Shree Refrigerations IPO
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Schedule of Shree Refrigerations
| Issue open date | 25 Jul 2025 |
| Issue close date | 29 Jul 2025 |
| UPI mandate deadline | 29 Jul 2025 (5 PM) |
| Allotment finalization | 30 Jul 2025 |
| Refund initiation | 31 Jul 2025 |
| Share credit | 31 Jul 2025 |
| Listing date | 01 Aug 2025 |
| Mandate end date | 14 Aug 2025 |
| Lock-in end date for anchor investors (50%) | 29 Aug 2025 |
| Lock-in end date for anchor investors (remaining) | 28 Oct 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Shree Refrigerations
Incorporated in 2006, Shree Refrigerations Limited is a leading manufacturer of advanced HVAC(heating, ventilation, and air conditioning) systems, including chillers, air and water-cooled condensing units, test equipment, marine HVAC systems, and spray dampening systems. The company serves diverse sectors such as automotive, marine, print media, chemical, pharmaceutical, and general engineering.
Based in Karad, Maharashtra, SRL operates a well-equipped manufacturing facility offering custom fabrication to meet specific industry standards. The company is also an approved supplier to the Indian Navy, with registrations from the Directorate of Electrical Engineering and the Directorate of Quality Assurance – Warship Projects.
SRL focuses on delivering high-quality, reliable, and efficient HVAC solutions tailored to the domestic market.
Financials of Shree Refrigerations
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹117.33 crores |
| Fresh Issue | ₹94.51 crores |
| Offer for sale | ₹22.81 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding of Working Capital requirements | 70 (74.06%) |
| General corporate purposes |
Strengths
- Expertise in delivering customized HVAC and control solutions for specific client needs
- High-quality product standards backed by ISO and defense certifications
- Diverse product portfolio covering chillers, HVAC systems, marine refrigeration, and custom components
- Diverse client base across key industries supports consistent business growth
- Promoter’s expertise in HVAC and refrigeration industry
- Proven track record of sustained financial performance
Risks
- Customer concentration with Top 5 contributing to over 81% revenue(FY25)
- Significant reliance on Indian Govt and Navy contracts, exposes the business to risks from budget cuts, policy changes or delays in defense orders
- Contingent liabilities, if materialized may impact financials and growth
- Dependence on limited number of key suppliers
- High reliance on Maharashtra, UP and Goa makes the business vulnerable to regional disruptions