Retail investors lead demand for Shree Refrigerations IPO; GMP up 72%

Shree Refrigerations IPO grey market premium (GMP) today: The unlisted shares of HVAC systems manufacturer Shree Refrigerations were commanding a solid premium in the grey market as the company launched its Initial Public Offering (IPO) today, on Friday, July 25.

 

Sources tracking unofficial market activities revealed that the company's unlisted shares were exchanging hands at around ₹215 per share, reflecting a grey market premium (GMP) of ₹90 — nearly 72 per cent over the upper end of the IPO price of ₹125 per share.

Shree Refrigerations IPO details

Shree Refrigerations IPO comprises a fresh issue of 7.56 million equity shares worth ₹94.51 crore, and an Offer for Sale (OFS) of 1.82 million shares aggregating to ₹22.81 crore. Through the OFS, Maharashtra Defence and Aerospace Venture Fund, via its investment manager IDBI Capital Markets & Securities Limited, is offloading its stake.

 

The public offering is available at a price band of ₹119–₹125 per share, with a lot size of 1,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereafter.

 

A retail investor would require a minimum of ₹2,50,000 to bid for 2 lots, or 2,000 shares, of the Shree Refrigerations IPO.

Shree Refrigerations IPO subscription status

The public offering has received a decent response from investors so far on the first day of subscription. BSE data shows that the issue has received bids for 68,73,000 shares against 67,13,000 shares on offer, leading to an oversubscription of 1.02 times as of around 1:20 PM on Friday.

 

Shree Refrigerations IPO has witnessed high demand among retail investors, who have oversubscribed the category reserved for them by 1.90 times. This is followed by Non-Institutional Investors (NIIs), who have subscribed to 51% of their reserved category. However, the response from Qualified Institutional Buyers (QIBs) has been sluggish, as they have not placed any bids yet.

 

MUFG Intime India (Link Intime) is the registrar for the issue, while Narnolia Financial Services is the book-running lead manager.

Shree Refrigerations IPO key dates

The public issue will remain open for subscription until Tuesday, July 29, 2025. Following the close of the subscription window, the basis of allotment is likely to be finalized by Wednesday, July 30, and shares are expected to be credited to investors' demat accounts by Thursday, July 31.

 

Shares of Shree Refrigerations are tentatively scheduled to make their debut on the BSE SME platform on Friday, August 1, 2025.

Shree Refrigerations IPO objective

Shree Refrigerations proposes to use the proceeds from the fresh issue to fund its working capital requirements and for general corporate purposes.

About Shree Refrigerations

Shree Refrigerations is engaged in the business of manufacturing chillers, refrigeration and air conditioning appliances, and other components of the Heating, Ventilation, and Air Conditioning (HVAC) industry. The company offers a range of advanced systems and equipment, serving a variety of industries primarily in the domestic market. Its products cater to sectors such as Automotive, Marine, Print Media, Chemical, Pharma, and General Engineering.

 

Shree Refrigerations is also actively involved in the manufacturing of marine chillers and holds approved supplier registrations from several directorates of the Indian Navy, including the Directorate of Electrical Engineering, and is backed by the Directorate of Quality Assurance – Warship Projects.