Shree Refrigerations SME: Check IPO Date, Live Subscription and Key Details
Shree Refrigerations Limited, incorporated in 2006, is a leading defense-focused manufacturer of advanced refrigeration and HVAC (Heating, Ventilation, and Air Conditioning) systems. The company specializes in designing, manufacturing, and supplying high-performance chillers and HVAC/refrigeration components for the Indian Navy (including warships and submarines) and other industries such as automotive, print media, chemical, pharmaceutical, and general engineering.
Min Investment
₹125000
Price Range
₹119.00-125.00
Issue Size
₹111.45 Cr
IPO Type
BSE SME
Key Metrics
Check Live GMP
Face Value
₹2
EPS
5.03
P/E Ratio
24.85
RoNW
15.44%
ROE
17.51%
Debt to Equity
0.35
Timeline
IPO Opens
25 Jul
IPO Closes
29 Jul
Allotment
30 Jul
Listing
1 Aug
IPO Objectives
- Funding the Working Capital requirement.
- General Corporate Purposes.
Strengths
- Strong niche market position as a defense-focused manufacturer of advanced refrigeration and HVAC systems, particularly for the Indian Navy, with approved supplier registrations from various professional directorates.
- Wide range of products and services including high-performance chillers, marine HVAC&R systems, radar cooling, data center cooling, and heavy fabrication, catering to diverse critical industries beyond defense.
- Product customization led by a dedicated engineering team, enabling the design and delivery of mission-critical, tailor-made solutions to meet unique client demands.
- Adherence to high-quality standards and ISO certified organization (ISO 9001:2015, ISO 14001:2015, ISO 45001:2018), ensuring reliable and durable products.
- Technology and Collaboration: Leverages in-house design capabilities and strategic technical collaborations, including a joint venture for spray dampening systems and a tender for magnetic bearing chillers for P17A warships.
Weaknesses
- High customer concentration: A significant portion of revenue (over 81% in FY25) comes from the top 5 customers, and heavy reliance on Indian Government and Navy contracts, exposing the business to risks from budget cuts, policy changes, or delays in defense orders.
- Working capital intensive business: A substantial portion of IPO proceeds is allocated to working capital, indicating continuous funding needs for operations.
- Negative cash flows from operating activities in some reported periods (e.g., -₹25 crore in FY25, -₹5 crore in FY24) despite profitability, raising concerns about internal cash generation for operations and expansion.
- Geographic concentration: While serving pan-India, strong reliance on specific regions like Maharashtra, Uttar Pradesh, and Goa makes the business vulnerable to regional disruptions.
- Dependence on a limited number of key suppliers for raw materials and components, without long-term contracts, which could lead to supply shortages or price volatility.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 185.6 | 124.11 | 94.32 |
| Revenue (₹ Cr.) | 99.1 | 81.19 | 50.9 |
| PAT (₹ Cr.) | 13.55 | 11.53 | 2.57 |
| Net Worth (₹ Cr.) | 114.74 | 60.72 | 45.22 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Shree Refrigerations | 4.98 | 23.81 | 15.44 | 114.74 |
| Johnson Controls-Hitachi | 7.38 | 80.36 | 9.96 | 641 |
Subscription Details
Daily Bids Status
| Date | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 2.25x | 167.32x |
| NII | 1.43x | 11.88x | 196.99x |
| S-HNI | 2.08x | 16.27x | 158.65x |
| B-HNI | 1.11x | 10.04x | 214.75x |
| RII | 3.60x | 34.85x | 194.94x |
| Total | 2.11x | 20.62x | 187.49x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 17,82,000 | 29,81,58,000 | 3,726.98 |
| NII | 13,38,000 | 26,35,79,000 | 3,294.74 |
| Small NII | 4,46,000 | 7,07,59,000 | 884.49 |
| Big NII | 8,92,000 | 19,15,55,000 | 2,394.44 |
| RII | 31,22,000 | 60,86,00,000 | 7,607.50 |
| Total | 62,42,000 | 1,17,03,37,000 | 14,629.21 |
Company Details
- Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra-415105
- 02164-272015
- Investor@shreeref.com
- http://www.shreeref.com/
Registrar Details
- MUFG Intime India Private Limited (Link Intime)
- +91-22-4918 6270
- shreerefrigerations.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html