Shree Refrigerations IPO Open 25 July - Check GMP, Allotment

Shree Refrigerations Limited has received its permission to commence a multi-step process to pursue an initial public offering. The company is located in Karad, Maharashtra, and is a significant player in the market for chillers, refrigeration, and air conditioning appliances in the rapidly evolving HVAC sector in India. Recently, the company has experienced tremendous revenue growth, and forecasts show large growth potential. The IPO price band is ₹119-₹125 per equity share for its ₹117.33 crore SME IPO, driving the overall fit as the company is well-positioned to benefit from the expanding industrial refrigeration and HVAC market in India.  

The Shree Refrigerations IPO GMP today has not begun as the IPO opening will need to take place. GMP for Shree Refrigerations SME IPO has not begun, with grey market premium updates to come once the IPO opens. Given the current market conditions and the financial performance of the company, this SME IPO should attract interest from both retail and institutional investors looking for trades within the industrial refrigeration market.

IPO Dates for Shree Refrigerations Limited

The Shree Refrigerations Limited IPO is scheduled to open on July 25, 2025, and close on July 29, 2025. The Board of Allotment (BoA) date is expected to be July 30, 2025, with listing planned for August 1, 2025.

IPO Details Summary

The minimum bid is 2,000 shares and ₹2,50,000 amount for retail investors. Investors are watching very carefully the GMP of shree Refrigerations IPO, but the grey market premium is not live yet, as the market is waiting for the IPO announcement. This is one of the rapidly increasing SME IPO list in the NSE SME platform.

About Shree Refrigerations Limited

Shree Refrigerations Limited is located in Karad, Maharashtra, and is one of India's largest manufacturers of chillers, refrigeration, and air conditioning products in a developing HVAC industry. The company provides industrial refrigeration solutions with cooling solutions fitted to address several industries, including food processing, pharmaceutical, and manufacturing.

The company operates in the industrial refrigeration segment providing products including industrial chillers, cold storage, and corporation-specific cooling solutions. According to the latest data as of May 31, 2025, Shree Refrigerations employed 129 permanent employees and approximately 165 contractual employees. Shree Refrigerations serves a diverse customer base from small firms to large industrial customers with concentrated energy-efficient cooling solutions and modern refrigeration technology needs.

Narnolia Financial Services is the merchant banker of Shree Refrigerations IPO. With this IPO the company is attempting to raise ₹117.33 crores; however, proceeds from the fresh issue will be used for business expansion; technology upgrades; and working capital; as well general unknown corporate issues. The growth of the industrial sector in India and the demand for energy-efficient cooling solutions positions Shree Refrigerations Limited well to compete in India's developing HVAC market.

Financial Performance of Shree Refrigerations Limited

The company has shown strong revenue growth and maintained profitability during the expanding industrial refrigeration market.

Performance Analysis

Shree Refrigerations Limited reported impressive financial performance. It leveraged its scalable business model and operational efficiency to increase revenue from ₹50.9 Cr in FY23 to ₹99.1 Cr in FY25. Profit after tax grew 427% to ₹13.55 Cr. The growth also manifested itself in EBITDA which also rose more than twice emphasizing improving unit economics, while there was strong cost control in the industrial refrigeration segment.

As a result, the company experienced very strong growth in assets more than doubling to ₹185.6 Cr. Net worth moreso than doubled to ₹114.74 Cr providing it with a very robust capital structure from the large internal accrual. Borrowings only modestly increased. Shree Refrigerations has demonstrated financial discipline while aggressively expanding and solidly positioned itself for long-term sustainable growth in its niche sector.

IPO Share Reservation

The IPO share allocation follows standard SEBI guidelines for SME listings:

Strengths

1. Revenue Growth:
Revenues grew well from ₹50.9 Cr to ₹99.1 Cr heralding strong demand and successful marketing to the industrial refrigeration sector.

2. Profitability Jump:
PAT increase from ₹2.57 Cr to ₹13.55 Cr demonstrated strong control of expenses and a scalable operating model.

3. EBITDA Improvement:
EBITDA estimates improved from ₹11.9 Cr to ₹26.94 Cr demonstrates improvements in profitability and operating leverage.

4. Asset Growth:
Our asset base grew from ₹94.32 Cr to ₹185.6 Cr indicates aggressive investment in infrastructure and expansion strategy.

5. Market Opportunities:
We are positioned to leverage the demand in India’s growing industrial sector, and the associated demand for energy efficient cooling solutions.

6. Specialty Niche:
The market for industrial refrigeration and associated HVAC provides quality stamp capabilities in a single niche market.

7. Strong Financial Position:
The growth in reserves and surplus points to strong cash generation ability and a sound financial position.

Risks

1. Cyclical Business:
The industrial refrigeration business is very sensitive to capital expenditure and industrial production cycles.

2. Intense Competition:
Competition from domestic players and international HVAC companies could negatively impact market share and margins.

3. Dependence on Technology:
Dependence on ongoing technology upgrades and energy-efficient solutions may require sustained R&D investments.

4. Raw Material Pricing:
Volatility in raw material pricing, such as steel and copper, could impact profitability.

5. Regulatory Changes:
Changes in environmental and energy efficiency regulations may impact product specifications.

6. Customer Concentration:
Significant reliance on industrial clients exposes risks in economic downturns and industrial slowdowns.

7. SME Platform Listing:
SME platform listing may create exposures to low liquidity and high price volatility.

How to Apply for Shree Refrigerations Limited IPO?

Step-by-step guide (when IPO opens on July 25, 2025):

1. Log in to your broker app (Zerodha, Angel One, Groww, etc.)

2. Navigate to the SME IPO section and select the Shree Refrigerations Limited IPO

3. Click “Apply”

4. Enter:

   • Lot size (1,000 shares minimum, 2 lots required = 2,000 shares)
   • Bid price (₹119-₹125 or select Cut-Off)
   • Your UPI ID

5. Submit the application

6. Approve the UPI mandate in your UPI app (PhonePe, GPay, etc.)

⏰ Important: The mandate must be approved before 5 PM on the same day or before the IPO closes on July 29, 2025.

How to Check Shree Refrigerations Limited IPO Allotment Status?

You can check the Shree Refrigerations IPO allotment status through NSE SME and the registrar portal once the IPO opens.

Check On NSE SME

• Visit the NSE official website
• Navigate to the SME IPO Allotment Section
• Select Shree Refrigerations Limited IPO
• Enter PAN number or application number
• Submit details to get the Shree Refrigerations IPO allotment status check

Check On the Registrar Portal

• Visit MUFG Intime India Private Limited’s website:
• Select IPO allotment status
• Choose Shree Refrigerations Limited IPO
• Enter PAN or application number
• Submit to check status

Company Address

Name: Shree Refrigerations Limited
Address: 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/

IPO Registrar

Name: MUFG Intime India Private Limited – Link Intime
Address: Link Intime India Private Ltd, C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083 Phone: +91 22 4918 6270
Email: shreerefrigerations.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Conclusion

Shree Refrigerations Limited is a good investment opportunity in the growing HVAC and industrial refrigeration sector in India. The company has exhibited strong growth in revenue from ₹50.9 Cr to ₹99.1 Cr, and PAT of ₹13.55 Cr, demonstrating solid cost control and operational efficiencies alongside a scalable model for business. The focus on energy-efficient industrial grade cooling products puts the company in a good position to take advantage of growing demand, particularly in manufacturing and infrastructure. 

The share price of the IPO is in a range of ₹119–₹125, with ₹117.33 Cr as the issue size. Overall, it appears to be reasonably priced for a high growth SME. Investors should still be aware of cyclical industrial factors, or variables such as raw materials, and recurrence on the SME platform. If investors are comfortable with these various risks, Shree Refrigerations is a good investment growth opportunity in a small, but growing segment.

Disclaimer : This analysis is for educational purposes and not financial advice. Please consult a financial advisor before making investment decisions.

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