Shree Refrigerations IPO: GMP, Date, And Price

Shree Refrigerations IPO- Complete Overview

Shree Refrigerations IPO under the SME IPO category is a book-build issue of Rs. 117.33 Cr by Shree Refrigerations Ltd. It was established in 2006. It specializes in producing HVAC systems, such as chillers, spray dampening systems, and air and water-cooled condensing units.

Print media, automotive, marine, chemical, pharmaceutical, and general engineering are just a few of the industries it supplies. In addition to custom fabrication that satisfies engineering standards and caters to particular client demands, their product line includes chillers, testing apparatus, maritime HVAC systems, and chillers for printing.

The manufacturing plant in Karad, Maharashtra, has the right machines, testing units, and handling tools so everything meets the set quality benchmarks. Shree Refrigerations partners with clients to design and build customised components, ensuring high-quality output.

Services-

Chillers: Installing HVAC systems, repairing plants, and providing equipment certifications.

Fabrication: Handling order design, material management, CNC programming, production, and painting.

Other Products and Services: Cabin Leakage Testers, Air Flow Measurement Rigs, and Psychometric Lab setups.

Shree Refrigerations IPO Overview

The Shree Refrigerations IPO date is on 25 July 2025, and its initial public offering will end on 29 July 2025. 

The Rs. 117.33 Crore new SME IPO comprises a combination of fresh issue of 75.61 lac shares (Rs. 94.51 Cr) and an offer for sale (OFS) of 18.25 lac shares (Rs. 22.81 Cr).

The Shree Refrigerations IPO listing date (expected) might be on Friday, Aug 01, 2025, and listing at the BSE and SME.

 

 

Click to open demat account and apply for the IPO.

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	185.60	124.11	94.32
Total Revenue	99.10	81.19	50.90
PAT	13.55	11.53	2.57
Net Worth	114.74	60.72	45.22
Reserves & Surplus	109.13	55.82	21.25
Borrowings	39.73	36.80	32.07

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(2,489.43)	(516.10)	(445.55)
Net Cash Flow Investing Activities	(936.58)	(193.69)	(762.68)
Net Cash Flow Financing Activities	3,923.38	563.17	1,397.93

 

Revenue Bifurcation

Vertical-wise Revenue Bifurcation

State-wise Revenue Bifurcation

Clients-wise Revenue Bifurcation

(Source: RHP)

 

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Financing the working capital needs.

• General corporate purposes.

 

Click to check the IPO application status.

 

Listed Peers of Shree Refrigerations Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Johnson Controls-Hitachi Air Conditioning India Limited	10	21.60	81.33

 

Evaluation

The Shree Refrigerations IPO price is Rs. 119 to Rs. 125 for each Share.

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 5.25 from the last year, the resulting P/E ratio is 23.80x.

Considering the weighted EPS of Rs. 4.69 for the last three years, the P/E ratio is 26.65x.

Explore the Sellowrap Industries IPO.


Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 81.33x.

Particulars	P/E Ratio (x)
Highest	81.33
Lowest	81.33
Average	81.33

In simple words, the P/E ratio of this IPO is 23.80x, compared with the industry’s average P/E of 81.33x, indicating an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

 

IPO's Strengths

• Customisable products that fit perfectly

• Quality first with ISO Certification.

• Powered by technology and partnership.

• A broad product portfolio.

• Leadership with experience.

 

 

IPO’s Weaknesses 

• The Company has significant ongoing needs for working capital and additional financing.

• Currently, the promoters and their group hold 56.61% of the equity. Following the IPO, this stake will drop to 44.70%, taking them below 50% and possibly altering how the market views the remaining shares.

• The operations are heavily reliant on contracts awarded by the Government of India and its PSUs, including defence and agencies linked to the Indian Navy. A reduction in the defence budget or cut to the Indian Navy’s allocation could adversely affect the Company’s performance.   

Shree Refrigerations IPO GMP

Shree Refrigerations IPO GMP (grey market premium) is Rs. 0 as of 22 Jul 2025 at the time of writing this information.

IPO Timetable (Tentative)

The IPO date of opening is from Jul 25 to Jul 29, 2025, allotment on Jul 30, refund initiation on Jul 31, and listing on Aug 01, 2025.

Events	Date
IPO Opening Date	Jul 25, 2025
IPO Closing Date	Jul 29, 2025
IPO Allotment Date	Jul 30, 2025
Refund Initiation	Jul 31, 2025
IPO Listing Date	Aug 01, 2025

 

Shree Refrigerations IPO Details 

The IPO with a Face Value of Rs. 2 per share offers a total issue size of 93,86,000 Shares (Rs. 117.33 Cr) with a market maker portion of 4,70,000 Shares (Rs. 5.88 Cr).

IPO Opening & Closing Date	25 Jul, 2025 to 29 Jul, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 119 to Rs. 125 per Share.
Lot Size	1000 Shares
Issue Size	93,86,000 Shares (Rs. 117.33 Cr)
Offer for Sale	18,25,000 Shares (Rs. 22.81 Cr)
Fresh Issue	70,91,000 Shares (Rs. 88.64 Cr)
Listing at	BSE, SME
Issue Type	Book Build Issue
Registrar	MUFG Intime India Private Limited (Link Intime)

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 2,50,000 and in multiples thereof, while for HNI investors, the minimum Lot is 3 (3000 Shares) for Rs. 3,75,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	47.46%
Retail’s Portion	33.26%
Non-Institutional Portion	14.27%

 

Promoters And Management of Shree Refrigerations Ltd.

• Mr. Ravalnath Gopinath Shende

• Mrs. Rajashri Ravalnath Shende

• Mrs. Devashree Vishwesh Nampurkar.
  
  

Pre-Issue Promoter Shareholding	56.6%
Post-Issue Promoter Shareholding	44.59%

 

IPO Lead Managers

• Narnolia Financial Services Ltd.

 

Dividend Policy

The company has paid a final dividend of Rs. 0.01 per Share in FY23-24 and FY22-23.

 

 

Conclusion

The Shree Refrigerations IPO is to invest in a profitable HVAC company and one that has exhibited truly strong revenue growth yet is undervalued on P/E grounds. Its custom-engineered products, ISO-certified product quality, and seasoned management have some advantages to be reckoned with. However, reliance on government contracts and a steady decline in promoter shareholding constitute moderate risks.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.