Ashish Kacholia-backed Shree Refrigerations IPO opens with 64% GMP. Check all details

Shree Refrigerations, a key supplier of mission-critical HVAC and refrigeration systems to the Indian defence and industrial sectors, will open its Rs 117.32 crore IPO on Friday. The IPO, which has generated strong investor buzz with a grey market premium (GMP) of around 64%, is being closely tracked due to the presence of marquee investor Ashish Kacholia.

According to latest shareholding data, Kacholia owns a 4.34% stake in the company. Other notable shareholders include Meru Investment Fund PCC Cell 1 (2.17%) and Maharashtra Defence and Aerospace Venture Fund (17.09%). Promoters currently hold 56.61% of the company.

IPO details

The IPO comprises a fresh issue of 75.61 lakh equity shares and an offer for sale (OFS) of 18.25 lakh shares, taking the total issue size to 93.86 lakh shares. The price band has been fixed at Rs 119 to Rs 125 per share, and investors can bid in lots of 1,000 shares.

The allocation includes 26.73 lakh shares for anchor investors, 17.82 lakh for qualified institutional buyers (QIBs), at least 13.39 lakh for non-institutional investors (NIIs), and 31.22 lakh for retail investors. Narnolia Financial Services is the book-running lead manager and MUFG Intime India is the registrar.

Founded in 2006, Shree Refrigerations is known for building custom HVAC and refrigeration systems for sectors like defence, pharma, food processing, and chemicals. Its state-of-the-art facility in Karad, Maharashtra, is focused on precision manufacturing and in-house design.

In FY25, the company reported revenue of Rs 98.73 crore, EBITDA of Rs 26.94 crore, and a profit after tax (PAT) of Rs 13.55 crore — reflecting strong margins and operational scalability. Management said the IPO proceeds will be used for working capital and general corporate purposes.

Backed by over four decades of legacy in India’s industrial landscape and a marquee shareholder base, Shree Refrigerations' IPO is drawing attention from retail and institutional investors alike.