PNN
Mumbai (Maharashtra) [India], July 24: Shree Refrigerations Limited (Shree, The Company), a manufacturer of mission-critical refrigeration and HVAC systems with a deep legacy in India's defence and industrial sectors, is opening its Initial Public Offering on July 25, 2025, aiming to raise ₹117.32 Crores (at upper price band). The Company proposes to list its equity shares on the BSE SME platform.
The issue size is 93,86,000 equity shares with a face value of ₹2 each. The IPO consists of a fresh issue of 75,61,000 equity shares and an offer for sale of 18,25,000 shares with a price band of ₹ 119 - ₹ 125 Per Share.
Equity Share Allocation
* QIB Anchor Portion - Up to 26,73,000 Equity Shares
* Qualified Institutional Buyer - Up to 17,82,000 Equity Shares
* Non-Institutional Investors - Not Less than 13,39,000 Equity Shares
* Retail Individual Investors - Not Less than 31,22,000 Equity Shares
* Market Maker - 4,70,000 Equity Shares
The net proceeds from the IPO will be utilized Funding the Working Capital requirement and general corporate purposes. The anchor portion will open on Thursday, July 24, 2025 and issue will close on Tuesday, July 29, 2025.
The Book Running Lead Manager to the Issue is Narnolia Financial Services Limited, and the Registrar is MUFG Intime India Private Limited.
Ravalnath Gopinath Shende, Managing Director of Shree Refrigerations Limited expressed, This IPO is a strategic leap forward for the company. With over four decades of experience and a proven track record of delivering refrigeration and HVAC systems for mission-critical applicationsfrom Indian Naval ships to pharmaceutical, manufacturing Industry and Food processing unitswe have built a reputation for engineering excellence and trusted execution.
The rising demand for customized, energy-efficient, and regulation-compliant cooling solutions across industries presents a strong runway for future expansion. The funds raised through this offering will support our working capital needs, enabling us to execute our expanding order book efficiently, scale up operations, and pursue new project opportunities in high-compliance environments.
More than just a capital raise, this IPO is a catalyst for scaling our capabilities to meet the evolving needs of India's industrial landscape. We look forward to entering this new phase of accelerated growth with the support of the wider investment community."
Vipin Aggarwal, Director of Narnolia Financial Services Limited said, "We are proud to partner with Shree Refrigerations Limited in its IPO journey. The company has a well-established reputation for engineering excellence and delivering customized refrigeration and HVAC solutions for highly regulated and mission-critical sectors such as defense, pharmaceuticals, food processing, and chemicals.
What sets Shree apart is its ability to blend deep domain knowledge with modern manufacturing and precision engineering. Its consistent financial growth, strong margins, and blue-chip clientele underscore the company's operational strength and market relevance.
The planned IPO funding is a strategic move that will not only support the company's working capital needs but also fuel its broader growth ambitions. By expanding its geographical presence and strengthening its position in high-value markets. We believe the company is well-poised for long-term growth and value creation."
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