Shree Refrigerations Limited (SRL) is a trusted manufacturer specializing in Heating, Ventilation, and Air Conditioning (HVAC) systems. The company’s product lineup includes advanced air and water-cooled condensing units, chillers, spray dampening systems, marine HVAC systems, and printing chillers.
The company serves a broad set of industries, which helps it stay resilient even during sector-specific slowdowns. These industries include:
- Automotive
- Marine and naval applications
- Print media
- Chemical and pharmaceutical sectors
- General engineering
SRL’s offerings go beyond manufacturing, combining engineering expertise with practical solutions:
✅ Chillers – Installation of HVAC systems, plant repairs, and ongoing support
✅ Fabrication – Comprehensive process covering design, material management, CNC programming, production, and painting
✅ Specialized equipment – Cabin leakage testers, air flow measurement rigs, and psychometric labs
✅ Customized solutions – Collaborating closely with clients to create tailored engineering components that meet strict quality standards
All production takes place at SRL’s modern manufacturing facility in Karad, Maharashtra, which is fully equipped with advanced machinery, quality testing systems, and material handling equipment.
As of May 31, 2025, SRL’s team consists of 129 permanent employees and 165 contractual employees.
Shree Refrigerations IPO – Details
| IPO Opening Date | 25 July 2025 |
| IPO Closing Date | 29 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 93,86,000 Shares Worth ₹117.33 Crore Fresh Issue: 75,61,000 Shares Worth ₹94.52 Crore Offer For Sale: 18,25,000 Shares Worth ₹22.81 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹119 – ₹125 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | MUFG Intime India Private Limited (Link Intime) |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Shree Refrigerations IPO – Date Schedule
| IPO Open Date | 25 July 2025 |
| IPO Close Date | 29 July 2025 |
| Basis of Allotment | 30 July 2025 |
| Initiation of Refund | 31 July 2025 |
| Credit of Shares to Demat | 31 July 2025 |
| IPO Listing Date | 01 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 29, 2025 |
Shree Refrigerations IPO – Lots Size & Price
| 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 |
Competitive Strengths
- Customization of products.
- Quality standards and ISO certified organisation.
- Technology and Collaboration.
- Wide range of products.
- Strong Leadership and Experienced Management.
Company Promoters
- Mr. Ravalnath Gopinath Shende
- Mrs. Rajashri Ravalnath Shende
- Mrs. Devashree Vishwesh Nampurkar
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹50.90 Cr | ₹46.65 Cr | ₹2.57 Cr | ₹32.07 Cr |
| 31 March 2024 | ₹81.18 Cr | ₹64.28 Cr | ₹11.53 Cr | ₹36.80 Cr |
| 31 March 2025 | ₹99.09 Cr | ₹80.57 Cr | ₹13.54 Cr | ₹39.73 Cr |
Key Performance Indicator
| 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 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.25 | |
| P/E (x) | 23.81 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the Working Capital requirement. | ₹70.00 |
| General Corporate Purposes. |
✅Strengths
- Custom-designed HVAC products and chillers.
- ISO 9001:2015 certified and approved by defense authorities.
- Wide product portfolio across marine, chemicals, pharma, and printing.
- Experienced promoters and management team.
- Strong brand reputation and long-term customer relationships.
⚠️Risks
- High dependence on defense and government contracts.
- Significant working capital requirements.
- Revenue concentration in marine chillers segment.
- Dependence on a few key suppliers.
Shree Refrigerations IPO Promoter Holding
| Pre Issue Share Holding | 56.60% |
| Post Issue Share Holding | 44.59% |
Shree Refrigerations IPO Prospectus
Company Contact Information
| Shree Refrigerations Ltd. Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra, 415105 Phone: 02164-272015 Email: Investor@shreeref.com Website: http://www.shreeref.com/ |
Shree Refrigerations IPO Registrar
| MUFG Intime India Private Limited (Link Intime) Phone: +91-22-4918 6270 Email: shreerefrigerations.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Shree Refrigerations IPO Lead Manager(s)
| 1. Narnolia Financial Services Ltd |
Shree Refrigerations IPO FAQ
| What is Shree Refrigerations IPO? Shree Refrigerations IPO is a SME IPO. The issue is priced at ₹119 to ₹125 per equity share. The IPO is to be listed on BSE SME. |
| When Shree Refrigerations IPO will open? The IPO is to open on 25 July 2025 for QIB, NII, and Retail Investors. |
| What is Shree Refrigerations IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the Shree Refrigerations IPO? You can apply Shree Refrigerations IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Shree Refrigerations IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Shree Refrigerations IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Shree Refrigerations IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Shree Refrigerations IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Shree Refrigerations IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Shree Refrigerations IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Shree Refrigerations IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Shree Refrigerations IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is the Shree Refrigerations IPO Size? Shree Refrigerations IPO size is ₹117.33 Crore. |
| What is the Shree Refrigerations IPO Price Band? Shree Refrigerations IPO Price Band is ₹119 to ₹125. |
| What is Shree Refrigerations IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2000 Shares with ₹2,50,000 amount, while the maximum bid is 2000 Shares with ₹2,50,000. |
| What is the Shree Refrigerations IPO Allotment Date? Shree Refrigerations IPO allotment date is 30 July 2025. |
| What is the Shree Refrigerations IPO Listing Date? Shree Refrigerations IPO listing date is 01 August 2025. The IPO is to be listed on the BSE SME. |
