Here’s a comprehensive overview of the Shree Refrigerations Limited IPO, based on the most recent official sources:
IPO Dates
- Opening Date: July 25, 2025
- Closing Date: July 29, 2025
- Allotment finalization: July 30, 2025
- Refunds credited by: July 31, 2025
- Listing date on BSE SME: August 1, 2025
IPO Details
- Face Value: ₹2 per share
- Price band: ₹119 to ₹125 per equity share
- Lot Size: 1,000 Shares
- Total issue size: Approx ₹117.33 crores, comprising
- Fresh issue: ~₹94.51 crores (≈ 7.561 million shares)
- Issue Type: Bookbuilding IPO
- Listing At: BSE SME
- Share Holding Pre Issue: 2,80,69,409 shares
- Share Holding Post Issue: 3,56,30,409 shares
Summary Table
| Detail | Information |
|---|---|
| Issue Dates | July 25–29, 2025 |
| Price Band | ₹119–₹125 per share |
| Lot Size (Retail) | 2,000 shares (~₹2.38–2.50 lakh) |
| Issue Size | ₹117.33 crore (₹94.51 Cr fresh + ₹22.82 Cr OFS) |
| Allocation (%) | RIIs ~35%, QIB ~50%, NII ~15% |
| Promoters & Shareholding | ~56.6%, with Ashish Kacholia 4.34% stake |
| Use of Proceeds | Working capital & corporate purposes |
| Listing Date | August 1, 2025 (BSE SME) |
| Lock‑in | None for retail/HNI investors |
GMP of Shree Refrigerations Limited IPO
Here are the latest estimates for the Grey Market Premium (GMP) of the Shree Refrigerations Limited IPO:
Current GMP Estimates
- ₹80 per share (≈ 64% premium) — reported on ipowatch.in as of July 24, 2025.
- ₹77 per share (≈ 61.6% premium) — noted on ipocentral.in the same date.
- ₹50 per share (40% premium) — shown on Finowings, data estimated a few weeks ago.
Promoters of Shree Refrigerations Limited
Here are the promoters of Shree Refrigerations Limited, along with detailed information sourced from the company’s IPO filings and official records:
1) Mr. Ravalnath Gopinath Shende
- Role: Chairman & Managing Director; Founding member since incorporation in April 2006
Education & Experience:
- Bachelor of Engineering (Production), University of Bombay, 1984
- Over 33 years in the engineering sector, including stints at Larsen & Toubro as a “Terro” engineer and at Kirloskar Bros. Ltd as Business Head
- Started Shree Refrigerations from a ₹5,000‑capital venture into a multi‑crore turnover supplier to Indian Navy and marine HVAC projects
2) Mrs. Rajashri Ravalnath Shende
- Role: Whole-Time Director; Co-founder since April 2006
Education & Experience:
- Diploma in Electronic & Telecommunication Engineering, 1986
- Former Lecturer and HOD (Electrical) at Premalatai Chavan Polytechnic; later joined Shree Refrigerations to manage HR, admin, and operations
- Recognized as a top academic performer in M.Sc. Physics (dissertation highest in institute history) before shifting full-time to the company
3) Ms. Devashree Vishwesh Nampurkar
- Role: Whole-Time Director
Experience & Expertise:
- More than 6 years in sales and marketing roles across multi‑state territories
- Proven track record in training, supervising sales staff, developing marketing strategy, and driving new business in competitive environments
Promoters’ Track Record & Strengths
- Both Mr. and Mrs. Shende bring over two decades of strategic experience in HVAC and industrial refrigeration design and execution, supporting long-standing defense clientele including Indian Navy and PSU shipyards
- Under their leadership, the company has secured a robust order book exceeding ₹140–150 crores for execution over the coming 30–36 months, offering medium-term revenue visibility
- Rating agencies such as CRISIL have highlighted that the promoters’ domain expertise and established client relationships are key credit strengths for the company
Shree Refrigerations Limited IPO Lot Size
Here’s a clear and detailed breakdown of the Shree Refrigerations Limited IPO lot size and related investment details:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,50,000 |
| 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 |
- Retail Limit: Retail investors can apply for up to 2,000 shares (2 lots).
- Investment Amount: If subscribed at the top of the band (₹125), the minimum becomes ₹125,000 for one lot and ₹250,000 for two lots.
Shree Refrigerations Limited IPO Promoter Holding
Here are the promoter shareholding details for Shree Refrigerations Limited IPO, based on the Red Herring Prospectus and updated sources:
| Metric | Promoters (Combined) |
|---|---|
| Pre-IPO Holding | 56.60% |
| Post-IPO Holding | 44.59% |
Summary & Insights
- 56.6% of shares were held by promoters before the IPO.
- Post-offer, this stake will reduce to about 44.6%, due to dilution from the fresh issue and the offer-for-sale.
- The holding of individual promoters reflects both founding contributions (Mr. and Mrs. Shende) and later executive roles (Ms. Nampurkar).
About Shree Refrigerations Limited
Founded: April 24, 2006 (incorporated as a private limited company, later converted to public in 2023)
Headquarters: Mumbai
Manufacturing Facility: Karad, Maharashtra — equipped with modern production, CNC machinery, and testing systems
Product Portfolio
| Category | Products/Services Offered |
|---|---|
| Industrial Chillers | Air-cooled & water-cooled chillers for pharma, chemical, & printing |
| Marine HVAC Systems | Chillers & air handling units (AHUs) for Indian Navy & marine vessels |
| Refrigeration Systems | Packaged refrigeration & HVAC units for defense and industrial sectors |
| Test Equipment | Psychrometric chambers, airflow measurement rigs, cabin leakage testers |
| Fabrication Services | Precision sheet metal & custom HVAC assemblies |
These products are used across defense, pharma, printing, chemical, and engineering industries, with specialized equipment for marine and high-humidity environments.
Market & Industry Position
- Target Sectors: Defense (especially marine), pharmaceuticals, chemicals, printing, automotive, and general engineering industries — across India
- Strategic alignment with #MakeInIndia and #AtmanirbharBharat, positioning as an indigenous alternative to imported chillers and HVAC systems
Core Offerings
- Industrial & Marine Chillers, HVAC/R units — especially designed for defense and marine environments including Indian Navy vessels
- Fabrication Solutions — custom sheet-metal & engineered components for engineering firms
- Testing Equipment — such as psychometric labs, cabin leakage testers, airflow measurement rigs for compressors & appliances
Shree Refrigerations Limited Financial Information
Here’s a detailed financial summary of Shree Refrigerations Limited for 2023, 2024, and 2025 (annualized), based on the IPO prospectus and trusted market sources:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹185.60 Crore | ₹124.11 Crore | ₹94.32 Crore |
| Revenue | ₹99.10 Crore | ₹81.19 Crore | ₹50.90 Crore |
| Profit After Tax | ₹13.55 Crore | ₹11.53 Crore | ₹2.57 Crore |
| EBITDA | ₹26.94 Crore | ₹24.38 Crore | ₹11.90 Crore |
| Net Worth | ₹114.74 Crore | ₹60.72 Crore | ₹45.22 Crore |
| Reserves and Surplus | ₹109.13 Crore | ₹55.82 Crore | ₹21.25 Crore |
| Total Borrowing | ₹39.73 Crore | ₹36.80 Crore | ₹32.07 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for Shree Refrigerations Limited, based on its IPO prospectus and financial disclosures:
| KPI | Values |
|---|---|
| ROE | 15.44% |
| ROCE | 23.22% |
| Debt/Equity | 0.37 |
| RoNW | 15.44% |
| PAT Margin | 13.72% |
| EBITDA Margin | 27.29% |
| Price to Book Value | 4.98 |
Insights
- Consistent growth in revenue and PAT indicates improving business scale and operational efficiency.
- High EBITDA margin (~27%+) suggests a strong pricing structure and cost control.
- Healthy RoNW and RoCE indicate effective utilization of capital and shareholder value creation.
- Low debt-equity shows conservative leverage and financial stability.
Objects of the Issue (Shree Refrigerations Limited IPO Objectives)
Here are the Objectives of the Issue (i.e. the use-of-proceeds) for Shree Refrigerations Limited IPO, as disclosed in the Red Herring Prospectus and related filings:
1) Funding the Working Capital Requirements of the Company
- Leveraging capital inflow to support day-to-day operations, inventory management, and tender-based business cycles.
2) General Corporate Purposes
- Covering general expenses, business development, expansion initiatives, administrative costs, and other routine corporate needs.
Strengths of Shree Refrigerations Limited IPO
- Experienced Promoters: Founders and management have decades of experience in HVAC and industrial refrigerating systems, especially in defense and marine sectors.
- Strong operational margins: Annualized EBITDA margin around 27–30%, which reflects pricing power and cost discipline.
- Solid return ratios: RoNW ~15–27%, and RoCE ~22–34%, indicating efficient capital utilization (2024–25).
- Established clientele with defense approvals: Registered supplier to Indian Navy and other defense PSUs; significant orderbook (~₹140 Cr+) offers revenue visibility.
- Technological capabilities and customized products: In-house design, external collaborations, and ability to deliver marine-specific chillers and test equipment.
Risks of Shree Refrigerations Limited IPO
- Modest scale of operations: SME-scale revenues (~₹99 Cr in 2025), limiting scale and diversification potential.
- High working capital intensity: Inventory and debtor cycles are stretched (gross current assets over ~494 days as of 2022), increasing liquidity strain.
- Client concentration and sector dependence: Heavy reliance on defense contracts; any delays or order cancellations could impact revenues significantly.
- Supplier dependency: Reliance on a few key vendors for critical materials may pose supply chain risk.
- SME listing liquidity constraints: As an SME IPO, tradable in lot sizes (1,000–2,000 shares), and liquidity may be limited despite mandatory market-making norms.
Shree Refrigerations Limited Contact Details
Here are the verified contact details for Shree Refrigerations Limited, sourced from the company’s official site and reputable directories:
Registered & Corporate Office
Address
Plot No. 131/1‑2,
Opp. MSEB Stores, Virwade Road,
Ogalewadi, Karad – 415105
Maharashtra, India
Contact Information
| Category | Details |
|---|---|
| Phone Number (Office) | +91 2164 272015 |
| General Email | admin@shreeref.com |
| Investor‑Relations Email | investor@shreeref.com (IPO-related) |
| Website | www.shreeref.com |
Company Reference
- CIN (Corporate ID): U29191PN2006PLC128377
- Date of Incorporation: 24 April 2006 (RoC Pune)
Prominent Key Management and Directors include:
- Ravalnath Gopinath Shende (Managing Director)
- Rajashri R. Shende (Whole-Time Director)
- Devashree Vishwesh Nampurkar (Whole-Time Director) — among others
Quick Summary
| Contact Field | Details |
|---|---|
| Registered Address | Plot No. 131/1‑2, Virwade Road, Karad, MH |
| Office Phone Number | +91‑2164‑272015 |
| General Email | admin@shreeref.com |
| Investor Queries (IPO) Email | investor@shreeref.com |
| Official Website | www.shreeref.com |
| Corporate ID (CIN) | U29191PN2006PLC128377 |
| Established | 24 April 2006 (Under RoC Pune) |
Patel Chem Specialities Limited IPO 2025: Complete Details
TSC India Limited IPO Details: Price, Date & Review
Disclaimer: The content on this website is intended for informational purposes only and should not be interpreted as financial or investment advice. Engaging in stock market activities involves inherent risks, and outcomes can be unpredictable. While we strive to provide accurate and up-to-date information, we do not make any guarantees regarding the completeness or reliability of the content. Any investment decisions you make should be based on your own research and consultation with a qualified financial professional. We are not responsible for any financial gains or losses resulting from actions taken based on the information provided here. Always invest wisely and at your own risk.
