As July 2025 progresses, the SME IPO segment continues to present significant opportunities for companies looking to secure capital for growth. The cooling and climate control sector in India is experiencing strong demand, driven by increasing urbanisation and a growing need for efficient HVAC and refrigeration solutions across various industries. Against this backdrop, Shree Refrigerations Ltd. is set to launch its Initial Public Offering on July 25, 2025, marking a crucial step to tap into public investment and fuel its expansion plans.
This article provides a comprehensive overview of the Shree Refrigerations IPO details, offering key insights for potential participants.
About Shree Refrigerations Ltd.
Founded in 2006, Shree Refrigerations Ltd. designs, manufactures, and installs high-performance chillers, HVAC systems, and refrigeration components. Serving industries such as automotive, marine, pharmaceuticals, and defense, the company contributes to India’s ‘Atmanirbhar Bharat’ initiative by providing cost-effective alternatives to global competitors.
Its product range includes air and water-cooled condensing units, marine and industrial chillers, HVAC systems, and spray dampening systems. Operating from a modern facility in Karad, Maharashtra, Shree Refrigerations adheres to ISO 9001:2015 standards and holds Indian Navy approvals. As of May 2025, the company employs 129 permanent and 165 contractual staff.
Shree Refrigerations Ltd. IPO Details
The Shree Refrigerations IPO is a book-building issue aimed at raising ₹117.33 crore. This offering consists of a fresh issue of 75.61 lakh shares, aggregating ₹94.51 crore, and an Offer for Sale (OFS) of 18.25 lakh shares, totaling ₹22.81 crore. The Shree Refrigerations IPO price band has been fixed between ₹119 and ₹125 per equity share.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Friday, July 25, 2025 |
| IPO Close Date | Tuesday, July 29, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on July 29, 2025 |
| Tentative Allotment Date | Wednesday, July 30, 2025 |
| Initiation of Refunds | Thursday, July 31, 2025 |
| Credit of Shares to Demat | Thursday, July 31, 2025 |
| Tentative Listing Date | Friday, August 1, 2025 |
Key IPO Details
| Particulars | Details |
| IPO Date | July 25, 2025 to July 29, 2025 |
| Listing Date | [To be updated post confirmation] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹119 to ₹125 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 93,86,000 shares (₹117.33 Cr) |
| Reserved for Market Maker | 4,70,000 shares (₹5.88 Cr) |
| Fresh Issue (Excl. Mkt Maker) | 70,91,000 shares (₹88.64 Cr) |
| Offer for Sale | 18,25,000 shares (₹22.81 Cr) |
| Net Offered to Public | 89,16,000 shares (₹111.45 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding (Pre-Issue) | 2,80,69,409 shares |
| Shareholding (Post-Issue) | 3,56,30,409 shares |
Lot Size of Shree Refrigerations Ltd. IPO
| Investor Category | Application | Lots | Shares | Amount |
| Individual Investors (Retail) (Min) | Minimum | 2 | 2,000 | ₹2,50,000 |
| Individual Investors (Retail) (Max) | Maximum | 2 | 2,000 | ₹2,50,000 |
| S-HNI (Min) | Minimum | 3 | 3,000 | ₹3,75,000 |
| S-HNI (Max) | Maximum | 8 | 8,000 | ₹10,00,000 |
| B-HNI (Min) | Minimum | 9 | 9,000 | ₹11,25,000 |
Shree Refrigerations Ltd. Financials
Shree Refrigerations Ltd. has demonstrated consistent financial growth. The company’s revenue from operations saw a robust increase of 22.06%, rising from ₹81.19 crore in FY24 to ₹99.10 crore in FY25. Concurrently, the Profit After Tax (PAT) experienced a significant climb of 17.48%, moving from ₹11.53 crore in FY24 to ₹13.55 crore in FY25.
Key Performance Indicators (as of Mar 31, 2025)
- Market Capitalisation: ₹445.38 Cr
- Return on Equity (ROE): 15.44%
- Return on Capital Employed (ROCE): 23.22%
- Debt-to-Equity Ratio: 0.37
- Return on Net Worth (RoNW): 15.44%
- PAT Margin: 13.72%
- EBITDA Margin: 27.29%
- Price to Book Value: 4.98
- Pre IPO EPS (Rs): 5.25
- Post IPO EPS (Rs): Not provided in source, typically lower due to increased shares.
Company Financial Snapshot
| Particulars (₹ in Cr) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 185.6 | 124 | 94 |
| Revenue | 99.1 | 81 | 51 |
| Profit After Tax | 13.55 | 12 | 3 |
| EBITDA | 26.94 | 24 | 12 |
| Net Worth | 114.74 | 61 | 45 |
| Reserves and Surplus | 109.13 | 55.82 | 21.25 |
| Total Borrowing | 39.73 | 36.8 | 32.07 |
Shree Refrigerations Ltd.: Industry Outlook
- HVAC Market Growth: Rising urbanisation and demand for climate control are expanding India’s HVAC sector.
- Defence Sector Demand: ‘Atmanirbhar Bharat’ and defence modernisation are boosting demand for specialised cooling systems.
- Commercial Refrigeration Boom: Growth in F&B retail, healthcare, and hospitality is driving refrigeration equipment demand.
- Energy Efficiency Trend: Shift towards energy-efficient, eco-friendly cooling solutions supports tech-driven players.
- Broad Industrial Demand: Sectors like automotive, pharma, and chemicals need precision cooling, offering a diverse customer base.
Use of IPO Proceeds
The net proceeds from the fresh issue component of the Shree Refrigerations IPO are primarily allocated to:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Funding the working capital requirement | 70 |
| 2 | General corporate purposes | – |
Conclusion
The upcoming Shree Refrigerations IPO offers investors a chance to engage with a leading player in India’s growing HVAC and refrigeration sector. The company has a strong track record in providing customised solutions, particularly for critical sectors like defense.
With consistent financial performance and robust industry demand, Shree Refrigerations is well-positioned for future growth. Potential investors should carefully evaluate the company’s fundamentals, competitive landscape, and their financial goals. Monitoring the IPO allotment status will be key for applicants, offering an opportunity to invest in a company that supports India’s industrial climate control needs.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
