Shree Refrigerations Limited IPO
Shree Refrigerations Limited IPO
IPO Date :
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Shree Refrigerations Limited's successfully completed its Initial Public Offering and commenced trading on 01-08-2025 at the BSE exchange. The company raised 93,86,000 Shares through this public offering, comprising 70,91,000 Shares in fresh capital and ₹22.81 Cr through the Offer for Sale mechanism.
The IPO was priced within the band of ₹119 to ₹125, with minimum application lots of 1000 shares. The offering attracted significant investor interest during its subscription period from 25-07-2025 to 29-07-2025.
Share allotment was finalized on 30-07-2025, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Shree Refrigerations IPO About Company
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Shree Refrigerations IPO Strength Factors
- 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.
Shree Refrigerations IPO 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.
Shree Refrigerations IPO Lead Manager(s)
- Narnolia Financial Services Limited
Shree Refrigerations IPO Promoter(s)
- Mr. Ravalnath Gopinath Shende
- Mrs. Rajashri Ravalnath Shende
- Mrs. Devashree Vishwesh Nampurkar
Shree Refrigerations IPO FAQs
Shree Refrigerations Limited IPO subscribed 187.32 times. The public issue subscribed 195.13 times in the retail category,167.32times in QIB, and 214.22 times in the HNI (10+) category byNovember 24, 2025 10:10:37 AM (Day 24).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Shree Refrigerations IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Shree Refrigerations IPO FAQs
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