Shree Refrigerations Launches IPO to Boost Growth in HVAC Sector

Shree Refrigerations has announced a price band for its IPO, aiming to raise Rs 117.32 crore. Proceeds will fund working capital and corporate initiatives. The company, established in 2006, specializes in HVAC systems for defense and industrial clients, and aims to scale its operations with this public offering.

Shree Refrigerations, a key player in the HVAC systems manufacturing industry, announced on Thursday its initial public offering (IPO) price band set between Rs 119-125 per share, targeting a total capital raise of Rs 117.32 crore. The IPO will open on July 25 and close on July 29, with shares slated for listing on the BSE SME platform.

The public offering is structured as a combination of fresh equity issuance and an offer for sale, with plans to use the proceeds primarily to support working capital and broader corporate purposes. Established in 2006, Shree Refrigerations has gained prominence by providing specialized refrigeration and air-conditioning solutions tailored for critical environments, particularly serving defense and industrial sectors.

With a state-of-the-art manufacturing facility in Karad, Maharashtra, Shree Refrigerations plans to leverage this IPO as a catalyst for enhancing its capabilities to meet India's growing industrial demands. The company reported revenues of Rs 98.73 crore for FY25, with a net profit of Rs 13.54 crore. Narnolia Financial Services Ltd is managing the IPO, and MUFG Intime India is serving as the registrar.

(With inputs from agencies.)