Here are the full, detailed insights on Cryogenic OGS Limited IPO: Cryogenic OGS is launching a ₹17.8 cr SME IPO at a ₹44–47 price band, with ample retail and QIB quotas.
Financially, the firm shows growth in revenue and a modest P/E compared to peers, suggesting a value proposition. Capital will go toward supporting operations and general purposes. Listing is planned on July 10, 2025.
Key Dates & Timeline
- IPO Open: July 3, 2025
- IPO Close: July 7, 2025
- Allotment Finalized: July 8, 2025
- Refunds Initiated & Shares Credited: July 9, 2025
- Listing Date: July 10, 2025 on BSE SME
Cryogenic OGS Limited IPO Details
- Total Size: ₹17.77 crore (fresh issue of 37.8 lakh shares)
- Face Value: ₹10 per share
- Price Band: ₹44–₹47 per share
- Lot Size: 3,000 shares (~₹1.41 lakh); HNI min lot is 2 (6,000 shares, ~₹2.82 lakh)
- Total Issue Size: 37,80,000 shares
- Reserved for Market Maker: 1,89,000 shares
- Issue Type: Bookbuilding IPO
- Listing At: BSE SME
- Share Holding Pre Issue: 1,05,00,000 shares
- Share Holding Post Issue: 1,42,80,000 shares
Promoters of Cryogenic OGS Limited
1. Mr. Nilesh Natvarlal Patel
- Position: Founder, Managing Director, and Promoter
- Education: Graduated in Mechanical Engineering from Maharaja Sayajirao University, Vadodara
- Experience: Over 25 years in the measurement, filtration, and skids engineering industry; founded the precursor of the company in 1997
- Role in Company: Leads R&D, spearheads design, production, and strategic operations for metering and filtration solutions
- MCA Records: Holds DIN 01368574; associated with Cryogenic OGS and at least one other company in Vadodara
2. Mrs. Kiranben Nileshbhai Patel
- Position: Director and Promoter
- Experience: 13+ years in human resources and logistics operations within the company
- Role in Company: Manages HR, logistics, and operational support—essential for smooth execution of production and client delivery
- MCA Records: Listed as director; appointed October 1, 2015
3. Mr. Dhairya Patel
- Position: Whole-time Director and Promoter
- Tenure: Appointed November 15, 2021
- Role in Company: Involved in day-to-day executive functions and management of ongoing operations
Summary Table
| Promoter | Position | Key Role / Focus | Experience |
|---|---|---|---|
| Nilesh N. Patel | Founder & MD | Engineering & R&D leadership | ~25+ years |
| Kiranben Patel | HR & Logistics Director | Managing HR and logistics operations | ~13+ years |
| Dhairya Patel | Whole-time Director | Executive management and operations | (appointed 2021) |
All three promoters collectively held 100% of the company’s paid-up capital prior to the IPO
Cryogenic OGS Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3000 | ₹1,41,000 |
| Retail (Max) | 1 | 3000 | ₹1,41,000 |
| HNI (Min) | 2 | 6,000 | ₹2,82,000 |
Summary:
- Retail investors: Apply for 1 lot (3,000 shares) — ~₹1.32–1.41 lakh.
- HNI investors: Minimum 2 lots (6,000 shares) — ~₹2.82 lakh.
- Super-HNI/Institutions: Can apply for larger multiples (up to 8 lots or more).
Cryogenic OGS Limited IPO Promoter Holding
Here’s the latest pre‑IPO promoter & promoter‑group shareholding for Cryogenic OGS Limited according to the DRHP (as of end‑2024) :
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | – |
About Cryogenic OGS Limited
- Incorporated: September 5, 1997 (Vadodara-based; originally a private co., converted to public in November 2023)
- Business Scope: Designs and manufactures high‑quality measurement and filtration systems (e.g., dosing skids, strainer‑cum‑air eliminators, gas metering skids) for oil, gas, chemical, and allied fluid industries; ISO‑certified facilities
- Promoters: Nilesh Natvarlal Patel, Kiranben Nileshbhai Patel, Dhairya Patel
- Founded: September 5, 1997 (as Mangukia Steel Pvt Ltd; became public in 2023)
- Facility: 8,300 m² manufacturing plant in Por, GIDC, Vadodara
- Staff: 20–200 employees, with 23 permanent engineers reported as of March 2024
- Certifications: ISO 9001:2015, ISO 45001:2018, ISO 14001:2015; complies with API, ASME, ATEX, OIML, MID standards
Key Products & Capabilities
- Metering Skids (gas & liquid): Custody transfer, RLNG/gas, high-pressure dosing, hydrogen skids
- Basket & Duplex Strainers, Air Eliminators: Filtration solutions up to 100 bar, handling flows up to 900 m³/h
- Tanker/Rail Loading Skids: For LPG, petrol, diesel, jet fuel, acid, sulphur—designed per API 6.2 and other norms
The company emphasizes end-to-end service—from engineering and fabrication to integration and testing, with plug-and-play skid designs for efficiency.
Projects have included GAIL pipeline skids, BPCL metering units, Schlumberger loading systems (compliant with Australian standards), and IOCL custody-transfer skids.
Summary
Cryogenic OGS is a high-quality engineering outfit, producing critical process-electromechanical systems with strong domestic credentials and emerging presence in global energy infrastructure. With robust financials, strong client relations, and forward-looking products (like hydrogen skids), it’s poised for growth as it enters the SME IPO segment.
Cryogenic OGS Limited Financial Information
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹33.85 Crore | ₹28.35 Crore | ₹24.00 Crore |
| Revenue | ₹33.79 Crore | ₹25.67 Crore | ₹22.71 Crore |
| Profit After Tax | ₹6.12 Crore | ₹5.35 Crore | ₹4.08 Crore |
| EBITDA | ₹7.96 Crore | ₹6.39 Crore | ₹5.65 Crore |
| Net Worth | ₹28.99 Crore | ₹22.86 Crore | ₹17.52 Crore |
| Reserves and Surplus | ₹18.49 Crore | ₹22.40 Crore | ₹17.02 Crore |
| Total Borrowing | ₹0.00 | ₹0.00 | ₹0.00 |
Highlights:
- Strong Growth in FY25: Revenue jumped ~32% to ₹33.79 cr, and PAT grew by ~14% to ₹6.12 cr.
- EBITDA & Margins: FY24 EBITDA margin stands at ₹6.39 cr / ₹25.67 cr ≈ 25%; PAT margin ~21%.
- Improving Net Worth: Grew from ₹12.94 cr (FY22) to ₹22.40 cr (FY24).
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROE | 23.62% |
| ROCE | 28.93% |
| RoNW | 21.12% |
| PAT Margin | 18.61% |
| EBITDA Margin | 24.20% |
| Price to Book Value | 1.70 |
Interpretation:
- Strong margins (PAT & EBITDA) signal robust operations.
- RoNW & RoCE above 20%+ indicate excellent financial efficiency.
- EPS growth aligns with profit expansion, while a low P/E ratio suggests undervaluation.
Objects of the Issue (Cryogenic OGS Limited IPO)
The net proceeds from the fresh issue (₹17.77 crore) will be used for the following purposes:
| Objective | Approximate Allocation (₹ Crore) | Purpose/Impact |
|---|---|---|
| 1. Working Capital Requirements | ₹12.00 crore | To fund day-to-day operational expenses, raw material procurement, and project execution |
| 2. General Corporate Purposes | ₹4.77 crore | To support business expansion, branding, system improvements, or contingencies |
| 3. Issue Expenses | ₹1.00 crore (approx.) | For underwriting, registrar fees, legal, accounting, and compliance costs |
Strengths of Cryogenic OGS Limited IPO
- Established Track Record: The company has been operational since 1997, with decades of experience in engineering and flow-control systems for the oil & gas, chemical, and petrochemical sectors.
- Robust Client Base: Clients include major PSUs like IOCL, BPCL, GAIL, and private players like Schlumberger and Emerson, demonstrating credibility and industry trust.
- Strong Financial Performance: The company has consistently grown revenues and profits, maintaining high EBITDA and PAT margins (~25% and ~21% respectively). Return on Net Worth and Capital Employed are above 20%.
- End-to-End Capabilities: Cryogenic OGS handles complete project cycles—from design to fabrication to installation—enhancing quality control and customer satisfaction.
- High Entry Barriers: Their business involves technically complex, regulated equipment (metering skids, hydrogen dosing systems), which limits competition and ensures repeat business.
- Green Energy Readiness: The company has begun producing hydrogen-related skids and is well-positioned to serve India’s transition toward clean fuels.
Risks of Cryogenic OGS Limited IPO
- Client Concentration: A significant portion of revenue is derived from a few large clients or sectors. Losing even one PSU or major contract could impact profitability.
- SME IPO Illiquidity: Being listed on the BSE SME platform means the stock may have low trading volumes and limited investor participation compared to mainboard IPOs.
- Dependence on Oil & Gas Sector: Although expanding into hydrogen and LNG, the company still heavily relies on fossil-fuel-based industries, which can be cyclical or face regulatory headwinds.
- Working Capital Intensive: The business requires large upfront capital to procure material and deliver projects. Any delay in payments from clients can cause cash flow strain.
- Limited Brand Recognition: As a niche engineering firm, Cryogenic OGS lacks public visibility, which may affect market sentiment post-listing.
- Technology Obsolescence: The industry is subject to rapid innovation. Failure to upgrade with global safety, digital monitoring, or sustainability standards could affect competitiveness.
Cryogenic OGS Limited Contact Details
Here are the official contact details for Cryogenic OGS Limited, sourced from their website:
🏢 Registered & Corporate Office
60, 61, 62, 63 Por Industrial Park,
Behind Sahyog Hotel, Por, Vadodara – 391243, Gujarat, India
☎️ Phone Numbers
- +91 99989 67136
- +91 99989 63996
📧 Email Addresses
- General / Enquiries: info@cryogenicogs.com
- Sales: sales@cryogenicogs.com
- Investor Relations / Dhairya Patel: dhairya.patel@cryogenicogs.com
- Additional Contact: bhavik.vora@cryogenicogs.com
🔗 Registrar & IPO Queries
MUFG Intime India Pvt. Ltd. (Registrar):
- Email: cryogenic.smeipo@linkintime.co.in
- Tel: +91 81081 14949
🧑💼 Lead Manager Information
Beeline Capital Advisors Pvt. Ltd. (BRLM):
- Contact Person: Mr Nikhil Shah
- Email: mb@beelinemb.com
- Tel: 079‑4918‑5784
Summary
- Office Location: Por Industrial Park, Vadodara
- Phone: +91 99989 67136 / 63996
- Emails: info@…, sales@…, dhairya.patel@…, bhavik.vora@…
- Registrar: cryogenic.smeipo@linkintime.co.in (+91 81081 14949)
- Lead manager: mb@beelinemb.com (079‑4918‑5784)
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