Shree Refrigerations
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jul 2025 – 29 Jul 2025
- Listing date
- 01 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹125 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹117 Cr
- Market cap at offer price
- ₹445 Cr
- Promoter holding
- 56.60% → 44.59% pre-issue → post-issue
- ISIN
- INE0FMZ01045
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Plot.No.131/1+2, Opp.MSEB Stores, Virwade Road, Ogalewadi, Maharashtra
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 | 26,73,000 | — | — |
| Market maker | 4,71,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹125
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,25,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,50,000 |
| S-HNI (max) | 8 | 8,000 | ₹10,00,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,25,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.25 | — |
| P/E (×) | 23.81 | — |
| Price to book (×) | 4.98 | — |
| Market cap | — | ₹445 Cr |
Key performance indicators
- Return on net worth
- 15.44%
- ROCE
- 23.22%
- Debt / equity
- 0.37
- PAT margin
- 13.72%
- EBITDA margin
- 27.29%
- NAV per share
- ₹40.88
- Price to book
- 4.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shree Refrigerations
Shree Refrigerations Limited, incorporated in 2006 and converted to public limited company in 2023, is engaged in manufacturing chillers, refrigeration, and air conditioning appliances and components for heating, ventilation, and air conditioning (HVAC) industries. The company serves multiple sectors including marine (its primary segment at 91.59% of revenue in June 2024), automotive, print media, chemical, pharmaceutical, and general engineering. It has established approved supplier registrations from Indian Navy directorates, particularly for marine chillers. The company generates revenue primarily through manufacturing marine chillers for navy vessels and commercial shipping, with 83.06% of FY25 revenue from government entities. Founded by promoters Mr. Ravalnath Gopinath Shende, Mrs. Rajashri Ravalnath Shende, and Mrs. Devashree Vishwesh Nampurkar, it operates from Karad, Maharashtra, with a wholly-owned subsidiary Trezor Technologies Private Limited.
Company Analysis
from DRHPShree Refrigerations manufactures chillers, refrigeration, and air conditioning appliances primarily for marine, industrial, and commercial sectors, serving defense, automotive, and pharmaceutical industries.
Shree Refrigerations Limited, incorporated in 2006 and converted to public limited company in 2023, is engaged in manufacturing chillers, refrigeration, and air conditioning appliances and components for heating, ventilation, and air conditioning (HVAC) industries. The company serves multiple sectors including marine (its primary segment at 91.59% of revenue in June 2024), automotive, print media, chemical, pharmaceutical, and general engineering. It has established approved supplier registrations from Indian Navy directorates, particularly for marine chillers. The company generates revenue primarily through manufacturing marine chillers for navy vessels and commercial shipping, with 83.06% of FY25 revenue from government entities. Founded by promoters Mr. Ravalnath Gopinath Shende, Mrs. Rajashri Ravalnath Shende, and Mrs. Devashree Vishwesh Nampurkar, it operates from Karad, Maharashtra, with a wholly-owned subsidiary Trezor Technologies Private Limited.
Objects of the Issue
- Funding the Working Capital requirements ₹ 9,000.00 Lakhs p.104
- General Corporate Purposes [●] p.104
Issue Structure
- Total Issue
- Up to 93,59,200 Equity Shares of face value of ₹ 2/- each
- Fresh Issue
- Up to 74,75,820 Equity Shares of face value of ₹ 2/- each
- Offer for Sale
- Up to 18,83,380 Equity Shares of face value of ₹ 2/- each by Maharashtra Defence and Aerospace Venture Fund
- Price Band
- [●] times and [●] times of the face value of the Equity Shares
- Lot Size
- [●]
- Face Value
- ₹ 2/- each
Business Model
The company manufactures and sells chillers, refrigeration systems, and air conditioning appliances to government entities (Indian Navy and Ministry of Defence) and private sector customers. Revenue is generated through product sales on a project-based, contract manufacturing basis. Primary revenue drivers are government contracts and orders from private sector industries requiring temperature control and HVAC solutions. The company also provides fabrication services.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ravalnath Gopinath Shende | Promoter | 44.43% | 35.08% |
| Mrs. Rajashri Ravalnath Shende | Promoter | 12.14% | 9.59% |
| Mrs. Devashree Vishwesh Nampurkar | Promoter | nil | nil |
| Varsha Shreeprasad Sidhaye | Promoter Group | 0.04% | 0.03% |
| Maharashtra Defence and Aerospace Venture Fund | Selling Shareholder | 17.30% | 13.66% |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.