Shree Refrigerations Limited
Bookbuilding IPO · BSE
- Price band
- ₹119 - ₹125
- Lot size
- 1,000 shares
- Issue amount
- ₹117.33 cr
- Total subscription
- 187.32×
- Opens
- 25 Jul 2025
- Closes
- 29 Jul 2025
- Allotment
- 30 Jul 2025
- Listing
- 1 Aug 2025
Offer at a glance
Issue overview
- Issue size
- 93,86,000 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹1,19,000
- Fresh issue
- ₹88.64 cr
- Offer for sale
- ₹22.81 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,25,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 2,80,69,409
- Shares after issue
- 3,56,30,409
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,000 | ₹2,50,000 |
| sHNI | 3 | 3,000 | ₹3,75,000 |
| bHNI | 9 | 9,000 | ₹11,25,000 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| HNIs (10L+) | 297 | 18,469 |
| HNIs (3-10L) | 149 | 22,385 |
| RETAIL | 1,561 | 2,67,110 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 22.27 | 0 |
| RETAIL | 39.02 | 6.62 |
| HNIs 2+ | 5.58 | 0.97 |
| HNIs 10+ | 11.15 | 0.64 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 5.31 | 5.87 | 1.55 |
| ROE | 15.44 | 26.78 | 26.78 |
| ROCE | 23.22 | 34.15 | 19.61 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 23.81 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Shree Refrigerations Limited, established in 2006, specializes in manufacturing HVAC systems such as air and water-cooled condensing units, chillers, and spray dampening systems. The company caters to various industries, including automotive, marine, print media, chemical, pharmaceutical, and general engineering. Its product offerings include chillers, test equipment, marine HVAC systems, and printing chillers, along with customized fabrication services designed to meet client requirements and industry standards. The manufacturing facility in Karad, Maharashtra, is well-equipped with machinery and testing tools to ensure consistent product quality. The company also provides HVAC system installation, plant repairs, and fabrication services that cover design, material management, CNC programming, and painting. Additional offerings include cabin leakage testers, air flow measurement rigs, and a psychometric lab. As of May 31, 2025, the company employed 129 permanent staff and 165 contractual workers.
Strengths
- Customized Engineering Solutions: Specializes in designing tailor-made HVAC systems, AC plants, control panels, and chillers, developed by an experienced team to meet unique project requirements.
- Strong Quality Orientation with Certifications: Holds ISO 9001:2015 and Defence certifications, ensuring international quality standards through 100% product testing and strict adherence to customer-approved protocols.
- Strategic Technical Partnerships: Collaborates with niche specialists for advanced HVAC designs, including naval applications such as warships and submarines, enhancing technical capabilities and sector reach.
Risk factors
- High Dependence on Government Contracts: A significant portion of revenue comes from government projects, particularly from the Indian Navy. Any policy changes, budget reductions, or delays in contract execution could adversely affect operations.
- Revenue Concentration in Marine Chillers: Majority of earnings are generated from Marine Chiller sales. Declining demand or inability to secure new clients in this niche may impact overall business performance.
- Limited and Concentrated Customer Base: The company relies heavily on a few key clients. Loss of or reduced business from any major customer could severely affect revenue stability and growth.
Promoters
Mr. Ravalnath Gopinath Shende
Mrs. Rajashri Ravalnath Shende
Mrs. Devashree Vishwesh Nampurkar
Registrar & documents
Lead manager
Narnolia Financial Services Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra, 415105
02164-272015
[email protected]Company website ↗Understanding SHREEREF IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.