Shree Refrigerations IPO Subscription Status – IPO Open 2025
The Shree Refrigerations IPO, a BSE SME IPO from Karad-based Shree Refrigerations Limited, opened for subscription on July 25, 2025, and will close on July 29, 2025. Aimed at raising ₹117.33 crores, this IPO has attracted strong retail interest, with a subscription of 2.11x on Day 1. The grey market premium (GMP) as of July 25, 2025, stands at ₹80–₹90, indicating potential listing gains of 64–72%. This article provides a detailed overview of the Shree Refrigerations IPO subscription status, investor categories, application process, and company insights to guide investors.

IPOWatch View
We recommend investors consider applying for the Shree Refrigerations IPO with a long-term perspective, given its strong fundamentals and growth in the HVAC sector. Investors should closely monitor subscription numbers for Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail Individual Investors (RII) before making investment decisions.
Shree Refrigerations IPO Subscription Status
The Shree Refrigerations IPO subscription status is updated daily, reflecting demand across investor categories. On Day 1 (July 25, 2025, 5:00 PM), the IPO was subscribed 2.11x, with 1,31,52,000 shares bid for against 62,42,000 shares offered. Below is the subscription status:
Category | Day 1 | Day 2 | Day 3 |
---|---|---|---|
QIB | 0.00x | – | – |
NII | 1.43x | – | – |
RII | 3.60x | – | – |
Total | 2.11x | – | – |
Note: Day 2 and Day 3 data will be updated as the subscription progresses. Check the BSE or registrar’s portal for real-time updates.
Shree Refrigerations IPO Investor Categories
- Qualified Institutional Buyers (QIB): Financial Institutions, Banks, Foreign Institutional Investors (FIIs), and Mutual Funds.
- Non-Institutional Investors (NII): Individual Investors, NRIs, Companies, Trusts, etc.
- Retail Individual Investors (RII): Retail Individual Investors or NRIs.
- Anchor Investors: Institutional investors allocated shares before the public issue, with 26,73,000 shares (₹33.41 crores) allotted on July 24, 2025.
- Market Maker: Reserved portion of 4,70,000 shares for stabilizing post-listing prices.
The IPO allocates 47.46% to QIBs, 14.26% to NIIs, 33.26% to RIIs, and 5% to the market maker.
Shree Refrigerations IPO Review and Rating
- IPO Watch: May Apply (Long-term potential due to strong financials and HVAC market growth).
- Broker Reviews: Limited reviews available. Samco suggests avoiding due to high valuation (33x P/E trailing), while others highlight growth potential backed by investor Ashish Kacholia.
Shree Refrigerations IPO Form
How to Apply for the Shree Refrigerations IPO?
Investors can apply via ASBA (Applications Supported by Blocked Amount) or non-ASBA methods:
- Online ASBA: Log in to your bank account, navigate to the IPO section, select “Shree Refrigerations IPO,” enter your UPI ID, quantity (minimum 1,000 shares), and price (₹119–₹125), then submit. Approve the UPI mandate in your UPI app (e.g., BHIM, Google Pay).
- Broker Platforms: Use brokers like Zerodha, Upstox, or Paytm Money. Log in, select the IPO, enter details, and confirm the application. Approve the UPI mandate.
- Offline: Download the IPO form from the BSE or registrar’s website, fill it with details (1,000 shares minimum, ₹1,25,000 at ₹125), and submit it to your bank or broker.
Steps to Apply via Zerodha:
- Log in to Zerodha Console.
- Go to Portfolio > IPO.
- Select “Shree Refrigerations IPO” and click “Bid.”
- Enter UPI ID, quantity (1,000 shares or multiples), and price.
- Submit and approve the UPI mandate in your UPI app.
Steps to Apply via Upstox:
- Log in to Upstox app or website.
- Select IPO section, choose “Shree Refrigerations IPO.”
- Enter bid details and UPI ID.
- Confirm and approve the UPI mandate.
Steps to Apply via Paytm Money:
- Log in to Paytm Money app.
- Select IPO section, choose “Shree Refrigerations IPO.”
- Enter bid details and UPI ID.
- Submit and approve the UPI mandate.
Open a demat account with Zerodha, Upstox, or Paytm Money for seamless applications.
About Shree Refrigerations Limited
Founded in 2006, Shree Refrigerations Limited, based in Karad, Maharashtra, is a leading manufacturer of high-performance chillers, refrigeration units, and air conditioning appliances for the Heating, Ventilation, and Air Conditioning (HVAC) industry. Its product portfolio includes air-cooled and water-cooled chillers, marine HVAC systems, test equipment, printing chillers, and custom fabrication services, serving sectors like automotive, marine, pharmaceuticals, chemicals, and print media. The company is an approved supplier to the Indian Navy, with registrations from the Directorate of Quality Assurance and Directorate of Electrical Engineering, and has executed projects for naval platforms, including submarines. As of May 31, 2025, it employs 129 permanent and 165 contractual staff. In FY25, it reported revenue of ₹99.10 crores (up 22% from ₹81.19 crores in FY24) and a profit after tax of ₹13.55 crores (up 17.48% from ₹11.53 crores), reflecting steady growth. Promoters are Ravalnath Gopinath Shende, Rajashri Ravalnath Shende, and Devashree Vishwesh Nampurkar.
Shree Refrigerations IPO Subscription Status FAQs
When did Shree Refrigerations IPO subscription start?
The IPO subscription started on July 25, 2025, for QIB, NII, and Retail Investors and will close on July 29, 2025.
How to subscribe to Shree Refrigerations IPO?
Subscribe via ASBA online through your bank account or UPI through brokers like Zerodha, Upstox, or Paytm Money. Alternatively, download the IPO form from the BSE or registrar’s website, fill it, and submit it to your bank or broker.
How to check live Shree Refrigerations IPO subscription numbers?
Check live subscription numbers on the BSE website or the registrar’s portal (Link Intime) for hourly updates. Finance Dada will also provide daily updates during the subscription period.
How to apply for the Shree Refrigerations IPO through Zerodha?
Log in to Zerodha Console, go to Portfolio > IPO, select “Shree Refrigerations IPO,” click “Bid,” enter UPI ID, quantity (minimum 1,000 shares), and price, then submit. Approve the UPI mandate in your UPI app.
How to apply for the Shree Refrigerations IPO through Upstox?
Log in to Upstox, select the IPO section, choose “Shree Refrigerations IPO,” enter bid details and UPI ID, confirm, and approve the UPI mandate in your UPI app.
How to apply for the Shree Refrigerations IPO through Paytm Money?
Log in to Paytm Money, select the IPO section, choose “Shree Refrigerations IPO,” enter bid details and UPI ID, submit, and approve the UPI mandate in your UPI app.
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