Cryogenic OGS
Book Building issueSMEBSE₹17.77 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹17.77 Cr
1 lot at cut-off
₹1,41,000
Lot size
3,000shares
Open
03 Jul 2025
Close
07 Jul 2025
Allotment
08 Jul 2025
Listing
10 Jul 2025
Listing performance
Issue price
₹47
Listed at
₹89.30
Listing-day close
₹93.76
Latest price
₹357.40
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+660.43%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 03 Jul 2025 – 07 Jul 2025
- Listing date
- 10 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹47 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹17.77 Cr
- Market cap at offer price
- ₹67.12 Cr
- Promoter holding
- 100.00% → 73.52% pre-issue → post-issue
- ISIN
- INE0TL001013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 60, 61, 62, 63 POR Industrial Park, Behind Sahyog Hotel, POR, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,74,000 | — | — |
| Market maker | 1,89,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹47
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,41,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,82,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,87,000 |
| B-HNI (min) | 8 | 24,000 | ₹11,28,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
10,74,000
Anchor portion
₹5.05 Cr
at ₹47 per share
Valuation and performance
Valuation at offer price
₹47 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.83 | 4.29 |
| P/E (×) | 8.06 | 10.96 |
| Price to book (×) | 1.70 | — |
| Market cap | — | ₹67.12 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.12%
- ROCE
- 28.93%
- PAT margin
- 18.61%
- EBITDA margin
- 24.20%
- NAV per share
- ₹27.61
- Price to book
- 1.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cryogenic OGS
Cryogenic OGS Limited, incorporated in 1997 and based in Vadodara, Gujarat, is a specialized manufacturer of measurement and filtration equipment and systems for the oil, gas, chemicals, and allied fluid sectors. The company operates from a 8,300 square meter facility equipped with manufacturing, assembly, testing, and quality checking capabilities. It generates revenue through competitive tender bidding and direct customer inquiries, securing contracts with oil and gas companies and petrochemical firms. The company has in-house engineering and design capabilities using AutoCAD ELD software and offers comprehensive solutions including design, process engineering, fabrication, assembly, and testing. Products include basket strainers, air eliminators, prover tanks, additive dosing skids, and truck loading/tank wagon loading skids for liquid and gas applications.
Company Analysis
from RHPCryogenic OGS Limited manufactures high-quality measurement and filtration equipment and systems through fabrication and assembly for the oil, gas, chemicals, and allied fluid industries.
Cryogenic OGS Limited, incorporated in 1997 and based in Vadodara, Gujarat, is a specialized manufacturer of measurement and filtration equipment and systems for the oil, gas, chemicals, and allied fluid sectors. The company operates from a 8,300 square meter facility equipped with manufacturing, assembly, testing, and quality checking capabilities. It generates revenue through competitive tender bidding and direct customer inquiries, securing contracts with oil and gas companies and petrochemical firms. The company has in-house engineering and design capabilities using AutoCAD ELD software and offers comprehensive solutions including design, process engineering, fabrication, assembly, and testing. Products include basket strainers, air eliminators, prover tanks, additive dosing skids, and truck loading/tank wagon loading skids for liquid and gas applications.
Oil and gasChemicalsAllied fluid industryMeasurement and filtration equipment manufacturing
Objects of the Issue
- To Meet Working Capital Requirements ₹1,150.00 Lakhs p.24
- General Corporate Purposes p.24
- To Meet Working Capital Requirements ₹1,150.00 Lakhs p.76
- General Corporate Purposes [●] Lakhs (not to exceed 25% of Gross Proceeds) p.76
Issue Structure
- Total Issue
- ₹[●] Lakhs (37,80,000 Equity Shares)
- Fresh Issue
- 37,80,000 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter (minimum application size shall be two lots per application, subject to size of application value being more than ₹2 lakhs)
- Face Value
- ₹10/- each
Business Model
The company primarily secures contracts through competitive tender bidding and one-to-one customer inquiries. It manufactures customized products to customer specifications and conducts quality testing including chemical, mechanical, non-destructive testing, hydro and pneumatic leak tests. Revenue is generated by selling fabricated and assembled measurement and filtration equipment and systems to oil, gas, chemicals, and allied fluid industry customers.
Business Segments
Metering and measurement equipment for oil and gas applications
Air elimination equipment for fluid systems
Basket strainers, prover tanks, additive dosing skids, truck loading and tank wagon loading skids for liquid and gas applications
Manufactures and supplies measurement and filtration equipment and systems including basket strainers, air eliminators, prover tanks, additive dosing skids, and truck/tank wagon loading skids for the oil, gas, chemicals, and allied fluid industries
Equipment consisting of additive storage tank, metering pump with flameproof motor, strainer, pulsation dampener, pressure gauge, non-return valve, bail valve, back pressure valve, level transmitter and base skid. Can be used for fuel coloring and marker dosing systems.
Panel used for injecting additives into main product line, installed mainly at distribution facilities. Consists of oval gear meter, solenoid valve, strainer, check valves, needle valves mounted on stainless steel/aluminum panel.
Equipment with top nozzle housing and float assembly that creates homogeneous state for fluid. Features vertical design for reduced installation space, high capacity air elimination, simple interface with measurement devices.
Strainers for filtering wide variety of fluids. Unfiltered liquid passes through basket where impurities are trapped and only clean liquid passes through outlet. Installed before measuring devices.
Cryogenic offers Prover tank of capacity 50 Liters to 5000 Liters with Stainless Steel Material of Construction designed as per IS-2341 Code. Used to measure output accuracy of liquid metering equipment.
Combination equipment where unfiltered liquid passes through basket trapping impurities while air or vapor travels to top and only clean liquid without air/vapor content passes through outlet. Reduces space requirement.
Equipment mainly used for loading and unloading purposes during low flow or high air presence. Works on principle of liquid level sense using optical sensor at different elevations to signal liquid level to batch controller unit.
Sale of products represents the primary revenue stream of the company, comprising 99.58% of total revenue from operations in FY 2024-25.
Sale of services represents a small portion of revenue from operations.
SWOT Analysis
Strengths
- • Established manufacturing facility with comprehensive capabilities(p.24)
- • In-house engineering and design capabilities enabling customized solutions(p.24)
- • Strong order pipeline and market engagement(p.24)
- • Revenue growth trajectory and profitability improvement(p.39)
- • Zero debt financial position(p.26)
- • Established certifications and compliance framework(p.107)
- • In-house engineering and design capabilities with modern facilities(p.107)
- • Quality assurance infrastructure with comprehensive testing capabilities(p.107)
- • Experienced promoter management with 22+ years in oil and gas sector(p.107)
- • Growing order pipeline with significant tender applications(p.108)
- • International expansion through strategic partnerships(p.108)
- • Strong financial growth trajectory with profitability(p.87)
- • Strong and unique product technology with tailored solutions for oil & gas sector(p.116)
- • Experienced management with 22+ years of industry expertise in oil & gas metering(p.116)
- • ISO certifications demonstrating commitment to quality, safety and environmental standards(p.116)
- • Strong supplier relationships enabling quality and timely material supply(p.117)
- • Established long-standing relationships with key oil & gas customers(p.117)
- • Revenue growth of 35.67% in FY 2024-25 with strong profitability margins(p.114)
- • High-quality specialized manufacturing with in-house engineering and design capabilities(p.196)
- • Well-equipped production and quality facilities with skilled manpower(p.196)
- • Strong revenue growth trajectory(p.199)
- • High profitability margins with strong EBITDA margin(p.187)
- • Multiple ISO certifications demonstrating quality and operational excellence(p.213)
- • Strong balance sheet with zero debt(p.204)
- • Healthy current ratio and working capital position(p.187)
- • Significant order book pipeline(p.196)
Weaknesses
- • Concentration of revenues among top customers(p.30)
- • High dependence on specific product categories(p.30)
- • Geographical concentration of business in two states(p.31)
- • High dependency on few suppliers for raw materials(p.30)
- • Regulatory non-compliances and missing statutory records(p.33)
- • Unregistered trademark creating intellectual property vulnerability(p.38)
- • Missing statutory approvals and licenses(p.38)
- • High raw material cost relative to revenue(p.29)
- • High customer concentration risk(p.108)
- • Capital intensity from shift to turnkey model(p.108)
- • Significant increase in working capital requirements(p.77)
- • Substantial increase in raw material and inventory holding(p.77)
- • High customer concentration with top customer accounting for 25.45% of revenue(p.116)
- • Significant supplier concentration with top supplier contributing 17.28% of purchases(p.116)
- • Small employee base of only 31 permanent employees limiting operational scale(p.117)
- • Limited global market presence with exports declining from 1.80% to 0.62% of revenue(p.115)
- • Declining gross profit margin from 45.22% to 42.65% over three years(p.114)
- • High customer concentration risk with top customer contributing 25.45% of revenue(p.205)
- • Top 3 customers account for 56.34% of total revenue(p.205)
- • Heavy concentration of promoter shareholding (99.9%)(p.173)
- • Significant increase in inventory levels(p.200)
- • Declining other income and reliance on non-operational income(p.200)
- • Decline in EBITDA margin from prior year(p.196)
Opportunities
- • Participation in tenders for larger and innovative projects(p.24)
- • Geographical diversification beyond Gujarat and Maharashtra(p.31)
- • Expansion into new product categories and market segments(p.30)
- • International market penetration(p.38)
- • Capital intensity shift enabling larger contract opportunities(p.31)
- • India's surging oil and gas consumption with projected strong CAGR(p.105)
- • Expanding infrastructure and refining capacity investments(p.104)
- • Growing downstream sector demand for metering and filtration equipment(p.105)
- • Government support through engineering sector initiatives(p.103)
- • Expansion of pipeline infrastructure driving market demand(p.105)
- • Increasing number of retail outlets indicating downstream growth(p.105)
- • Expansion into global markets through strategic partnerships(p.116)
- • Development of innovative products for emerging energy sectors (LNG, Hydrogen)(p.117)
- • Emergence of LNG and Hydrogen metering market segments(p.133)
- • Fostering strategic partnerships to enhance market presence and mutual growth(p.116)
- • Adopting emerging technologies for innovative solutions meeting client needs(p.116)
- • Expansion across multiple IOCL, HPCL and BPCL terminals with over 700 locations(p.133)
- • Growing oil and gas sector with demand for measurement and filtration equipment(p.196)
- • Large domestic tender pipeline with significant quoted values(p.196)
- • Development of innovative products including hydrogen blending and advanced metering skids(p.196)
- • Expansion into new geographic markets with increasing export potential(p.199)
- • Potential to increase market share through improved competitive positioning(p.200)
Threats
- • Volatility in raw material prices and supply chain disruptions(p.29)
- • High competitive intensity in the industry(p.37)
- • Cyclicality and slowdown in oil and gas sector(p.43)
- • Regulatory changes and compliance requirements(p.43)
- • Natural disasters, pandemics and geopolitical risks(p.44)
- • Foreign exchange fluctuation risk(p.38)
- • Broader economic slowdown impacting demand(p.43)
- • Customer payment delays and credit risk(p.35)
- • Volatility in global oil prices and energy markets(p.95)
- • Intense competition and pricing pressure in engineering sector(p.76)
- • Global trade restrictions and geopolitical fragmentation risks(p.95)
- • Potential slowdown in Indian economic growth affecting domestic demand(p.98)
- • Slowing engineering exports due to global demand weakness(p.102)
- • Dependence on commodity price-linked demand cycles(p.95)
- • Intense competition from organized and unorganized sector participants(p.118)
- • Competitors have larger capital base and broader product offerings(p.118)
- • Volatility in oil and gas industry affecting demand for metering equipment(p.117)
- • Dependence on oil and gas industry cyclicality and commodity prices(p.118)
- • Vulnerability to global pandemics and health crises affecting operations(p.117)
- • Reliance on imported components (float from USA) for product manufacture(p.121)
- • Dependence on oil and gas sector cyclicality and economic volatility(p.197)
- • Competition from existing and potential competitors(p.206)
- • Risk of customer creditworthiness and payment defaults(p.197)
- • Exposure to natural calamities and external disruptions(p.197)
- • Technology obsolescence risk in rapidly changing manufacturing sector(p.197)
- • Political and regulatory risks affecting operations(p.197)
- • Input cost inflation impacting margins(p.204)
- • Foreign exchange risk on export transactions(p.204)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nilesh Natvarlal Patel | Promoter | 75.90% | 55.81% |
| Mrs. Kiranben Nileshbhai Patel | Promoter | 24.00% | 17.65% |
| Mr. Dhairya Patel | Promoter | 0.02% | 0.01% |
| Nilesh Natvarlal Patel | Promoter | 75.90% | 55.81% |
| Kiranben Nileshbhai Patel | Promoter | 24.00% | 17.65% |
| Dhairya Patel | Promoter | 0.02% | 0.01% |
| Nilesh N. Patel (HUF) | Promoter Group | 0.02% | 0.01% |
| Natvarlal Laljibhai Patel | Promoter Group | 0.02% | 0.01% |
| Fuel Metering Private Limited | Promoter Group | 0.02% | 0.01% |
| Nareshbhai Odhavjibhai Patel | Promoter Group | 0.02% | 0.01% |
| Nilesh Natvarlal Patel | Promoter/Chairman cum Managing Director | 79,69,500 shares (99.92% pre-issue, calculated from total promoter holding of 1,04,91,600 shares) | — |
| Kiranben Nileshbhai Patel | Promoter/Non-Executive Director | 25,20,000 shares | — |
| Dhairya Patel | Promoter/Whole-time Director | 2,100 shares | — |
| Mr. Nilesh N. Patel | Promoter | 75.90% | — |
| Mrs. Kiran N. Patel | Promoter | 24.00% | — |
Leadership
Nilesh Natvarlal Patel · Chairman cum Managing Director
Dhairya Patel · Whole-Time Director
Ms. Rashmi Kamlesh Otavani · Company Secretary and Compliance Officer
Mr. Ravi Milapchand Jain · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Cryogenic OGS IPO FAQs
What is the lot size of Cryogenic OGS IPO?
The minimum lot size of Cryogenic OGS IPO is 3,000 shares. One lot costs ₹1,41,000 at the cut-off price.
When does Cryogenic OGS IPO open and close?
Cryogenic OGS IPO opened for subscription on 03 Jul 2025 and closed on 07 Jul 2025.
What is the listing date of Cryogenic OGS IPO?
Cryogenic OGS IPO listed on 10 Jul 2025.