Cryogenic OGS IPO Lists with 90% Premium After Record-Breaking Demand

The measurement and filtration equipment manufacturer, Cryogenic OGS Limited, made a stellar debut on the BSE SME platform on July 10, 2025. After closing its IPO bidding between July 3 and July 7, 2025, the company commenced trading with an exceptional 90% premium to its issue price, delivering outstanding returns to investors backed by extraordinary market demand. 

Cryogenic OGS Listing Details

Cryogenic OGS Limited launched its IPO at ₹47 per share with a minimum investment of 6,000 shares costing ₹2,82,000. The IPO received a phenomenal response, with a subscription of 694.90 times. The NII segment led at a remarkable 1,155.38 times, individual investors at 773.70 times, and QIB at 209.59 times, demonstrating overwhelming investor enthusiasm across all categories.

Listing Price: The Cryogenic OGS share price opened at ₹89.30 on BSE SME on July 10, 2025, representing an outstanding premium of 90% from the issue price of ₹47, delivering exceptional gains for investors and reflecting extraordinary market confidence.

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First-Day Trading Performance Outlook

Cryogenic OGS delivered an exceptional debut performance with one of the highest premiums seen in SME listings, reflecting extraordinary investor confidence in specialised industrial equipment manufacturers with niche market positioning. The company, incorporated in 1997, manufactures high-quality measurement and filtration equipment for oil, gas, chemicals, and allied fluid industries, operating from an 8,300 square meter facility in Vadodara, Gujarat, with 23 permanent employees and established relationships across the energy and chemical sectors.

Growth Drivers and Challenges

Growth Drivers:

• Specialised Technology Focus: Strong and unique product technology in measurement and filtration equipment serving critical oil, gas, and chemical industry applications with high barriers to entry
• Growing End Markets: Positioned to benefit from India's expanding oil, gas, and chemical sectors with increasing demand for precision measurement and filtration solutions
• Comprehensive Product Portfolio: Diverse offerings including basket strainers, air eliminators, prover tanks, additive dosing skids, and truck loading systems serving multiple industrial applications
• Strong Financial Performance: Revenue growth of 32% and PAT growth of 15% in FY25 with healthy margins including PAT margin of 18.61% and EBITDA margin of 24.20%

Challenges:

• Small Scale Operations: Limited workforce of 23 employees and modest facility size may constrain capacity for significant business expansion despite strong demand
• Niche Market Dependency: Heavy reliance on oil, gas, and chemical sectors creates concentration risk from industry cycles and capital expenditure patterns
• Valuation Surge: 90% listing premium creates high valuation base requiring sustained strong performance to justify market expectations
• Limited Geographic Presence: Single manufacturing facility in Gujarat may limit market reach and customer service capabilities across India

Utilisation of IPO Proceeds

• Working Capital: ₹11.50 crore for meeting working capital requirements to support manufacturing operations, inventory management, and business growth
• General Corporate Purposes: Remaining funds for strategic initiatives, operational requirements, and IPO-related expenses

Financial Performance of Crizac

Revenue: ₹33.79 crore for FY25, showing strong 32% growth from ₹25.67 crore in FY24, reflecting robust demand for specialised industrial equipment

Net Profit: ₹6.12 crore in FY25, demonstrating solid 15% growth from ₹5.35 crore in FY24, showcasing operational efficiency and strong profitability in niche markets.

Financial Metrics: Strong ROE of 23.62%, excellent ROCE of 28.93%, zero debt structure, impressive PAT margin of 18.61%, healthy EBITDA margin of 24.20%, and conservative price-to-book value of 1.70 pre-listing

Cryogenic OGS represents an exceptional investment opportunity in specialised industrial equipment with outstanding listing performance, delivering a 90% premium backed by an unprecedented subscription response.