Shree Refrigerations Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹125
Per ShareLot Size
1000 Shares
Minimum Investment
₹1,25,000
Issue Size
₹117.33 Cr
Face Value
₹2
Per ShareIPO Type
Book Building - SME
Retail Quota
35.01%
QIB Quota
49.97%
NII Quota
15.02%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Shree Refrigerations Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
56.6%
Promoter Holding (Post-Issue)
44.59%
Issue Type
Book Building - SME
ISIN
INE0FMZ01045
About the Company
Our company is engaged in the business of manufacturing Chillers, refrigeration and air conditioning appliances and other parts of Heating, Ventilation, Air Conditioning (HVAC) Industry, offering array of advanced systems and equipment to industries majorly in domestic market. Our collection of products serves multiple industries including Automotive, Marine, Print Media, Chemical, Pharma and General engineering sectors. We are also actively involved in the manufacturing of marine chillers, having approved supplier registrations from various professional directorates of Indian Navy (Directorate of Electrical Engineering and backed by Directorate of Quality Assurance - Warship Projects).
Industry Overview
The global HVAC systems market was estimated at USD 241.52 billion in 2024 and is projected to reach USD 445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. This growth is propelled by energy efficiency regulations and government incentives for smart and sustainable HVAC systems. Technological advancements, including IoT-enabled monitoring, AI-driven optimization, and integration with renewable energy systems, are further encouraging system upgrades and new installations. Indian HVAC Industry: The Indian HVAC sector is experiencing significant expansion, fueled by rapid urbanization, increasing disposable incomes, and evolving climatic conditions. Government initiatives like 'Make in India' and 'Atmanirbhar Bharat', along with Production Linked Incentive (PLI) schemes, are contributing to the growth of an energy-efficient HVAC market. INDIAN MARINE HVAC The global marine HVAC market is experiencing growth driven by the increasing demand for climate control solutions in various marine vessels, coupled with stringent environmental regulations and technological advancements. Market size: The Marine HVAC Market was estimated at USD 25.69 billion in 2022 and is expected to grow from USD 27.84 billion in 2023 to USD 57.3 billion by 2032, with a CAGR of approximately 8.35% during the forecast period (2024-2032). The market is characterized by increasing environmental regulations, such as the International Maritime Organization's (IMO) 2020 sulfur cap, which has led to demand for energy-efficient and eco-friendly HVAC systems.
Company History
Our Company was originally incorporated as a private limited company under the Companies Act, 1956 pursuant to a certificate of incorporation issued by the Registrar of Companies, Pune, Maharashtra dated April 24, 2006, with the name `Shree Refrigerations Private Limited' bearing Corporate Identification Number U29191PN2006PTC128377. Subsequently our Company was converted into a public limited company vide special resolution passed by the shareholders at the Extra Ordinary General Meeting held on May 23, 2023, and the name of our Company was changed from "Shree Refrigerations Private Limited" to "Shree Refrigerations Limited". A fresh Certificate of Incorporation was granted to our Company consequent upon conversion into public limited company dated December 5, 2023, bearing Corporate Identification Number U29191PN2006PLC128377 by the Registrar of Companies, Pune, Maharashtra, at present, the registered office of the company is situated at Plot. No. 131/1+2, Opp. MSEB Stores, Virwade Road, Ogalewadi, Karad, Maharashtra-415105, India.
Products & Services
- The company is engaged in the business of manufacturing Chillers, refrigeration and air conditioning appliances and other parts of Heating, Ventilation, Air Conditioning (HVAC) Industry.
Growth Strategy
- Expand and Improve Our Product Range.
- Maintain Strong Relationships with Suppliers and Customers.
- Attract and Keep Talented Employees.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of up to 93,86,000 equity shares of face value of Rs. 2/- each of Shree Referigerations Limited ("Shree" or the "Company"or the "Issuer") for cash at a price of Rs. 125/- per equity share including a share premium of Rs. 123/- per equity share (the "Offer Price") aggregating to Rs. 117.33 crores ("the Offer"), comprising a fresh issue of up to 75,61,000 equity shares of face value of Rs. 2/- each aggregating up to Rs. 94.51 crores by the company ("Fresh Issue") and an offer for sale of up to 18,25,000 equity shares ("Offered Shares") of face value of Rs. 2/- each aggregating up to Rs. 22.82 crores by Maharashtra Defence and Aerospace Venture fund through its investment manager namely IDBI Capital Markets & Securities limited ("Selling Shareholder" and such offer for sale of equity shares by the selling shareholder, "Offer for Sale"). Out of the offer, 4,70,000 equity shares aggregating to Rs. 5.88 crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. net offer of up to 89,16,000 equity shares of face value of Rs. 2/- each at a price of Rs. 225/- per equity share including a share premium of Rs. 223/- per equity share aggregating to Rs. 111.45 crores is herein after referred to as the "Net Offer". The offer and the net offer will constitute 26.34% and 25.02%, respectively, of the post offer paid up equity share capital of the company.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Low competition within the defense segment.
- Capacity to attract a larger client base for marine chillers.
- Good track record.
- Cordial relations with our clients.
- Quality of products and Services.
- If we fail to maintain an effective system of internal controls, we may not be able to successfully manage or accurately report our financial risk.
- Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, we have to update the name of our company in all the statutory approvals and certificates due to the conversion of our Company.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Industry information included in this Red Herring Prospectus has been derived from an industry report from various websites. The reliability on the forecasts of the reports could be incorrect and would significantly impact our operations.
- Our marketing and advertising activities may not be successful in increasing the popularity of our Company among customers. If our marketing or advertising initiatives are not effective, this may affect the popularity of our Company.