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) |
