August 1, 2025
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Subscription Status
| Size Rs. 111.44 Crore LM: Narnolia Financial | ||||
| QIB | NII x | RII x | Total x | Applications |
| 167.32 | 197.01 | 195.05 | 187.55 | 310087 |
| Subscription Review: Reasonably good subscriptions on the last day |
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Shree Refrigerations Limited – Precision Cooling Solutions for Industrial Needs
Incorporated in 2006, Shree Refrigerations Limited is a specialized manufacturer of HVAC (Heating, Ventilation, and Air Conditioning) systems. The company’s product portfolio includes air and water-cooled condensing units, industrial chillers, and spray dampening systems, designed to cater to a wide range of industrial applications.
🌐 Industry Presence
Shree Refrigerations serves several key sectors, including:
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Automotive
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Marine
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Print Media
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Chemicals
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Pharmaceuticals
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General Engineering
With a focus on delivering engineered solutions, the company provides both standard and custom-fabricated systems tailored to client-specific requirements and industry standards.
🏭 Manufacturing Facility
The company operates a modern manufacturing plant located in Karad, Maharashtra, equipped with advanced machinery, testing setups, and material-handling systems. This infrastructure ensures the production of high-quality and reliable HVAC equipment.
🛠️ Key Offerings and Services
1. Chillers & HVAC Systems
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Industrial chillers for temperature-sensitive processes
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Installation and repair of complete HVAC systems
2. Fabrication Services
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Custom fabrication with services spanning design, CNC programming, material management, and precision painting
3. Specialized Products
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Cabin Leakage Testers
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Air Flow Measurement Rigs
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Psychometric Labs for performance testing
👥 Team Strength
As of May 31, 2025, the company employed 129 permanent and 165 contractual staff members, including engineers, technicians, and skilled operators.
Shree Refrigerations IPO Details
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Sector: |
|
| IPO opens on | 25 July 2025 |
| IPO closes on | 29 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 93,85,000 Shares / Rs 117.33 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 470000 Shares |
| Net offer to Public | 89,16,000 Shares Rs.111.45 Crores |
| Face Value per share | Rs. 2 |
| Price Band | Rs. 119-125 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
| Investor Category | Shares Offered |
| Market Maker | 4,70,000 |
| QIB | 44,55,000 |
| NII (HNI) | 13,39,000 |
| Retail | 31,22,000 |
| Total | 93,86,000 |
| Application | Lots | Shares | Amount Rs. |
| 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 |
Who are the Promoters of Shree Refrigerations IPO?
Mr. Ravalnath Gopinath Shende, Mrs. Rajashri Ravalnath Shende, and Mrs. Devashree Vishwesh Nampurkar are the promoters of the company. The promoters hold 56.60 % of the pre-IPO capital
What are the Objects of Shree Refrigerations IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Funding the Working Capital requirement Rs. 70.000 Cr.
+General Corporate Purposes
Shree Refrigerations IPO Timetable
Tentative timetable |
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| IPO opens on | 25 July 2025 |
| IPO Closes on | 29 July 2025 |
| IPO Allotment on | 30 July 2025 |
| Refund Initiation | 31 July 2025 |
| Credit of Shares | 31 July 2025 |
| Listing on | 1 August 2025 |
| Registered Office of the Company Shree Refrigerations Ltd. Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra, 415105 |
| Lead Managers of this IPO Narnolia Financial Services ltd |
| Who is the Registrar to the IPO? Mufg Intime India Pvt Ltd |
Shree Refrigerations IPO IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Shree Refrigerations IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 185.6 | 124.11 | 94.32 |
| Revenue | 99.1 | 81.19 | 50.9 |
| Profit After Tax | 13.55 | 11.53 | 2.57 |
| EBITDA | 26.94 | 24.38 | 11.9 |
| Net Worth | 114.74 | 60.72 | 45.22 |
| Reserves and Surplus | 109.13 | 55.82 | 21.25 |
| Total Borrowing | 39.73 | 36.8 | 32.07 |
| Amount in Rs. Crore | |||
Performance Indicators
| 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 |
| EPS | 5.25 |
| PE Ratio | 23.8 |
How Shree Refrigerations IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Shree Refrigerations Limited | 23.80 | 15.44 |
| Johnson Controls-Hitachi Air Conditioning India Limited | 81.33 | 9.6 |
# 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.
Shree Refrigerations IPO Review by Paresh Gordhandas, CA & Research Analyst.
Chanakya’s IPO Review – Shree Refrigerations Limited
Shree Refrigerations Limited is a niche player in the HVAC manufacturing segment, offering a wide portfolio that includes air and water-cooled condensing units, industrial chillers, marine HVAC systems, and spray dampening solutions. Its products are used across automotive, marine, chemical, pharmaceutical, and engineering sectors.
The company operates a well-equipped manufacturing facility in Karad, Maharashtra, supported by advanced machinery, quality testing infrastructure, and efficient material-handling systems — enabling production of reliable and industry-grade HVAC systems.
📊 Financial & IPO Snapshot
The IPO size stands at Rs. 117.33 crore, which is on the larger side for the SME segment. The retail portion can get fully subscribed with just 1,561 applications, making oversubscription relatively easy.
The company has delivered strong growth in both revenue and profitability over the past three years. However, as of March 31, 2025, it reports:
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Inventory of Rs. 47.40 crore
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Trade receivables of Rs. 95.20 crore
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Cash and bank balance of Rs. 5.94 crore
Given the FY25 revenue of Rs. 98.72 crore (approx. Rs. 8.23 crore/month), the trade receivables and inventory appear unusually high, raising concerns about the quality of revenue and working capital management.
At the upper band, the shares are offered at a P/E of 23.8, which may appear reasonable on surface, but the large receivables and inventory raise red flags.
🔍 Chanakya’s View:
Despite the growth story and sectoral relevance, the financial red flags — notably high receivables and inventory — make us cautious. Investors are advised to study the balance sheet closely and consider applying only if grey market activity and subscription trend remain strong in the coming days.
Quicklinks
Shree Refrigerations IPO GMP
Shree Refrigerations IPO review
A: Shree Refrigerations Limited is engaged in manufacturing HVAC systems, including industrial chillers, air and water-cooled condensing units, marine HVAC systems, and customized fabrication services for sectors like automotive, marine, pharma, and engineering.
The IPO opens for subscription on July 25, 2025, and closes on July 29, 2025.
The IPO price band is Rs. 119 to Rs. 125 per share, and the minimum lot size is 1,000 shares. Retail investors need to apply for at least 2 lots (2,000 shares).
Retail investors need to invest a minimum of Rs. 2,38,000 for 2 lots (2,000 shares).
The Grey Market Premium (GMP) keeps changing. You can check the latest GMP updates on ChanakyaNiPothi.com.
