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Shree Refrigerations IPO

  • Status: Closed
  • RHP:
  • ₹ 238,000 / 2000 shares

    Minimum Investment

Shree Refrigerations IPO Details

  • Open Date

    25 Jul 2025

  • Close Date

    29 Jul 2025

  • Listing Date

    01 Aug 2025

  • IPO Price Range

    ₹ 119 to ₹125

  • IPO Size

    ₹ 111.45 Cr

  • Listing Exchange

    BSE SME

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Timeline Subscription Status Financials SWOT FAQ Contacts

Shree Refrigerations IPO Timeline

Shree Refrigerations IPO Subscription Status

Last Updated: 29 September 2025 4:07 PM by 5paisa

Shree Refrigerations Limited, incorporated in 2006, is engaged in the manufacturing of HVAC systems, including chillers, condensing units, and spray dampening solutions. It serves industries such as automotive, marine, print media, pharmaceuticals, and general engineering.

Its product range includes chillers, marine HVAC systems, test equipment, and printing chillers. The company also provides tailored fabrication services to meet varied engineering standards. Shree Refrigerations operates its main facility in Karad, Maharashtra, equipped with modern equipment for manufacturing and quality testing.

Established in- 2006
MD - Mr. Ravalnath Gopinath Shende

Peers
Johnson Controls-Hitachi Air Conditioning India Limited
 

Shree Refrigerations Objectives

The net proceeds from the IPO will be utilised towards:

To fund incremental working capital needs for business operations
To meet general corporate expenses and strategic initiatives
 

Shree Refrigerations IPO Size

Types Size
Total IPO Size ₹111.45 Cr
Offer For Sale ₹22.81 Cr
Fresh Issue ₹88.64 Cr

 

Shree Refrigerations IPO Lot Size

Application Lots Shares Amount
Retail (Min) 2 2,000 ₹2,38,000
Retail (Max) 2 2,000 ₹2,38,000
S-HNI (Min) 3 3,000 ₹3,57,000
S-HNI (Max) 8 8,000 ₹9,52,000
B-HNI (Min) 9 9,000 ₹10,71,000

Shree Refrigerations IPO Reservation

Investors Category Subscription (times) Shares Offered Shares bid for Total Amount (Cr.)*
QIB 167.32 17,82,000 29,81,58,000 3,726.98
NII (HNI) 197.01 13,38,000 26,36,00,000 3,295.00
Individual Investors (IND category bidding for 2 Lots)     195.05 31,22,000 60,89,52,000 7,611.90
Total** 187.55 62,42,000 1,17,07,10,000 14,633.88

 

*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY23 FY24 FY25
Revenue 50.90 81.19 99.10
EBITDA 11.90 24.38 26.94
PAT 2.57 11.53 13.55
Particulars (in Rs. Crores) FY23 FY24 FY25
Total Assets 94.32 124.11 185.60
Share Capital 23.97 4.90 5.61
Total Borrowings 32.07 36.80 39.73
Particulars (in Rs. Crores) FY23 FY24 FY25
Net Cash Generated From / (used in) operating activities -4.46 -5.16 -24.89
Net Cash Generated From / (used in) investing activities -7.63 -1.94 -9.37
Net Cash Generated From / (used in) financing activities 13.98 5.63 39.23
Net Increase (Decrease) In Cash And Cash Equivalents 1.90 1.47 4.97


Strengths

1. Tailored solutions with in-house engineering
2. Quality manufacturing with ISO certifications
3. Strong leadership and management experience
4. Technological edge in HVAC systems

Weaknesses

1. Negative operational cash flows
2. Relatively high dependency on working capital
3. Limited geographical diversification beyond India
4. Revenue is largely reliant on industrial clients

Opportunities

1. Expanding industrial demand for HVAC and engineering systems
2. Growth in sectors like chemicals, marine, and pharmaceuticals
3. Potential to tap global markets with custom fabrication
4. Low competition within the defence segment

Threats

1. High competition from domestic and global HVAC players
2. Input cost fluctuations affecting margin stability
3. Risks of Economic Recession
4. Risks associated with long revenue cycles

1. Experienced player in HVAC manufacturing since 2006
2. Wide product range serving diverse industries
3. Strong revenue and PAT growth in the last three years
4. Plans to use IPO proceeds for working capital expansion
5. Increasing market share in growing engineering sectors

1. HVAC and industrial cooling sector showing strong growth
2. Demand from engineering, pharma, and logistics is increasing
3. Government’s focus on ‘Make in India’ and PLI schemes providing tailwinds
4. Industry fragmentation offers room for organised players to grow

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FAQs

The Shree Refrigerations IPO opens on July 25, 2025 and closes on July 29, 2025.

 The Shree Refrigerations IPO size is ₹111.45 crore, including a fresh issue of ₹88.64 crore and OFS of ₹22.81 crore.

 The price band of Shree Refrigerations IPO is ₹119 to ₹125 per share.

To apply for the Shree Refrigerations IPO via 5paisa, log in to your account, choose the IPO from the ongoing issues, enter the lot size and bid price, submit your UPI ID, and approve the mandate to confirm your application. 

The minimum application of Shree Refrigerations IPO is for 2,000 shares with an investment of ₹2,38,000.

The basis of allotment of Shree Refrigerations IPO is likely to be finalised on July 30, 2025.

 Tentative listing of Shree Refrigerations IPO is expected on August 1, 2025, on the BSE SME platform.

Shree Refrigerations plans to utilise the IPO proceeds towards: 

  • Working capital requirements
  • General corporate purposes