Ashish Kacholia-backed Shree Refrigerations IPO subscribed 19.22 times on day 2

Shree Refrigerations IPO

Ace investor Ashish Kacholia-backed Shree Refrigerations' initial public offering has continued to garner strong response from investors on the second day of bidding, July 28, as well. The offer was subscribed 19.22 times with investors bidding for 12.9 crore equity shares compared to the issue size of 67.13 lakh shares via 55,459 applications.

The Maharashtra-based chillers, refrigeration and air conditioning appliances maker is raising Rs 117.33 crore via initial share sale of 93.86 lakh shares at Rs 125 per share, the upper price band.

Retail investors were at the forefront, subscribing 34.85 times their allotted quota. The portions set aside for non-institutional investors, and qualified institutional buyers were booked 8.96 times, and 2.25 times, respectively.

The public issue will close on July 29.

The IPO comprises of fresh issue of 75.61 lakh shares, and an offer-for-sale of 18.25 lakh shares by public shareholder Maharashtra Defence and Aerospace venture fund through its investment manager namely IDBI Capital Markets & Securities. The price band for the offer is Rs 119-125 per share.

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The HVAC systems maker, which competes with listed peer Johnson Controls Hitachi Air Conditioning India, intends to utilise fresh issue proceeds for its working capital requirements, and the remainder for general corporate purposes.

Shree Refrigerations manufactures products like chillers, test equipment, marine HVAC & r systems, and printing chillers. It also provides value-added fabrication services to the engineering industry.

It is also actively involved in the manufacturing of marine chillers, having approved supplier registrations from various professional directorates of Indian Navy.

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