Shares of Shree Refrigerations are set to debut on the BSE SME platform today and market chatter suggests a sizzling listing could be on the cards. The IPO, which was priced at Rs 125 per share, is commanding a grey market premium (GMP) of Rs 70, indicating a possible listing price around Rs 195 — a sharp 56% premium over the issue price.

The company’s public issue witnessed a blockbuster response, with overall subscription hitting 187.55 times. Retail investors alone subscribed 195.05 times, while NII and QIB categories saw 197.01 times and 167.32 times bids, respectively.

The Rs 117.33-crore IPO consisted of a fresh issue of 75.61 lakh shares and an offer for sale of 18.25 lakh shares. Ahead of the issue, Shree Refrigerations raised Rs 33.41 crore from anchor investors, including institutional funds, indicating robust confidence.

Based in Karad, Maharashtra, Shree Refrigerations manufactures a broad range of HVAC systems, including chillers, marine HVAC, and customized engineering solutions for sectors such as defence, pharmaceuticals, chemicals, and automotive.

The company also supplies specialized equipment like cabin leakage testers and psychometric labs, with long-standing contracts including those with the Indian Navy and other critical applications.

For FY25, the company reported a 22% increase in revenue to Rs 99.1 crore and 17% rise in PAT to Rs 13.55 crore.Investors and analysts alike are now watching closely to see if the stock lives up to the grey market buzz as it hits the bourses.