July 10, 2025
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Listing: On 10th July 2025, the IPO is listed at Rs. 90, premium of 89.30% over the issue price. The listing has been above the expectations of the grey market.
Subscription Status
| Cryogenic OGS IPO Subscription (Closed) | ||||
| QIB | NII x | RII x | Total x | Applications |
| 209.59 | 1155.38 | 773.70 | 694.90 | 191,388 |
| Subscription Review: Very strong subscriptions received from all the categories on the last day |
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Cryogenic OGS Limited – Company Overview
Incorporated in September 1997, Cryogenic OGS Limited is engaged in the manufacturing and assembly of high-quality measurement and filtration equipment for critical industries including oil, gas, chemicals, and allied fluid sectors.
The company specializes in offering customized, innovative solutions tailored to the specific operational needs of its clients. Its expertise spans design, process engineering, fabrication, assembly, and testing services.
Product Portfolio
Cryogenic OGS provides a diverse range of industrial equipment, including:
- Basket Strainers – Remove debris from pipelines to protect pumps, valves, and downstream systems.
- Air Eliminators – Remove trapped air/gases in liquid systems to improve measurement accuracy and efficiency.
- Prover Tanks – Used to calibrate flow meters for precise volume measurement.
- Additive Dosing Skid – Fully automated systems for continuous additive dosing in main product lines.
- Truck/Tank Wagon Loading Skid (Liquid & Gas) – Skids designed for accurate measurement, control, and filtration of fluids.
Designs are developed using AutoCAD ELD and other advanced engineering software.
Manufacturing Facility
The company operates a modern manufacturing unit in Vadodara, Gujarat, spread over 8,300 square meters, equipped to handle complex fabrication and testing requirements.
Certifications & Quality Standards
Cryogenic OGS holds multiple industry-specific certifications that bolster its credibility and attract marquee clients. Its quality management system covers a wide range of products such as:
- Chemical & Additive Dosing Skids
- Basket Strainers & Air Eliminators
- Gas/Liquid Metering Skids
- Filtration Skids
- Prover Tanks & Batch Blending Vessels
- Pressure Reduction Skids
The company also holds ISO certifications for:
- Occupational Health & Safety Management
- Environmental Management Systems
Human Resources
As of March 31, 2024, Cryogenic OGS employs 23 permanent staff, supporting its engineering, production, and management operations.
Cryogenic OGS IPO Details
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Sector: |
|
| IPO opens on | 3 July 2025 |
| IPO closes on | 7 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 37,80,000 Shares / Rs 17.77 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – Shares/ Rs.? Crore |
| Market Maker Portion | 189,000 Shares |
| Net offer to Public | 3591,000 Shares Rs.16.88 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 44-47 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 3000 Shares |
| Listing will at | BSE SME |
| Investor Category | Shares Offered | % | Rs. |
| Market Maker | 189000 | 5.00 | |
| QIB Shares | 1791000 | 47.38 | |
| NII (HNI) | 540000 | 14.29 | |
| Retail | 1260000 | 33.33 | |
| Total | 3780000 | 100 | |
| Application | Lots | Shares | Amount, Rs. |
| Retail (Min) | 1 | 3000 | 141,000 |
| Retail (Max) | 1 | 3000 | 141,000 |
| HNI (Min) | 2 | 6000 | 2,82,000 |
Who are the Promoters of Cryogenic OGS?
The promoters of the company are Mr. Nilesh Natvarlal Patel, Mrs. Kiranben Nileshbhai Patel and Mr. Dhairya Patel. Prior to the IPO, the promoters hold 100% of the paid up capital of the company
What are the Objects of Cryogenic OGS IPO?
*To Meet Working Capital Requirements Rs. 11.50 Cr.
*General Corporate purposes
*Public issue Expenses
Cryogenic OGS IPO Timetable
Tentative timetable |
|
| IPO opens on | 3 July 2025 |
| IPO Closes on | 7 July 2025 |
| IPO Allotment on | 8 July 2025 |
| Refund Initiation | 9 July 2025 |
| Credit of Shares | 9 July 2025 |
| Listing on | 10 July 2025 |
| Registered Office of the Company Cryogenic OGS Limited 60, 61, 62, 63 POR Industrial Park Behind Sahyog Hotel, POR Vadodara, Gujarat, 391243 |
| The Lead Manager of this IPO Beeline Capital Advisors Pvt ltd |
| Registrar to this IPO Mufg Intime India Pvt ltd |
Cryogenic OGS IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Cryogenic OGS Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 33.85 | 28.35 | 24 |
| Revenue | 33.79 | 25.67 | 22.71 |
| Profit After Tax | 6.12 | 5.35 | 4.08 |
| EBITDA | 7.96 | 6.39 | 5.65 |
| Net Worth | 28.99 | 22.86 | 17.52 |
| Reserves and Surplus | 18.49 | 22.4 | 17.02 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 23.62% |
| ROCE | 28.93% |
| RoNW | 21.12% |
| PAT Margin | 18.61% |
| EBITDA Margin | 24.20% |
| Price to Book Value | 1.7 |
| EPS Rs. | 5.83 |
| PE Ratio | 8.06 |
How Cryogenic OGS IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Cryogenic OGS | 8.06 | 23.49 |
| Loyal Equipments | 22.54 | 23.96 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Cryogenic OGS IPO Review by Paresh Gordhandas, CA & Research Analyst.
Incorporated in September 1997, Cryogenic OGS Limited is engaged in the manufacturing and assembly of high-quality measurement and filtration equipment for critical industries including oil, gas, chemicals, and allied fluid sectors.
The company specializes in offering customized, innovative solutions tailored to the specific operational needs of its clients. Its expertise spans design, process engineering, fabrication, assembly, and testing services. Cryogenic OGS provides a diverse range of industrial equipment.
The company has strong and growning topline and bottomline during last 3 accounting years. The shares are offered at attractively low valuation. The lead manager Beeline Capital Advisors have track-record of positive listings. Chances of solid listing gains are seen.
Analyst View:
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Fundamental Perspective: Apply
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Grey Market Sentiment: [Pending]
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