Cryogenic OGS Limited IPO – Complete Guide, Analysis and Review

The Indian SME IPO space has been buzzing with activity in 2025, and Cryogenic OGS Limited stands out for both its strong demand and its clear industrial focus. As an engineering company with a strong pedigree in manufacturing high-quality equipment for oil & gas, chemicals, petrochemicals, and allied sectors, Cryogenic OGS’s upcoming IPO has garnered exceptional investor interest.

This in-depth article will help you understand everything about the Cryogenic OGS Limited IPO: its background, financials, pricing, subscription, valuation, GMP, risks, and whether you should consider applying.

Let’s break it down step by step.

Company Overview

Cryogenic OGS Limited embodies engineering excellence and innovation, serving critical industries such as oil and gas, petrochemicals, chemicals, and liquor. The company is known for manufacturing measurement and filtration equipment tailored to these industries’ needs.

Its client list includes prominent terminal automation companies in India and multiple enterprises among India’s top 500 companies. This demonstrates a credible and respected market positioning, with a B2B business model that ensures recurring demand.

The company is promoted by:

• Mr. Nilesh Natvarlal Patel, with over 22 years of experience in the oil & gas industry, specialising in designing and producing filtering and metering equipment.

• Mrs. Kiranben Patel, with over 13 years of experience in human resources and logistics management.

• Mr. Dhairya Patel, bringing additional depth to the leadership team.

Together, these first-generation entrepreneurs have built a business known for quality, reliability, and customisation—key factors in industrial equipment supply.

Products and Services

Cryogenic OGS specialises in:

• Measurement and filtration systems for fluid industries

• Custom-engineered equipment for oil and gas terminals

• Solutions for petrochemicals and chemical plants

• Supply for liquor industry facilities

This diversified product line ensures demand across multiple sectors, shielding the business from single-industry cyclicality to an extent.

IPO Details

The Cryogenic OGS IPO is a Book Built Issue of ₹17.76 crore, consisting entirely of a Fresh Issue of 37.80 lakh equity shares.

Key details at a glance:

• Price Band: ₹44–₹47 per share

• Issue Size: ₹17.76 crore (fully fresh issue)

• Market Capitalisation at Upper Band: ₹67.11 crore

• Lot Size: 3,000 shares

• Retail Minimum Investment: ₹2,82,000 (6,000 shares or 2 lots)

• HNI Minimum Investment: ₹4,23,000 (9,000 shares or 3 lots)

• Listing Venue: BSE SME Platform

• IPO Open Dates: July 3–7, 2025

• Expected Allotment Date: July 8, 2025

• Tentative Listing Date: July 10, 2025

Beeline Capital Advisors Private Limited is the Book Running Lead Manager.
MUFG Intime India Private Limited (formerly Link Intime) is the Registrar.
Spread X Securities Private Limited is the Market Maker.

Objectives of the Issue

Cryogenic OGS plans to use the net proceeds for:

1. Meeting Working Capital Requirements (~₹1,150 lakh)

2. General Corporate Purposes

This is a typical use of funds for manufacturing SMEs scaling up production and order execution capacity. It reflects their aim to fuel operational growth and improve financial flexibility.

IPO Subscription Status

One of the biggest talking points about this IPO is its extraordinary subscription numbers.

On the final day (July 7, 2025), the IPO was subscribed 646.47 times.

This is exceptionally high for an SME issue and demonstrates:

• Strong institutional and HNI interest

• Significant retail demand

• High perceived confidence in company fundamentals

Such over-subscription often indicates strong listing momentum.

Anchor Investor Participation

Before the IPO opened to the public, Anchor Investors committed ₹5.04 crore at ₹47 per share. A total of 10,74,000 equity shares were allotted to them.

Anchor investors typically perform rigorous due diligence. Their participation suggests confidence in the company’s growth story and valuation, boosting market sentiment.

Grey Market Premium (GMP) Trend

GMP is an informal indicator of market appetite before listing. For Cryogenic OGS:

• As of June 30, 2025, GMP was ₹17.

• At the upper price band of ₹47, this suggests an expected listing price of ~₹64.

• Implied premium: ~36%.

This healthy GMP indicates the market expects solid listing gains, unlike many recent SME IPOs that had flat or negative GMP trends.

However, it’s essential to remember:

GMP is unofficial, unregulated, and driven by supply/demand in grey markets. It can change rapidly and should not be the sole basis for investment.

Company Financials

Cryogenic OGS has shown consistent, steady growth in recent years:

Revenue from Operations

• FY23: ₹2,270.92 lakh

• FY24: ₹2,567.36 lakh

• FY25: ₹3,379.14 lakh

A ~49% growth over two years highlights increasing order volumes and operational expansion.

EBITDA

• FY23: ₹633.55 lakh

• FY24: ₹780.54 lakh

• FY25: ₹884.83 lakh

Margins remain robust, reflecting operational efficiency.

Profit After Tax (PAT)

• FY23: ₹407.65 lakh

• FY24: ₹534.50 lakh

• FY25: ₹612.26 lakh

Consistent profitability is attractive for SME investors, who often prioritise bottom-line stability.

Valuation Metrics

Let’s examine the company’s valuation:

• Pre-issue EPS (FY24): ₹5.83

• Post-issue EPS (FY24): ₹4.29

• Pre-issue P/E Ratio: 8.06x

• Post-issue P/E Ratio: 10.96x

• Industry P/E Ratio: ~26x

Cryogenic OGS is priced at a significant discount to industry averages. Even with a post-issue P/E of ~11x, it remains competitive.

Return Ratios

These metrics reveal strong operational returns:

• ROCE (FY24): 28.93%

• ROE (FY24): 23.62%

• RoNW (FY24): 21.12%

Such healthy return ratios are attractive in the SME segment, signalling efficient capital use.

Strengths

1. Engineering Expertise: Customised equipment for critical industries.

2. Diverse Sector Exposure: Oil & gas, petrochemicals, chemicals, liquor.

3. Strong Client Base: Terminal automation leaders and top 500 companies in India.

4. Experienced Promoters: Decades in the oil & gas equipment space.

5. Consistent Financial Growth: Revenue, EBITDA, and PAT all rising.

6. Healthy Returns: ROCE, ROE, and RoNW well above SME averages.

Risks and Concerns

• Sector Concentration: Heavy reliance on oil & gas, though diversified across fluids industries.

• SME Market Risks: Lower liquidity and potential volatility.

• High Minimum Investment: ₹2.82 lakh may limit retail participation.

• Regulatory Sensitivity: Oil & gas policies can affect demand cycles.

• Execution Risk: Expanding production capacity and managing working capital effectively post-IPO.

Expert Recommendation

Given the combination of strong subscription demand, healthy GMP, solid financials, and reasonable valuations, many analysts suggest:

✅ For Risk-Tolerant Investors: Apply for listing gains, given the 646x subscription and ~36% GMP signal strong debut potential.
✅ For Long-Term Investors: Consider a small allocation, given sound fundamentals, though SME stocks can be illiquid and cyclical.

How to Check Allotment Status

On or after July 8, 2025, investors can check their allotment:

• Visit the Registrar’s site (MUFG Intime India)

• Select "Cryogenic OGS Limited IPO"

• Enter Application Number / PAN / DP Client ID

• View status

This simple process ensures transparency for applicants.

Final Word

Cryogenic OGS Limited represents the classic SME manufacturing story:
✅ Focus on engineering excellence
✅ Serving mission-critical industries
✅ Steady, profitable growth
✅ Experienced promoter team
✅ Strong demand reflected in massive oversubscription and solid GMP

While risks are inherent in the SME segment, the IPO’s pricing, demand dynamics, and financial track record make it one of the stronger SME offerings of 2025 so far.

Investors should, however, match their risk appetite, consider liquidity constraints of SME stocks, and review their portfolio goals before applying.

Disclaimer:

This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

The Upcoming IPOs in this week and coming weeks are NSDL, Anthem Biosciences, Spunweb Nonwoven, Smartworks Coworking, Asston Pharmaceuticals.

The Current active IPO are CFF Fluid Control, Anthem Biosciences, Glen Industries, Smarten Power Systems, Travel Food Services, Chemkart India.

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