Cryogenic OGS Ltd IPO
Status:
Overview
IPO date
03 Jul 2025 to 07 Jul 2025
Face value
₹ 10 per share
Price
₹ 44 to ₹47 per share
Issue Size
3,780,000 shares
(aggregating up to ₹ 17.77 Cr)
(aggregating up to ₹ 17.77 Cr)
Allotment Date
08 Jul 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Objectives of Cryogenic OGS Ltd IPO
Cryogenic OGS Ltd IPO Strategy
About Cryogenic OGS Ltd
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T&C*
Strengths vs Risks of Cryogenic OGS Ltd
Know the pros & cons
Strengths
Strong and Unique Product Technology.- Experienced Promoters, Management and a well- trained employee base.
- Consistency in Quality and Service Standards.
- Established Relationships with Suppliers.
- Stable Customer Base.
Risks
- Any increase in the cost of its raw material or a shortfall in the supply of the company raw materials, may adversely affect
the pricing and supply of its products and have an adverse effect on the company business, results of operations and financial
condition.
- Its top five customers contribute majority of our revenues from operations. Any loss of business from one or more
of them may adversely affect the company revenues and profitability.
- The company is significantly dependent on the sale of Air eliminators and oil and gas metering skids. An inability to
anticipate or adapt to evolving up gradation of the required products or inability to ensure product quality or
reduction in the demand of these products may adversely impact its revenue from operations and growth prospects
- Majority of its Revenue from Operation (RFO) is generated from state of Gujarat and Maharashtra. Any adverse
development affecting the company operations in this region could have an adverse impact on its business, financial
condition and results of operations.
- The company is subject to strict quality requirements, customer inspections and audits, and any failures to comply with quality
standards may lead to cancellation of existing and future orders and could negatively impact its reputation and the company
business and results of operations and future prospects.
- The sector in which the company operates is capital intensive in nature and the business model the company is switching to would make
it more capital intensive. The company requires substantial financing for its business operations and the failures to obtain
additional financing on terms commercially acceptable to us may adversely affect its ability to grow and the company future
profitability.
- Its business requires the services of third party manufacturers and suppliers, which entail certain risks.
- The company has had certain inaccuracy in relation to regulatory filings and the company has made non-compliances of
certain provision under applicable law.
- The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash
flow could impact its growth and business.
- Its may be subject to risks associated with product warranty.
- Its inability to accurately forecast demand for the company products, and accordingly manage its inventory, may have an
adverse effect on the company business, cash flows, financial condition and results of operations.
- Its Products are manufactured according to requirement of the customers in respect of size, use and design, and
the company inability to meet the requirement or preference may affect its business.
- The company failures to adapt to technological developments or industry trends could affect the performance and features of
its products, and reduce our attractiveness to the company customers.
- Its projects are typically awarded to it on satisfaction of prescribed pre-qualification criteria and following a
competitive bidding process. Its business and the company financial condition may be adversely affected if new projects are
not awarded to it.
- The nature of its business exposes the company to liability claims and contract disputes and our indemnities may not
adequately protect it. Any liability in excess of the company reserves or indemnities could result in additional costs, which
would reduce its profits.
- Delays or defaults in client payments could affect its operations. The company may be subject to working capital risks due to
delays or defaults in payment by clients, which may restrict its ability to procure raw materials and make payments
when due.
- An inability to effectively manage project execution may lead to project delays which may affect its business and
results of operations.
- Its customers have a right to cancel the contract by giving a minimal notice on the occurrence of certain events.
Any such cancellation may adversely affect its business, financial condition and results of operations.
- The Company, promoters and directors are involved in certain legal proceedings. Any adverse decision in such
proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The company faces significant competition in its industry, which may reduce the company market share and adversely affect its
business, financial condition, results of operations and prospects.
- The company is dependent on a number of key personnel, including its senior management, and the loss of, or the company inability
to attract or retain such persons could adversely affect its business, results of operations and financial condition.
- Its pricing structures may not accurately anticipate the cost and complexity of performing the company work and if its
unable to manage costs successfully, then certain of the company contracts could be or become unprofitable.
- The company requires certain approvals or licenses in the ordinary course of business and the failures to renew, obtain or retain
them in a timely manner, or at all, may adversely affect its operations.
- The company faces foreign exchange risk, which may negatively affect its business, financial condition and results of
operations.
- The company has not obtained the registration of its trademarks used in the company businesses and its inability to obtain or
maintain these registrations may adversely affect the company competitive business position.
- There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with
the taxation and other statutory authorities in the past. Any delay in payment of statutory dues by the Company in
future, may result in the imposition of penalties, which could adversely impact its financials.
- The Company is dependent on third party transportation for the delivery of raw materials and any disruption in their
operations or a decrease in the quality of their services could affect the Company's reputation and results of
operations.
- Its manufacturing activities are dependent upon availability of skilled and unskilled labour.
- The company is appoint contract labor for carrying out certain of its operations and its may be held responsible for paying the
wages of such workers, if the independent contractors through whom such workers are hired default on their
obligations, and such obligations could have an adverse effect on its results of operations and financial condition.
- Its insurance coverage may not be adequate to protect it against certain operating hazards and this may have a
material adverse effect on the company business.
- Its inability to effectively manage the company growth could have an adverse effect on its business, results of operations
and financial condition.
- In addition to normal remuneration, other benefits and reimbursement of expenses to its Promoter, Directors, Key
Managerial Personnel and Senior Managerial Personnel; they are interested to the extent of their shareholding, if
any and dividend entitlement thereon in the Company and for the transactions entered into between the Company
and themselves as well as between the Company and its Group Companies/Entities. The Company in future may
enter in related party transactions subject to necessary compliances.
- The company will continue to be controlled by its Promoters after the completion of the Issue.
- Its ability to pay dividends in the future will depends on its earnings, financial condition, working capital
requirements, capital expenditures and restrictive covenants of the company financing arrangements.
- The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such
incidents could adversely affect its financial condition, results of operations and reputation.
- Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial
condition.
- Within the parameters as mentioned in the chapter titled `Objects of this Issue beginning on page 71 of this Red
Herring Prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The
fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or
financial institution.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by us and any sale
of Equity Shares by its significant shareholders may dilute your shareholding and adversely affect the trading price
of the Equity Shares.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the
required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Its may need additional capital and the company may not be able to obtain it, which could adversely affect its liquidity and
financial position.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue
and the market price of itsEquity Shares may decline below the issue price and you may not be able to sell your
Equity Shares at or above the Issue Price.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business
and reputation could be adversely affected.
- The company has not independently verified certain data in this Red Herring Prospectus.
Cryogenic OGS Ltd Peer Comparison
Understand the company’s industry standing
Cryogenic OGS Ltd
Loyal Equipments Limited
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
32.9046
75.3001
EPS-Basis
---
---
EPS-Diluted
5.83
8.42
NAV Per Share
27.61
47.15
P/E-Basic EPS
---
26.21
P/E-Diluted EPS
---
---
RONW(%)
21.12
20.96
Latest NAV Period
---
---
Latest NAV
---
---
How to check the allotment status of Cryogenic OGS Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 03 Jul 2025 & closes on 07 Jul 2025.
Cryogenic OGS Limited was originally incorporated on September 05, 1997 under the name and style of Mangukia Steel Private Limited', dated September 05, 1997 issued by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli. Further, Company changed its name to Cryogenic Liquide Private Limited' dated April 27, 2011. Later on, Company changed the name to Cryogenic OGS Private Limited' dated October 20, 2023 issued by Registrar of Companies, Ahmedabad. The status was converted into a Public Limited Company with a fresh Certificate of Incorporation dated November 10, 2023 issued by Registrar of Companies, Ahmedabad and the Company was renamed as Cryogenic OGS Limited'.
The Company began manufacturing LNG and Hydrogen Metering Skids in 2023. It signed an agreement with KMC Oil and Gas Equipment LLC, Abu Dhabi, for sales and marketing in GCC countries in FY 24. It obtained approval for the Australian market by auditing gas skid requirements by Endress and Hauser in FY 2024.
Cryogenic OGS Limited is promoted by Mr. Nilesh Natvarlal Patel and Mrs Kiranben Patel, with an object to manufacture equipment and systems for measurement and filtration for industries including oil, gas, chemicals and allied Fluid industries. The Company is presently engaged in fabrication and assembling of gas metering skid and meter run, chemical and additive injection skid, strainer cum air and vapor eliminator, design fabrication and testing of strainer, bulk air eliminator, pressure vessels, LPG vapor eliminator, prover tank, etc. It use Auto-CAD ELD software along with other pairing software for preparing designs of the products.
The Company launched its initial public offering of issuing 37,80,000 Equity Shares of face value of Rs 10 each by raising funds aggregating to Rs 17.76 Crore through through Fresh Issue in July, 2025.
Cryogenic OGS Ltd IPO will close on 07 Jul 2025.
- Strong and Unique Product Technology.
- Experienced Promoters, Management and a well- trained employee base.
- Consistency in Quality and Service Standards.
- Established Relationships with Suppliers.
- Stable Customer Base.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Nilesh Natvarlal Patel | 7969500 | 75.9 | 7969500 | 55.81 |
| 2 | Kiranben Nileshbhai Patel | 2520000 | 24 | 2520000 | 17.65 |
| 3 | Dhairya Patel | 2100 | 0.02 | 2100 | 0.01 |
| 4 | Nilesh N. Patel (HUF) | 2100 | 0.02 | 2100 | 0.01 |
| 5 | Natvarlal Laljibhai Patel | 2100 | 0.02 | 2100 | 0.01 |
| 6 | Fuel Metering Private Limited | 2100 | 0.02 | 2100 | 0.01 |
| 7 | Nareshbhai Odhavjibhai Patel | 2100 | 0.02 | 2100 | 0.01 |
- Any increase in the cost of its raw material or a shortfall in the supply of the company raw materials, may adversely affect the pricing and supply of its products and have an adverse effect on the company business, results of operations and financial condition.
- Its top five customers contribute majority of our revenues from operations. Any loss of business from one or more of them may adversely affect the company revenues and profitability.
- The company is significantly dependent on the sale of Air eliminators and oil and gas metering skids. An inability to anticipate or adapt to evolving up gradation of the required products or inability to ensure product quality or reduction in the demand of these products may adversely impact its revenue from operations and growth prospects
- Majority of its Revenue from Operation (RFO) is generated from state of Gujarat and Maharashtra. Any adverse development affecting the company operations in this region could have an adverse impact on its business, financial condition and results of operations.
- The company is subject to strict quality requirements, customer inspections and audits, and any failures to comply with quality standards may lead to cancellation of existing and future orders and could negatively impact its reputation and the company business and results of operations and future prospects.
- The sector in which the company operates is capital intensive in nature and the business model the company is switching to would make it more capital intensive. The company requires substantial financing for its business operations and the failures to obtain additional financing on terms commercially acceptable to us may adversely affect its ability to grow and the company future profitability.
- Its business requires the services of third party manufacturers and suppliers, which entail certain risks.
- The company has had certain inaccuracy in relation to regulatory filings and the company has made non-compliances of certain provision under applicable law.
- The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
- Its may be subject to risks associated with product warranty.
- Its inability to accurately forecast demand for the company products, and accordingly manage its inventory, may have an adverse effect on the company business, cash flows, financial condition and results of operations.
- Its Products are manufactured according to requirement of the customers in respect of size, use and design, and the company inability to meet the requirement or preference may affect its business.
- The company failures to adapt to technological developments or industry trends could affect the performance and features of its products, and reduce our attractiveness to the company customers.
- Its projects are typically awarded to it on satisfaction of prescribed pre-qualification criteria and following a competitive bidding process. Its business and the company financial condition may be adversely affected if new projects are not awarded to it.
- The nature of its business exposes the company to liability claims and contract disputes and our indemnities may not adequately protect it. Any liability in excess of the company reserves or indemnities could result in additional costs, which would reduce its profits.
- Delays or defaults in client payments could affect its operations. The company may be subject to working capital risks due to delays or defaults in payment by clients, which may restrict its ability to procure raw materials and make payments when due.
- An inability to effectively manage project execution may lead to project delays which may affect its business and results of operations.
- Its customers have a right to cancel the contract by giving a minimal notice on the occurrence of certain events. Any such cancellation may adversely affect its business, financial condition and results of operations.
- The Company, promoters and directors are involved in certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The company faces significant competition in its industry, which may reduce the company market share and adversely affect its business, financial condition, results of operations and prospects.
- The company is dependent on a number of key personnel, including its senior management, and the loss of, or the company inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.
- Its pricing structures may not accurately anticipate the cost and complexity of performing the company work and if its unable to manage costs successfully, then certain of the company contracts could be or become unprofitable.
- The company requires certain approvals or licenses in the ordinary course of business and the failures to renew, obtain or retain them in a timely manner, or at all, may adversely affect its operations.
- The company faces foreign exchange risk, which may negatively affect its business, financial condition and results of operations.
- The company has not obtained the registration of its trademarks used in the company businesses and its inability to obtain or maintain these registrations may adversely affect the company competitive business position.
- There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory authorities in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties, which could adversely impact its financials.
- The Company is dependent on third party transportation for the delivery of raw materials and any disruption in their operations or a decrease in the quality of their services could affect the Company's reputation and results of operations.
- Its manufacturing activities are dependent upon availability of skilled and unskilled labour.
- The company is appoint contract labor for carrying out certain of its operations and its may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its results of operations and financial condition.
- Its insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on the company business.
- Its inability to effectively manage the company growth could have an adverse effect on its business, results of operations and financial condition.
- In addition to normal remuneration, other benefits and reimbursement of expenses to its Promoter, Directors, Key Managerial Personnel and Senior Managerial Personnel; they are interested to the extent of their shareholding, if any and dividend entitlement thereon in the Company and for the transactions entered into between the Company and themselves as well as between the Company and its Group Companies/Entities. The Company in future may enter in related party transactions subject to necessary compliances.
- The company will continue to be controlled by its Promoters after the completion of the Issue.
- Its ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements.
- The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect its financial condition, results of operations and reputation.
- Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial condition.
- Within the parameters as mentioned in the chapter titled `Objects of this Issue beginning on page 71 of this Red Herring Prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Any future issuance of Equity Shares, or convertible securities or other equity linked securities by us and any sale of Equity Shares by its significant shareholders may dilute your shareholding and adversely affect the trading price of the Equity Shares.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Its may need additional capital and the company may not be able to obtain it, which could adversely affect its liquidity and financial position.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of itsEquity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
- The company has not independently verified certain data in this Red Herring Prospectus.
The Issue type of Cryogenic OGS Ltd is Book Building - SME.
The minimum application for shares of Cryogenic OGS Ltd is 6000.
The total shares issue of Cryogenic OGS Ltd is 3780000.
Initial public issue of 37,80,000 equity shares of face value of Rs. 10/- each of Cryogenic OGS Limited ("COGSL") or the "Company" or the "Issuer") for cash at a price of Rs. 47 per equity share including a share premium of Rs. 37/- per equity share (the "Issue Price") aggregating to Rs. 17.77 crores ("The Issue"), of which 1,89,000 equity shares of face value of
Rs. 10/- each for cash at a price of Rs. 47/- per equity share including a share premium of Rs. 37/- per equity share aggregating to Rs. 0.89 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 35,91,000 equity shares of face value of Rs. 10/- each at a price of Rs. 47- per equity share including a share premium of Rs. 37/- per equity share aggregating to
Rs. 16.88 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.47 %and 25.15%, respectively, of the post issue paid up equity share capital of the company.