Cryogenic OGS Limited, a company renowned for its engineering excellence and innovation, has opened its Initial Public Offering (IPO) on July 3, 2025. The company has launched a Book Built Issue worth ₹17.76 Crores, consisting entirely of a Fresh Issue of 37.80 lakh equity shares. This IPO provides an opportunity for investors to participate in a high-growth manufacturing business that caters to oil and gas, petrochemicals, chemicals, and liquor industries.

The subscription window for the IPO remains open from July 3 to July 7, 2025, with shares scheduled to be listed on the BSE SME platform by July 10, 2025. The allotment of shares is expected to be finalized on July 8, 2025.

The price band is fixed between ₹44 to ₹47 per equity share, and the market capitalization of Cryogenic OGS Limited at the upper band is ₹67.11 Crores. Retail investors must apply for a lot size of 3,000 shares, amounting to a minimum investment of ₹1,41,000, while HNIs need to apply for a minimum of 2 lots (6,000 shares) requiring an investment of ₹2,82,000.

Beeline Capital Advisors Private Limited is the Book Running Lead Manager for the IPO, MUFG Intime India Private Limited is the registrar, and Spread X Securities Private Limited is the market maker.

Cryogenic OGS IPO GMP (Grey Market Premium) Today

The latest available Grey Market Premium (GMP) for Cryogenic OGS IPO stands at ₹13, suggesting an estimated listing price of ₹60 and a potential listing gain of 18.59%. While GMP is purely unofficial and speculative, it reflects investor sentiment in the unregulated secondary market. GMP should only be considered as an indicator and not as the sole reason to subscribe.

Live Subscription Status of Cryogenic OGS IPO

As of 01:20 PM on July 3, 2025, the IPO has received a stellar response, with the issue being subscribed 9.94 times on Day 1 itself. This significant oversubscription indicates strong investor interest in the company and reflects confidence in its growth potential and industry relevance.

Anchor Investment in Cryogenic OGS IPO

Cryogenic OGS Limited successfully raised ₹5.04 Crores from Anchor Investors by allocating 10,74,000 equity shares at ₹47 per share in consultation with the book-running lead manager. These shares were allocated from the QIB portion and are indicative of institutional confidence in the offering.

Allotment Status and Listing Date

The allotment status for Cryogenic OGS IPO will be available on the registrar’s website from July 8, 2025.

How to Check Allotment Status Online:

• Go to the registrar’s website (MUFG Intime India Pvt Ltd).

• Select “Cryogenic OGS Limited IPO” from the IPO dropdown.

• Enter your Application Number, PAN, or DP Client ID.

• Click on Submit to view the allotment status.

The tentative listing date is set for July 10, 2025 on the BSE SME platform.

Use of IPO Proceeds

The net proceeds from the IPO will be utilized for:

1. ₹11.50 Crores to meet the working capital requirements of the company.

2. Remaining funds for General Corporate Purposes.

The company intends to expand and enhance its existing operations using the capital raised.

About Cryogenic OGS Limited

Cryogenic OGS Limited is engaged in designing and manufacturing high-performance equipment specifically for industries including oil & gas, chemicals, liquor, and petrochemicals. The company provides customized filtration and measurement systems that meet global quality standards.

Their clientele includes leading terminal automation companies and top 500 enterprises in India. Cryogenic OGS has carved a niche for itself by offering specialized, innovative solutions across process-driven sectors.

Promoter Background

The company is promoted by:

• Mr. Nilesh Natvarlal Patel – A first-generation entrepreneur with over 22 years of experience in the oil and gas sector.

• Mrs. Kiranben Patel – Holds 13+ years of expertise in human resource and logistics management.

• Mr. Dhairya Patel – Supports strategic and operational decisions within the organization.

Their collective leadership has helped Cryogenic OGS establish a strong reputation in industrial manufacturing.

Financial Highlights

The company has demonstrated strong financial performance over the last three financial years:

• Revenue from Operations:

  • FY 2025: ₹3,379.14 Lakh

  • FY 2024: ₹2,567.36 Lakh

  • FY 2023: ₹2,270.92 Lakh

• EBITDA:

  • FY 2025: ₹884.83 Lakh

  • FY 2024: ₹780.54 Lakh

  • FY 2023: ₹633.55 Lakh

• Profit After Tax (PAT):

  • FY 2025: ₹612.26 Lakh

  • FY 2024: ₹534.50 Lakh

  • FY 2023: ₹407.65 Lakh

These numbers reflect a consistently growing top line and bottom line, indicating efficient operations and financial stability.

Key Financial Ratios and Valuation Metrics

• 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: 26.00x

• ROCE (FY24): 28.93%

• ROE (FY24): 23.62%

• RoNW (FY24): 21.12%

While the IPO appears to be fairly priced, its valuation is lower than the industry average, which may offer some upside potential to investors.

IPO Review – Apply or Avoid?

The combination of:

• Attractive GMP (₹13) indicating a potential 18.59% listing gain

• High subscription demand (9.94x) on Day 1

• Strong financial growth trajectory

• Solid promoter background and niche market expertise

...suggests that the Cryogenic OGS IPO may be a good opportunity for short-term investors, especially those targeting listing gains.

That said, the company operates in a capital-intensive and cyclical industry, and investors should evaluate the risks associated with sectoral volatility and SME liquidity before applying.

Recommendation: Risk-seeking investors may apply for listing gains, while conservative investors may wait to see post-listing performance.

Conclusion

Cryogenic OGS Limited is emerging as a robust player in industrial equipment manufacturing, catering to high-demand industries such as oil and gas, chemicals, and liquor. Backed by a strong promoter team, a growing financial base, and positive market sentiment, this IPO is positioned to offer listing-day gains.

While speculative elements like GMP shouldn't dictate decisions alone, the numbers here align well with broader market interest. Investors are advised to weigh personal risk appetite and investment horizon before participating.

Disclaimer:
This article is for educational and informational purposes only. It does not constitute financial advice or an offer to buy or sell any securities. Investments in securities markets are subject to market risks. Please consult a qualified financial advisor before investing.

The Upcoming IPOs in this week and coming weeks are CFF Fluid Control, Smarten Power Systems, Glen Industries, Travel Food Services, Anthem Biosciences, Chemkart India, Meta Infotech.

The Current active IPO are Happy Square Outsourcing Services, Cryogenic OGS, Crizac.

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