Shree Refrigerations Ltd IPO

The IPO opens on 25 Jul 2025 & closes on 29 Jul 2025.

Shree Refrigerations Limited was originally incorporated as a Private Company dated April 24, 2006, with the name Shree Refrigerations Private Limited'. Subsequently, Company status was converted into a Public Limited and the name was changed from 'Shree Refrigerations Private Limited' to 'Shree Refrigerations Limited'. A fresh Certificate of Incorporation was issued to Company dated December 5, 2023, by the Registrar of Companies, Pune, Maharashtra. 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. These collection of products serves multiple industries including Automotive, Marine, Print Media, Chemical, Pharma and General engineering sectors. Apart from this, Company is actively involved in 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). The manufacturing facility is located at Karad, in Satara District of Maharashtra. In the automotive industry, these products help to maintaining optimal temperature control in various systems. In marine sector, they ensure crew comfort and operational efficiency on ships and marines and support maintaining the electronic warfare systems to be at optimal operating temperature. Their systems play a vital role in maintaining environmental conditions in print media, chemical, and pharmaceutical industries, where temperature regulation is crucial for product quality, safety. The Company launched the IPO by raising Rs 117.32 Crore and issuing the aggregate of 93,86,000 equity shares of face value Rs 2 each, comprising a fresh issue of 75,61,000 equity shares aggregating to Rs 94.51 Cr and offer for sale Rs 22.81 Cr by issuing 18,25,000 equity shares in July 2025.

Shree Refrigerations Ltd IPO will close on 29 Jul 2025.

<ul><li>Low competition within the defense segment.</li><li>Capacity to attract a larger client base for marine chillers.</li><li>Good track record.</li><li>Cordial relations with our clients.</li><li>Quality of products and Services.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Ravalnath Gopinath Shende</td> <td>---</td> <td>---</td> <td>---</td> <td>---</td> </tr> <tr> <td>2</td> <td>Rajashri Ravalnath Shende</td> <td>---</td> <td>---</td> <td>---</td> <td>---</td> </tr> <tr> <td>3</td> <td>Devashree Vishwesh Nampurkar</td> <td>---</td> <td>---</td> <td>---</td> <td>---</td> </tr> </tbody> </table>

<ul><li>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.</li><li>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.</li><li>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.</li><li>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.</li><li>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.</li><li>Our funding requirements and proposed deployment of the Net Proceeds have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, we may have to incur additional cost to fund the objects of the Issue because of which our business, financial condition and results of operations may be adversely affected</li><li>Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>We have not identified any alternate source of funding and hence any failure or delay on our part to mobilize the required resources or any shortfall in the issue proceeds may delay the implementation schedule.</li><li>Fluctuation of Interest rate may adversely affect the Company's business.</li><li>Our Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by us, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.</li><li>Equity Shares of our Company have never been publicly traded, and after the Issue, the Equity Shares may be subject to price and volume fluctuations, and an active trading market for the Equity Shares may or may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue.</li><li>QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Individual Investors who applies for minimum application size are not permitted to withdraw their Bids after closure of the Bid/ Issue Closing Date.</li><li>Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.</li><li>Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position</li><li>A third-party could be prevented from acquiring control of us post this Issue, because of anti-takeover provisions under Indian law.</li></ul>

The Issue type of Shree Refrigerations Ltd is Book Building - SME.

The minimum application for shares of Shree Refrigerations Ltd is 2000.

The total shares issue of Shree Refrigerations Ltd is 9386000.

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 &amp; 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.