Cryogenic OGS IPO is set to open on July 3, 2025, and will close on July 7, 2025. This is a Book Build Issue, through which the company plans to raise around ₹17.77 crores, entirely through a fresh issue. The face value of each share is ₹10, and the price band is fixed between ₹44 to ₹47 per share. The IPO allotment is expected to be finalized on July 8, 2025, and the shares are scheduled to be listed on the BSE on July 10, 2025.
The investor quota is divided as follows: 35% for retail investors, 50% for Qualified Institutional Buyers (QIB), and 15% for High Net-Worth Individuals (HNI).
Financially, the company has shown solid performance with revenue rising from ₹25.67 crores in FY 2024 to ₹33.79 crores in FY 2025. Similarly, the profit increased from ₹5.35 crores to ₹6.12 crores during the same period. Given the steady growth in both revenue and profit, the Cryogenic OGS IPO appears to be a promising investment option for long-term investors.
Cryogenic OGS IPO Date & Price Band Details
| Category | Details |
|---|---|
| IPO Open Date: | July 3, 2025 |
| IPO Close Date: | July 7, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹44 to ₹47 Per Share |
| Issue Size: | Approx ₹17.77 Crores |
| Fresh Issue: | Approx ₹17.77 Crores |
| Issue Type: | Book Build Issue |
| IPO Listing: | BSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Cryogenic OGS Company Overview, Strengths, and Risks
Cryogenic OGS Limited is an Indian engineering company based in Vadodara, Gujarat, specializing in the manufacturing and assembly of high-quality measurement and filtration equipment and systems for various fluid industries, primarily oil, gas, and chemicals. The company focuses on providing customized and innovative solutions to its clients.
Company Overview:
- Foundation: Incorporated in September 1997.
- Products & Services: Cryogenic OGS designs, fabricates, assembles, and tests a range of equipment including:
- Basket Strainers
- Air Eliminators
- Prover Tanks (for flow meter calibration)
- Additive Dosing Skids
- Truck/Tank Wagon Loading Skids (Liquid & Gas)
- Gas Conditioning Units
- Other measurement, filtration, pressure reduction, dosing, and blending solutions.
- Manufacturing Facility: Operates from an 8,300 sq. meter ISO-certified facility in Vadodara, Gujarat, equipped with advanced software like AutoCAD ELD and DNV fabrication certifications.
- Business Model: Secures projects through competitive tenders and direct client inquiries, focusing on customized and turnkey solutions.
- Market Presence: Serves both domestic and international markets, with a strategic partnership in Abu Dhabi (KMC Oil and Gas Equipment LLC) to expand into GCC markets. Their equipment is installed at over 200 locations globally.
- Clientele: Serves major industry players, including prominent terminal automation companies in India and enterprises listed among the top 500 companies in the Indian economy. Over 90% of their business comes from repeat customers.
- Financial Performance (as of March 31, 2025):
- Revenue: ₹33.79 crores
- Profit After Tax (PAT): ₹6.12 crores
- Net Worth: ₹28.99 crores
- Zero-debt company.
- Has shown consistent growth in revenue and PAT in recent fiscal years.
- IPO: Launched its Initial Public Offering (IPO) on July 3, 2025, aiming to raise ₹17.77 crores through a fresh issue of 37.80 lakh equity shares. The IPO closes on July 7, 2025, and shares are proposed to list on the BSE SME platform on July 10, 2025.
- Promoters: Mr. Nilesh Natvarlal Patel, Mrs. Kiranben Nileshbhai Patel, and Mr. Dhairya Patel.
Strengths:
- Specialized Product Portfolio and Expertise: Offers a niche range of high-performance measurement and filtration equipment vital for the oil, gas, chemical, and allied fluid industries. Their products are built with high-grade materials (SS304/SS316) and certified by DNV, ensuring reliability and compliance.
- Strong Financial Growth & Health: Demonstrated consistent revenue and profit growth in recent fiscal years (e.g., 32% revenue increase and 15% PAT increase between FY24 and FY25). The company maintains a zero-debt status, indicating strong financial discipline and stability.
- Experienced Management and Promoters: Led by promoters with deep industry expertise, contributing to the company’s consistent quality and service standards.
- Robust Supplier and Customer Relationships: Has established and long-term relationships with over 15 suppliers, enabling efficient inventory management. A significant portion of revenue comes from repeat customers, highlighting a stable customer base and customer satisfaction.
- Quality Certifications and Compliance: Holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, ensuring high standards in quality, environmental management, and occupational health and safety. Adheres to global standards like API, IS, ASME, and ATEX.
- Favorable Market Outlook: Operates in the downstream oil and gas sector, which is poised for long-term growth, particularly in India with expanding refining infrastructure and increasing demand for precision systems.
- Competitive Valuation (Post-IPO): Based on recent financial data and comparisons with peers, the IPO appears reasonably priced, suggesting potential for re-rating post-listing.
Risks:
- High Client Concentration: A significant portion of the company’s revenue (over 70% in FY25) is derived from its top 5 clients. Loss of business from one or more of these major clients, or delayed payments, could severely impact operations, profitability, and cash flow.
- Product Dependency Risk: A substantial portion of revenue is concentrated in specific products like air eliminators and oil & gas metering skids (approximately 57% combined in FY25). Any downturn in demand or inability to innovate in these specific product lines could affect growth.
- Geographic Concentration: A large majority of revenue (over 81% in FY25) comes from Gujarat and Maharashtra. This geographical concentration makes the company vulnerable to adverse economic, competitive, or regulatory developments in these regions.
- Dependence on Competitive Tenders: Revenue generation relies heavily on winning competitive bids, which can be inconsistent and subject to intense competition, potentially leading to fluctuations in order inflow and revenue.
- Market Competition: Operates in a competitive sector with both organized and unorganized players. The absence of significant entry barriers could lead to increased competition from new entrants.
- Limited Scale as an SME: As a Small and Medium Enterprise (SME), its relatively smaller size compared to larger competitors might limit its scalability and ability to undertake very large-scale projects.
- Project-Dependent Business Model: While enabling high margins, a project-dependent business model can introduce volatility in quarterly outcomes, as the timing and size of projects significantly impact financial results.
- Working Capital Requirements: A portion of the IPO proceeds is allocated to meeting working capital needs, indicating that the business is working capital intensive. Efficient management of working capital is crucial.
Cryogenic OGS IPO Market Lot
The Cryogenic OGS IPO has a minimum market lot of 3,000 shares, requiring a total application amount of ₹1,41,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 3000 | ₹1,41,000 |
| Retail Maximum | 1 | 3000 | ₹1,41,000 |
| S-HNI Minimum | 2 | 6,000 | ₹2,82,000 |
Cryogenic OGS IPO Allotment & Listing Dates
The Cryogenic OGS IPO will open on July 3, 2025, and close on July 7, 2025. The allotment of shares will be finalized on July 8, 2025, and the IPO is scheduled to be listed on the BSE on July 10, 2025.
| Type | Date |
|---|---|
| IPO Open Date: | July 3, 2025 |
| IPO Close Date: | July 7, 2025 |
| Basis of Allotment: | July 8, 2025 |
| Refunds: | July 9, 2025 |
| Credit to Demat Account: | July 9, 2025 |
| IPO Listing Date: | July 10, 2025 |
Cryogenic OGS IPO: Promoters
The promoters of Cryogenic OGS are Mr. Nilesh Natvarlal Patel, Mrs. Kiranben Nileshbhai Patel, and Mr. Dhairya Patel. They play a key role in driving the company’s vision and growth strategy.
Cryogenic OGS IPO Company Financial Report
The company reported a revenue of ₹33.79 crores in FY 2025, showing a strong growth compared to ₹25.67 crores in FY 2024. Similarly, the profit after tax (PAT) increased from ₹5.35 crores in 2024 to ₹6.12 crores in 2025.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹24.00 | ₹19.57 | ₹3.28 | ₹22.43 |
| 2023 | ₹22.71 | ₹17.23 | ₹4.08 | ₹24.00 |
| 2024 | ₹25.67 | ₹18.55 | ₹5.38 | ₹28.35 |
| 2025 | ₹33.79 | ₹25.52 | ₹6.12 | ₹33.85 |
Cryogenic OGS IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE: | 23.62% |
| ROCE: | 28.93% |
| EBITDA Margin: | 24.20% |
| PAT Margin: | 18.61% |
| Debt to equity ratio: | NA |
| Earning Per Share (EPS): | ₹5.83 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 21.12% |
| Net Asset Value (NAV): | ₹27.61 |
Cryogenic OGS IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Loyal Equipments Limited | 8.42 | 26.21 | 20.96% | 47.15 | 75.30 Cr. |
Objects of the Issue – Cryogenic OGS IPO
The net proceeds from the Cryogenic OGS IPO will be utilized for the following purposes:
- To meet working capital requirements
- General corporate purposes
- To cover public issue expenses
These objectives are aimed at supporting the company’s ongoing operations, improving liquidity, and ensuring smooth execution of the IPO process.
Cryogenic OGS IPO Review
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Cryogenic OGS IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: travelfood.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Cryogenic OGS IPO Lead Managers aka Merchant Bankers
- Beeline Capital Advisors Pvt Ltd
Cryogenic OGS Company Address
Cryogenic OGS Limited
60, 61, 62, 63 POR Industrial Park
Behind Sahyog Hotel,
POR
Vadodara, Gujarat, 391243
Phone: +91 98988 6713
Email: cs@cryogenicogs.com
Website: https://www.cryogenicogs.com/
FAQs about Cryogenic OGS IPO
The Cryogenic OGS IPO opens on July 3, 2025, and closes on July 7, 2025.
The IPO Price Band for Cryogenic OGS is fixed between ₹44 to ₹47 per share.
The minimum Cryogenic OGS IPO Lot Size for retail investors is 3,000 shares, amounting to ₹1,41,000 at the upper price band.
The shares of Cryogenic OGS are scheduled to be listed on the BSE SME platform.
Cryogenic OGS boasts a specialized product portfolio, strong financial growth (zero-debt), experienced management, robust supplier and customer relationships, and relevant quality certifications.
Key risks include high client concentration, product dependency, geographic concentration, reliance on competitive tenders, and its relatively smaller scale as an SME.
The Cryogenic OGS IPO allotment is expected to be finalized on July 8, 2025.
