Ashish Kacholia-backed HVAC systems maker Shree Refrigerations' IPO to open on July 25

Shree Refrigerations IPO

Maharashtra-based HVAC systems maker Shree Refrigerations, which is backed by well-known investor Ashish Kacholia, is set to open its initial public offering (IPO) on July 25 with price band of Rs 119-125 per share.

The anchor book of the offer will be launched on July 24, a day before the issue opening for the public, while the final day for putting in bids for the issue will be July 29.

The company will finalise IPO share allotment by July 30, and its shares will be available for trading on the BSE SME effective August 1.

Shree Refrigerations caters specifically to the Indian Navy as well as produces chillers for the chemical and pharmaceutical sectors plans to raise Rs 117.3 crore via public issue of 93.86 lakh shares at the upper price band.

The IPO consists of fresh issuance of 75.61 lakh shares, and an offer-for-sale of 18.25 lakh shares by Maharashtra Defence and Aerospace venture fund through its investment manager IDBI Capital Markets & Securities.

Promoters own 56.61 percent stake in Shree Refrigerations, and the remainder shares i.e. 43.39 percent stake is held by public shareholders including Ashish Rameshchandra Kacholia (4.34 percent stake), Meru Investment Fund PCC Cell 1 (2.17 percent), and Maharashtra Defence and Aerospace Venture Fund (17.09 percent).

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The company, which seeks valuation of Rs 445.4 crore, intends to spend Rs 70 crore out of the fresh issue proceeds for its working capital requirements, and the remainder funds for general corporate purposes.

On the financial front, Shree Refrigerations that competes with only listed peer Johnson Controls-Hitachi Air Conditioning India has recorded profit at Rs 13.5 crore for the year ended March 2025, increasing 17.5 percent compared to the profit of Rs 11.5 crore in the previous fiscal. Revenue in FY25 grew by 23 percent to Rs 98.7 crore, up from Rs 80.3 crore in previous financial year.

The company produces chillers, test equipment, Marine HVAC & R systems, and printing chillers, and also provides value-added fabrication services to the engineering industry.

Narnolia Financial Services is acting as the sole merchant banker for the Shree Refrigerations IPO.