) | 44,55,000 | 49.97% | 50% |
| QIB, excluding anchor | 17,82,000 | 19.99% | — |
| Anchor investors | 26,73,000 | 29.98% | — |
| Market maker | 4,71,000 | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹125 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 2,000 | ₹2.5 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once it is added from a licensed data source.
Valuation
FY 2024-25- EPS (basic)
- ₹5.25
- P/E
- 23.81×
- RoNW
- 15.44%
- NAV per share (At Issue Price)
- ₹58.73
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|
| Revenue from operations | 98.73 | 80.31 | 50.58 |
| EBITDA | 26.94 | 24.38 | 11.90 |
| Profit after tax | 13.55 | 11.53 | 2.57 |
| 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 |
FY 2024-25 vs FY 2023-24: revenue +22.9%, profit after tax +17.5%.
Source: ProspectusUpdated
About the company
The company manufactures chillers, refrigeration and air conditioning equipment and other HVAC parts, mainly for domestic industrial clients. Its products serve marine, automotive, print media, chemical and pharmaceutical sectors, including supplies to the Indian Navy. It also offers installation, plant operation and repair services.
- Incorporated
- 2006
- Sector
- Industrial Machinery / HVAC
- CIN
- U29191PN2006PLC128377
- Website
- www.shreeref.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Ravalnath Gopinath Shende | Promoter | 44.43% | 35.00% | — |
| Rajashri Ravalnath Shende | Promoter | 12.14% | 9.56% | — |
| Devashree Vishwesh Nampurkar | Promoter | 0.00% | 0.00% | — |
| Varsha Shreeprasad Sidhaye | Promoter group | 0.04% | 0.03% | — |
| Maharashtra Defence and Aerospace Venture Fund (through IDBI Capital Markets & Securities Limited) | Selling shareholder | — | — | 18,25,000 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Funding working capital requirements | 70.00 |
| General corporate purposes | 10.00 |
| Issue-related expenses | 14.51 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Shree Refrigerations LimitedIssuer | ₹5.25 | — | 15.44% | ₹40.88 |
| Johnson Controls-Hitachi Air Conditioning India Limited | ₹21.6 | 81.33× | 9.60% | ₹235.73 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Approved supplier registrations with Indian Navy directorates for marine HVAC and chillers.
- Diversified customer base across marine, automotive, pharma and print media sectors.
- ISO 9001:2015 certified with multiple defence and MSME recognitions.
- Revenue grew steadily over the three years shown in the prospectus.
Risks
- Large working capital needs tied to inventory and receivables, with receivable days rising.
- Customer base is concentrated in PSU shipyards where payments depend on inspection approvals.
- Significant outstanding litigation and pending tax proceedings against the company and promoters.
- Operating cash flow was negative in each of the three years shown.
- Promoters hold a majority stake and the company has no prior public market for its shares.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on BSE SME.
Frequently asked questions
When does the Shree Refrigerations IPO open and close?
According to the Prospectus, the issue opens on Friday, 25 July 2025 and closes on Tuesday, 29 July 2025.
What is the Shree Refrigerations IPO price band?
The price band is ₹125 per share, with a face value of ₹2.
What is the lot size of the Shree Refrigerations IPO?
One lot is 1,000 shares, which is ₹1.25 L at ₹125 per share.
Where will Shree Refrigerations shares list?
On BSE SME. The tentative listing date is Friday, 1 August 2025.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How will the money raised be used?
₹70 Cr for funding working capital requirements, ₹10 Cr for general corporate purposes, ₹14.51 Cr for issue-related expenses.