Shree Refrigerations SME IPO
ListedBSE SMEOpens 25 July 2025Closes 29 July 2025
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…
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.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
25 Jul 2025
IPO Closes
29 Jul 2025
Allotment
30 Jul 2025
Listing
1 Aug 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 25 July 2025 |
| IPO Close Date | 29 July 2025 |
| Allotment Date | 30 July 2025 |
| Listing Date | 1 August 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,50,000 |
SHNI (Min) | 3 | ₹3,75,000 |
SHNI (Max) | 7 | ₹8,75,000 |
BHNIAbove ₹10,00,000 | 8 | ₹10,00,000 |
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
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 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 | 3.6x | 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 | 7,607.5 |
| Total | 62,42,000 | 1,17,03,37,000 | 14,629.21 |
Company Details
- Shree Refrigerations Ltd.
- 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
Frequently Asked Questions
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Sources
We match Shree Refrigerations SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Private Limited (Link Intime)Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.