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
Cryogenic OGS IPO Subscription Details
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
|
Day 1Jul 2, 2025 |
0.00 | 3.74 | 8.31 | 4.96 |
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
- 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.
- 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:
- The company aims to use a portion of the proceeds to help meet the company’s working capital needs for smoother operations.
- 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:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Cryogenic OGS IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Cryogenic OGS IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- 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)
- Contact Number: +91-22-4918 6270
- Email Address: cryogenic.smeipo@linkintime.co.in
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
8-
Over 22 years of industry experience drives consistent business growth.
-
ISO 9001, 14001, 45001 certifications ensure top quality and compliance.
-
Offers a wide range of durable, client-focused engineering products.
-
Strong supplier ties ensure timely and quality raw material supply.
-
Long-standing customer relationships built through reliable service delivery.
-
Skilled management and trained staff enhance operational efficiency.
-
Welcomes third-party inspections to maintain high product standards.
-
Opportunity to innovate and expand in emerging global markets.
Risks
8-
Raw material cost formed 64.60% of FY25 revenue, affecting margins.
-
Heavy reliance on top five customers may impact revenue stability.
-
Gujarat and Maharashtra contributed 81.67% of FY25 revenue, increasing risk.
-
Failure to meet strict quality standards may lead to order loss.
-
A capital-intensive model may face funding challenges for future growth.
-
Past non-compliance with regulatory filings may affect legal standing.
-
Product warranty claims may increase costs and hurt reputation.
-
Demand forecast errors can cause overstocking, impacting profitability.
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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
Cryogenic OGS IPO is a book-built issue IPO. It runs from July 3, 2025, to July 7, 2025.
The Basis of Allotment will happen on Tuesday, July 8, 2025.
The IPO subscription window will open on July 3, 2025.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 3,000 shares.
The listing date for Cryogenic OGS IPO is Thursday, July 10, 2025.
The issue size of the Cryogenic OGS IPO is up to ₹17.77 crore.
The open and close dates for Cryogenic OGS IPO are from July 3, 2025, to July 7, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
MUFG Intime India Private Limited (Link Intime) is the registrar responsible for managing the IPO allotment process and handling investor queries.
Cryogenic OGS IPO is proposed to be listed on the SME platform of the Bombay Stock Exchange (BSE).
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Cryogenic OGS Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the Cryogenic OGS IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
