IPO Details

Bidding Dates

03 Jul '25 - 07 Jul '25

Minimum Investment

₹1,32,000/ 1 Lot (3,000 Shares)

Price Range

₹44-₹47

Maximum Investment

₹1,41,000/ 1 Lot (3,000 Shares)

Retail Discount

To be announced

Issue Size

₹17.77 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Cryogenic OGS IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Jul 03, 25

IPO Closing Date

Jul 07, 25

Basis of Allotment

Jul 08, 25

Initiation of Refunds

Jul 09, 25

IPO Listing Date

Jul 10, 25

About Cryogenic OGS IPO

Cryogenic OGS IPO is a book-built issue worth ₹17.77 crore, consisting entirely of a fresh issue of 37.80 lakh equity shares. The IPO opens for subscription on 3 July 2025 and will close on 7 July 2025. The basis of allotment is expected to be finalised on Tuesday, 8 July 2025. 

The shares are proposed to be listed on the BSE SME platform with a tentative listing date scheduled for Thursday, 10 July 2025. The price band for the issue is set between ₹44 and ₹47 per share. Retail investors must apply for a minimum lot of 3,000 shares, requiring an investment of ₹1,32,000. 

To increase the chances of allotment, it is suggested that retail applicants bid at the cut-off price, which would amount to ₹1,41,000. For High Net-Worth Individuals (HNIs), the minimum investment is 2 lots, or 6,000 shares, totalling ₹2,82,000.

Beeline Capital Advisors Private Limited is serving as the book-running lead manager for the IPO. MUFG Intime India Private Limited (Link Intime) is the registrar, while Spread X Securities Private Limited is acting as the market maker.

Industry Outlook

  1. India's oil consumption is projected to grow from 4.05 (Million Barrels Per Day) MBPD in FY22 to 7.2 MBPD by 2030 and 9.2 MBPD by 2050. The country currently has a crude pipeline network of 10,941 km and 12,581 km for refined products, with IOCL leading with over 53% share. This increasing demand and expanding infrastructure are expected to boost opportunities for companies like Cryogenic OGS Limited that support oil and gas logistics and storage solutions.
  2. The Indian government has allowed 100% FDI in key oil and gas segments and increased the FDI cap in public sector refining to 49%. The sector is expected to attract US$25 billion in investments in exploration and production. This favourable policy environment is likely to benefit Cryogenic OGS Limited through increased demand for cryogenic and gas-handling solutions.

Cryogenic OGS IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. The company aims to use a portion of the proceeds to help meet the company’s working capital needs for smoother operations.
  2. A portion of the funds will be allocated for general corporate purposes to support business growth.

About Cryogenic OGS Limited 

Cryogenic OGS Limited, originally incorporated in 1997 as Mangukia Steel Private Limited, has undergone several name changes and structural transformations over the years. Most recently, it became a public limited company and was renamed Cryogenic OGS Limited in November 2023. 

Headquartered in Vadodara, Gujarat, the company operates from a well-equipped facility spread across 8,300 square metres. Cryogenic OGS Limited specialises in manufacturing high-quality measurement and filtration equipment for industries such as oil, gas, chemicals, and other fluid-related sectors. 

The company offers customised solutions through its in-house engineering, design, and fabrication capabilities, supported by software tools like Auto-CAD ELD. Its product range includes basket strainers, air eliminators, prover tanks, additive dosing skids, and truck loading skids.

With ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, Cryogenic OGS ensures quality, safety, and environmental standards across operations. It has also received fabrication capability certification from DNV. The company adheres to global standards including API, ASME, IS 2825, and ATEX regulations, ensuring reliable and precise product performance.

Cryogenic OGS primarily secures business through competitive tenders and direct client enquiries. As of now, it has applied for 93 domestic and 5 international tenders. It recently entered into a sales and marketing agreement with KMC Oil and Gas Equipment LLC, Abu Dhabi, to expand into GCC markets. 

The business is also shifting towards turnkey projects, managing full-scale equipment supply to meet growing market demands efficiently.

How To Check the Allotment Status of Cryogenic OGS IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Cryogenic OGS IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Cryogenic OGS IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Cryogenic OGS IPO 

Registered office: 60, 61, 62, 63 POR Industrial Park, Behind Sahyog Hotel,

POR, Vadodara-391243, Gujarat, India

Phone: +91 98988 67136

E-mail:cs@cryogenicogs.com

Cryogenic OGS IPO Reservation

The Cryogenic OGS IPO consists of a total of 37,80,000 equity shares. Of these, 17,91,000 shares (47.38%) are allocated to Qualified Institutional Buyers (QIBs), 5,40,000 shares (14.29%) to Non-Institutional Investors (NIIs), and 12,60,000 shares (33.33%) to Retail Individual Investors (RIIs). Additionally, 10,74,000 shares (28.41%) are reserved for Anchor Investors, and 1,89,000 shares (5%) are set aside for the Market Maker.

Investor Category

Shares Offered

Percentage (%)

Qualified Institutional Buyers (QIB)

17,91,000

47.38

Non-Institutional Investors (NII)

5,40,000

14.29

Retail Individual Investors (RII)

12,60,000

33.33

Anchor Investors

10,74,000

28.41

Market Maker

1,89,000

5.00

Total

37,80,000

100.00

Cryogenic OGS IPO Lot Size

Investors can apply for a minimum of 3,000 shares and in multiples thereafter. The table below outlines the minimum and maximum investment limits for Retail and HNI investors, both in terms of shares and amount.

Application

Lots

Shares

Amount

Retail (Min)

1

3,000

₹1,32,000

Retail (Max)

1

3,000

₹1,41,000

HNI (Min)

2

6,000

₹2,82,000

Cryogenic OGS IPO Promoter Holding

The promoters of the company include Mr. Nilesh Natvarlal Patel, Mrs. Kiranben Nileshbhai Patel and Mr. Dhairya Patel.

Share Holding Pre-Issue

100.00%

Share Holding Post Issue

-

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Cryogenic OGS IPO Anchor Investors Details

Cryogenic OGS IPO secured ₹5.05 crore through anchor investor participation. The anchor bidding date is July 2, 2025.

Bid Date

July 2, 2025

Shares Offered

10,74,000

Anchor Portion Size (In ₹ Cr.)

5.05

Anchor lock-in period end date for 50% shares (30 Days)

August 7, 2025

Anchor lock-in period end date for remaining shares (90 Days)

October 6, 2025

Key Performance Indicators for Cryogenic OGS IPO

KPI

Value

RoE (%)

23.62

RoCE (%)

28.93

RoNW (%)

21.12

PAT Margin (%)

18.61

Price to Book Value

1.70

Cryogenic OGS IPO Prospectus

Cryogenic OGS IPO Registrar and Lead Managers

Cryogenic OGS IPO Lead Managers

  • Beeline Capital Advisors Private Limited

Registrar for Cryogenic OGS IPO

MUFG Intime India Private Limited (Link Intime)

Cryogenic OGS IPO Registrar

Financial Performance of Cryogenic OGS Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operation (in ₹ lakh) 3,290.46 2,425.41 2,202.16
Profit/ (loss) for the year (in ₹ lakh) 612.26 534.50 407.65
Earnings per Share (₹) 5.83 5.09 3.88
Net Worth (in ₹ lakh) 2898.60 2286.34 1751.84
Return on Capital Employed (RoCE) (%) 28.93 29.06 28.46
Return on Equity (ROE) (%) 23.62 26.47 23.27
EBITDA (in ₹ lakh) 796.14 638.59 564.79

Know before investing

Strengths

5
  1. Over 22 years of industry experience drives consistent business growth.

  2. ISO 9001, 14001, 45001 certifications ensure top quality and compliance.

  3. Offers a wide range of durable, client-focused engineering products.

  4. Strong supplier ties ensure timely and quality raw material supply.

  5. Long-standing customer relationships built through reliable service delivery.

Risks

5
  1. Raw material cost formed 64.60% of FY25 revenue, affecting margins.

  2. Heavy reliance on top five customers may impact revenue stability.

  3. Gujarat and Maharashtra contributed 81.67% of FY25 revenue, increasing risk.

  4. Failure to meet strict quality standards may lead to order loss.

  5. A capital-intensive model may face funding challenges for future growth.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

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Accept mandate on the UPI app to complete the process

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Cryogenic OGS IPO Peer Comparison

Company Name EPS (Diluted) NAV (per share) (₹) P/E (x) RoNW (%)
Cryogenic OGS Limited 5.83 27.61 - 21.12
Loyal Equipments Limited 8.42 47.15 26.21 20.96

Cryogenic OGS IPO FAQs

What is the Cryogenic OGS IPO?

Cryogenic OGS IPO is a book-built issue IPO. It runs from July 3, 2025, to July 7, 2025.

When will the Cryogenic OGS IPO be allotted?

The Basis of Allotment will happen on Tuesday, July 8, 2025.

When will the Cryogenic OGS IPO open for subscription?

The IPO subscription window will open on July 3, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 3,000 shares.

When will the Cryogenic OGS IPO list on exchanges?

The listing date for Cryogenic OGS IPO is Thursday, July 10, 2025.

What is the issue size of the Cryogenic OGS IPO?

The issue size of the Cryogenic OGS IPO is up to ₹17.77 crore.

What are the open and close dates of the Cryogenic OGS IPO?

The open and close dates for Cryogenic OGS IPO are from July 3, 2025, to July 7, 2025.

What would be the listing gains on the Cryogenic OGS IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my Cryogenic OGS IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Cryogenic OGS IPO?

MUFG Intime India Private Limited (Link Intime) is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Cryogenic OGS IPO getting listed?

Cryogenic OGS IPO is proposed to be listed on the SME platform of the Bombay Stock Exchange (BSE).