The Initial Public Offering (IPO) of Cryogenic OGS Limited has garnered significant attention, marked by an overwhelming subscription rate. The IPO, which opened on July 3, 2025, and closes today, July 7, 2025, has seen remarkable investor interest, reaching a subscription of 144.2 times.
IPO Details
Cryogenic OGS is offering 37.80 lakh equity shares with a face value of ₹10 each, aiming to raise ₹17.77 crores through this fresh issue. The price band for the IPO was set between ₹44 and ₹47 per share. Retail investors were required to bid for a minimum lot size of 3,000 shares, translating to a minimum investment of ₹1,32,000. The IPO has allocated shares to various investor categories, with 47.38% for Qualified Institutional Buyers (QIB), 14.29% for Non-Institutional Investors (NII), and 33.33% for Retail Investors.
Subscription Status
The IPO has witnessed exceptional demand across all investor segments. By the end of the second day, the overall subscription stood at 92.78 times. On the second day, the IPO was subscribed 99.67 times. QIBs subscribed 12.91 times, NIIs subscribed 124.42 times, and RIIs subscribed 138.43 times. The strong subscription numbers indicate positive investor sentiment towards the company. On the first day, the IPO was subscribed nearly 25 times. By the second day, the IPO was booked 62.93 times, with the individual investor category booked 89.90 times, the non-institutional buyer category 74.13 times, and the qualified institutional buyer category 7.12 times.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for Cryogenic OGS IPO has been reported at ₹20-22 per share. This suggests a potential listing price of ₹67-69 per share, which is approximately 42.55% to 46.81% above the upper price band of ₹47. However, it is important to note that GMP is an unofficial and speculative indicator, subject to volatility, and should not be the sole basis for investment decisions.
Company Overview
Cryogenic OGS Limited, based in Gujarat, specializes in manufacturing high-quality measurement and filtration equipment for the oil, gas, and chemical industries. Incorporated in 1997, the company offers comprehensive solutions including design, process engineering, and manufacturing. Their product portfolio includes prover tanks, additive injection skids, and metering systems, designed for reliability and regulatory compliance. The company’s clientele includes IOCL and BPCL.
Financial Performance
Cryogenic OGS has demonstrated consistent financial growth. The company's revenue increased by 31.6% and profit after tax (PAT) rose by 14.4% between FY24 and FY25. In FY25, the company reported a PAT of Rs 6.12 crore, up from Rs 5.35 crore in FY24. Revenue from operations also increased to Rs 32.9 crore in FY25 from Rs 24.25 crore in FY24. The company has maintained zero debt, which is a strong indicator of financial discipline.
IPO Proceeds and Listing
Cryogenic OGS plans to utilize the funds raised through the IPO for working capital requirements, general corporate purposes, and to cover public issue expenses. The shares are proposed to be listed on the BSE SME platform on July 10, 2025.
Allotment and Listing
The allotment for the Cryogenic OGS IPO is expected to be finalized on July 8, 2025. The allotment status will be available on the MUFG Intime India Private Limited (Link Intime) website. Successful investors can expect to receive shares in their Demat accounts on July 9, 2025, with refunds for non-allottees processed on the same day.
Conclusion
Cryogenic OGS IPO has received an overwhelming response, reflecting strong investor confidence. The company's solid financial performance, growth potential in the oil, gas, and chemical sectors, and reasonable valuation make it an attractive investment opportunity.
