Shree Refrigerations Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | July 25, 2025 to July 29, 2025 |
| Listing Date | - |
| Face Value | ₹ 2 per share |
| Issue Price Band | ₹ 119 to ₹ 125 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 93,86,000 shares (aggregating up to ₹ 117.33 Cr) |
| Reserved for Market Maker | 4,70,000 shares (aggregating up to ₹ 5.88 Cr) |
| Fresh Issue (Ex Market Maker) | 70,91,000 shares (aggregating up to ₹ 88.64 Cr) |
| Offer for Sale | 18,25,000 shares of ₹2 (aggregating up to ₹ 22.81 Cr) |
| Net Offered to Public | 89,16,000 shares (aggregating up to ₹ 111.45 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 |
About Shree Refrigerations Limited IPO
Shree Refrigerations Limited is launching its bookbuilding IPO with an issue size of ₹117.33 crore priced between ₹119 and ₹125 per share, on the BSE SME platform available from July 25 to July 29, 2025. The IPO is a combination of both fresh issue of 75.61 lakh equity shares totaling upto approximately ₹94.51 crore and offer for sale shares of 18.25 lakh amounting up to about ₹22.81 crore. Any applicant can apply for a minimum lot size of 1,000 shares. Retail investors can apply for 2000 shares which adds up to ₹2,38,000 and High Net-worth Individuals can apply for a minimum of 3000 shares which amounts up to ₹3,75,000. The IPO will be finalized by 30th July, 2025 and its listing is expected to be on August 1, 2025.
Company Background
Shree Refrigerations Limited was initiated in the year 2006, currently the company functions as a leading manufacturer that specializes in the production of advanced refrigeration systems and HVAC (Heating, Ventilation, and Air Conditioning). The company caters to a wide range of sectors such as marine, automotive, pharmaceutical, chemical, print media, and general engineering. Based in the Karad region of Maharashtra, Shree Refrigerations holds significant registrations as well as approvals and is also an approved supplier to the Indian Navy.
Operations and Product Range
Facility and Production
The company functions on a modernised manufacturing facility that is located in Karad, the said facility is equipped for custom fabrication and helps the products meet quality standards of the industry. Shree Refrigerations provides products and services like, chillers, condensing units that are air and water-cooled, spray dampening systems and marine HVAC systems. Most of their products are incorporated with a significant focus on the requirements of the defense and marine sector.
Brand and Market Presence
With a strong brand presence in the domestic markets by providing services and products heavily to government clients, such as the defense sector, the company earned approximately 77% of its revenue in FY25 from such government clients. The firm is popular in the market for its ability to deliver HVAC solutions that are reliable and efficient and tailored in accordance to the diverse industrial applications.
Revenue Channels
The company had a large order book of ₹231.41 crore as well as the additional bids worth ₹124.50 crore under process as recorded in FY25. Its defense and marine industry focused chillers alone contributed 83.86% of the company’s revenue, showcasing its focus and a well-established positioning in high-value segments. Shree Refrigerations caters to clients that belong to print media, chemical and pharmaceutical industries as well.
Management & Shareholding
Promoters and Shareholding
The Shree Refrigerations Limited IPO is promoted by Mr. Ravalnath Gopinath Shende, Mrs. Rajashri Ravalnath Shende and Mrs. Devashree Vishwesh Nampurkar who are the managing director and whole-time directors of the company respectively.
Lead manager - Narnolia Financial Services
Registrar of the IPO - MUFG Intime India Pvt. Limited
Market Maker - Mansi Share and Stock Broking Private Limited
Board Members
The board group of Shree Refrigerations Limited consists of various members with high industrial expertise, such as -
- Mr. Ravalnath Gopinath Shende (Managing Director)
- Mrs. Rajashri Ravalnath Shende (Whole-time Director)
- Mrs. Devashree Vishwesh Nampurkar (Whole-time Director)
- Mr. Umesh Ramaswamy Shastry (Independent Director)
- Mr. Lalit Rai (Independent Director)
- Mr. Nandkumar Madhav Athawale (Independent Director)
- Mr. Ravalnath Shende (Executive Director)
- Mrs. Rajashri Shende (Executive Director)
Objectives of the IPO
Approximately ₹70 crore of the IPO proceeds will be utilised in order to meet the working capital requirements and provide funds for general corporate functioning will require up to 15% of the gross proceeds in order to support the firm’s growth, order execution capabilities and operational flexibility.
Conclusion
Shree Refrigerations Limited’s IPO presents investors an opportunity to participate in a corporation with a firm foothold in the HVAC and refrigeration sector and particularly specializes in catering to marine and defense applications. The company has a robust order book, driven with a clear focus on revenue and clear expansion capital needs to position it well in order to maintain its continued growth within India’s industrial manufacturing ecosystem.
Shree Refrigerations Limited IPO Financial Information
Latest Revenue
₹ 99.1 Cr
Profit After Tax
₹ 13.55 Cr
Net Worth
₹ 114.74 Cr
Total Borrowing
₹ 39.73 Cr
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Total Borrowing |
|---|---|---|---|---|---|
| 31 Mar 2025 | 185.6 | 99.1 | 13.55 | 114.74 | 39.73 |
| 31 Mar 2024 | 124 | 81 | 12 | 61 | 36.8 |
| 31 Mar 2023 | 94.32 | 50.9 | 2.57 | 45.22 | 32.07 |
| Amount in ₹ Crore | |||||
Shree Refrigerations Limited Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 15.44% |
| ROCE | 23.22% |
| Debt/Equity | 0.37 |
| RoNW | 15.44% |
| PAT Margin | 13.72% |
| EBITDA Margin | 27.29% |
| Price to Book Value | 4.98 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.25 | - |
| P/E (x) | 23.81 | - |
Frequently Asked Questions
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Competitive Strengths
The company provides customization services of their products in order to cater to industry-specific requirements of clients.
It ensures that the products meet quality standards and it stands as an ISO certified organisation.
Shree Refrigerators has a strong focus on technology as well as collaboration and offers a wide range of products to its customers.
Download regulatory filings
Shree Refrigerations Limited IPO Timeline
| IPO Open Date | Fri, Jul 25, 2025 |
| IPO Close Date | Tue, Jul 29, 2025 |
| Tentative Allotment | Wed, Jul 30, 2025 |
| Initiation of Refunds | Thu, Jul 31, 2025 |
| Credit of Shares to Demat | Thu, Jul 31, 2025 |
| Tentative Listing Date | Fri, Aug 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 29, 2025 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹ 2,50,000 |
| Individual investors (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 |