Shree Refrigerations Limited is launching its IPO through a book-building issue worth ₹117.33 crore. The IPO comprises a fresh issue of 75.61 lakh equity shares aggregating to ₹94.51 crore and an offer for sale of 18.25 lakh equity shares amounting to ₹22.81 crore.
The IPO opens for public subscription on July 25, 2025, and closes on July 29, 2025. The allotment is expected to be finalised on July 30, 2025, with a tentative listing date set for August 1, 2025, on the BSE SME platform.
The price band for the IPO is set between ₹119 and ₹125 per share. The minimum application lot size is 2,000 shares, requiring a retail investment of ₹2,38,000. For High Net-worth Individuals (HNI), the minimum lot size is 3 lots (3,000 shares), amounting to ₹3,75,000.
Narnolia Financial Services Limited is acting as the book-running lead manager for the IPO. MUFG Intime India Private Limited, also known as Link Intime, serves as the registrar, while Mansi Share & Stock Broking Private Limited has been appointed as the market maker.
Industry Outlook
- The global HVAC (Heating, Ventilation, and Air Conditioning) systems market is projected to grow from USD 241.52 billion in 2024 to USD 445.73 billion by 2033, registering a CAGR of 7.0%. This expansion is supported by government incentives, energy-efficiency norms, and advanced technologies like IoT and AI.
- India’s HVAC market stood at USD 9.1 billion in 2023 and is projected to grow at a robust CAGR of 14.5% during 2025–2029, expected to reach ₹1,78,000 crore by 2028. North and South India together contribute 65% of the market share, driven by climatic conditions, urban expansion, and infrastructure growth.
- Demand is rising for energy-efficient systems due to green building certifications and adoption of smart technologies such as VRF systems and IoT controls. There’s also rising demand for after-sales services like maintenance and retrofitting.
Shree Refrigerations IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Part of the issue proceeds will be allocated to meet the company’s growing working capital needs of ₹7,000 lakh.
- The remaining funds will be used for general corporate purposes to support business expansion and operational stability.
About Shree Refrigerations Limited
Shree Refrigerations Limited is a specialised company engaged in the manufacturing of chillers, refrigeration units, and air conditioning appliances, primarily catering to the Heating, Ventilation, and Air Conditioning (HVAC) industry.
Incorporated on April 24, 2006, as a private limited company, it was converted into a public limited company on December 5, 2023. The company serves a variety of sectors including automotive, marine, chemical, pharma, print media, and general engineering.
The product range includes chillers, test equipment, marine HVAC and refrigeration systems, and printing chillers. Customised fabrication services are also offered to engineering industries. Notably, Shree Refrigerations is an approved supplier to the Indian Navy, holding registrations from key defence directorates such as the Directorate of Quality Assurance and the Directorate of Electrical Engineering.
The company’s manufacturing facility is located in Karad, Maharashtra, equipped with advanced machinery and testing infrastructure. It has successfully executed several marine industry projects and offers end-to-end HVAC solutions including installation, operation, and repair of systems, especially for naval applications.
Accolades include the GS Parkhe Award for innovation, the Brig SB Ghorpade award for MSME in defence, and ZED Gold certification. These recognitions reinforce the company’s credibility in the defence and industrial HVAC space.
Shree Refrigerations is also ISO 9001:2015 certified, highlighting its commitment to quality standards. With its strong technical expertise and a focus on reliability and efficiency, the company continues to expand its presence in both defence and commercial HVAC markets across India.
How To Check the Allotment Status of Shree Refrigerations 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 Shree Refrigerations 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 Shree Refrigerations 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 Shree Refrigerations IPO
Registered office: Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra-415105, India
Phone: 02164-272015
E-mail:Investor@shreeref.com
Shree Refrigerations IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares |
4,70,000 (5.01%) |
|
QIB Shares |
44,55,000 (47.46%) |
|
NII (HNI) Shares |
13,39,000 (14.27%) |
|
Retail Shares |
31,22,000 (33.26%) |
|
Total Shares |
93,86,000 (100.00%) |
Shree Refrigerations IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
2,000 |
₹2,38,000 |
|
Individual investors (Retail) (Max) |
2 |
2,000 |
₹2,50,000 |
|
S-HNI (Min) |
3 |
3,000 |
₹3,75,000 |
|
S-HNI (Max) |
8 |
8,000 |
₹10,00,000 |
|
B-HNI (Min) |
9 |
9,000 |
₹11,25,000 |
Shree Refrigerations IPO Promoter Holding
The promoters of the company include Mr. Ravalnath Gopinath Shende, Mrs. Rajashri Ravalnath Shende, and Mrs. Devashree Vishwesh Nampurkar.
|
Share Holding Pre-Issue |
56.60% |
|
Share Holding Post Issue |
44.59% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Shree Refrigerations IPO Anchor Investors Details
|
Particulars |
Details |
|
Anchor Investment Date |
July 24, 2025 |
|
Total Equity Shares Reserved for Anchor Investors |
26,73,000 |
|
Total Anchor Investment Size (in ₹ Cr) |
33.41 |
|
50% Anchor Shares Lock-in Expiry (30 days) |
August 29, 2025 |
|
Remaining 50% Anchor Shares Lock-in Expiry (90 days) |
October 28, 2025 |
Key Performance Indicators for Shree Refrigerations IPO
|
KPI |
Value |
|
RoCE (%) |
23.22 |
|
RoNW (%) |
15.44 |
|
PAT Margin (%) |
13.72 |
|
EBITDA Margin (%) |
27.29 |
|
Price to Book Value |
4.98 |
Shree Refrigerations IPO Prospectus
Shree Refrigerations IPO Registrar and Lead Managers
Shree Refrigerations IPO Lead Managers
- Narnolia Financial Services Limited
Registrar for Shree Refrigerations IPO
MUFG Intime India Private Limited (Link Intime)
- Contact Number: +91-22-4918 6270
- Email Address: shreerefrigerations.ipo@linkintime.co.in
Shree Refrigerations IPO Registrar
Financial Performance of Shree Refrigerations Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 9,872.70 | 8,030.55 |
| Profit/ (loss) for the year (in ₹ lakh) | 1,354.66 | 1,153.06 |
| Net Worth (in ₹ lakh) | 11,474.08 | 6,071.81 |
| NAV per Equity Share (in ₹) | 40.88 | 24.79 |
| Return on Net Worth (RoNW) (%) | 15.44 | 26.78 |
| Return on Capital Employed (RoCE) (%) | 22.47 | 33.94 |
| EBITDA (in ₹ lakh) | 2,695.25 | 2,438.57 |
Know before investing
Strengths
8Offers customised HVAC and chiller solutions, tailored to each client's needs.
ISO 9001:2015 certified with 100% product testing for high-quality standards.
Collaborates with global partners for HVAC designs in warships and submarines.
Wide product range includes marine chillers, printing chillers, and test equipment.
Serves diverse sectors like Navy, pharmaceuticals, and engineering industries.
Led by industry veteran Mr. Ravalnath G. Shende with a strong technical team.
Plans to expand product range to drive new orders and increase profitability.
Focuses on talent retention with training, better pay, and workplace safety.
Risks
8Heavy dependence on Indian Navy contracts may impact revenues if budgets change.
Over 60% revenue comes from Marine Chillers, making the business vulnerable.
₹422.40 lakh issue expenses adjusted from premium may raise accounting concerns.
Low utilisation of manufacturing capacity could affect future growth and profits.
Top 10 suppliers account for 60%-82% of raw materials, posing risk.
Losing major customers may significantly reduce revenue and hurt business operations.
Past negative cash flows from operations and investing may continue in future.
Major revenue comes from the top three states, increasing geographic concentration risk.
Shree Refrigerations Limited Peer Comparison
| Company Name | EPS (₹) | P/E Ratio | RONW (%) | PAT (₹ in lakh) |
|---|---|---|---|---|
| Shree Refrigerations Limited | 5.25 | - | 15.44 | 1,354.66 |
| Johnson Controls-Hitachi Air Conditioning | 21.60 | 81.33 | 9.60 | 5,883.00 |
