Cryogenic OGS IPO opens for subscription on 3rd July 2025, offering investors a chance to invest in a niche, technology-driven company in the measurement and filtration equipment segment. This book-building IPO consists of 37.80 lakh equity shares, aggregating to a fresh issue of ₹17.77 crore. The shares will be listed on the BSE SME platform on 10th July 2025, marking the company’s debut in the public market.
With a relatively low valuation, robust profit margins, zero debt, and promising grey market premium trends, Cryogenic OGS IPO has drawn attention from retail and HNI investors. This article provides a comprehensive guide to the IPO, including financial analysis, GMP updates, reservation structure, peer comparison, bidding process, and expert opinions to help investors decide whether to subscribe.
Cryogenic OGS IPO Key Details
| Detail | Information |
|---|---|
| IPO Open Date | 3rd July 2025 |
| IPO Close Date | 7th July 2025 |
| Allotment Date | 8th July 2025 |
| Refund Initiation | 9th July 2025 |
| Listing Date | 10th July 2025 |
| Listing Exchange | BSE SME |
| Face Value | ₹10 per share |
| Price Band | ₹44 – ₹47 per share |
| Issue Size | ₹17.77 crore (37,80,000 shares) |
| Issue Type | Book Building IPO |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Lot Size | 3,000 shares |
| Minimum Retail Investment | ₹2,82,000 (2 lots) |
Share Reservation Breakdown
Cryogenic OGS IPO follows SEBI’s norms for share allocation under a book-building issue.
| Category | Shares Offered | Reservation (%) |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 17,91,000 | 47.38% |
| Retail Investors | 12,60,000 | 33.33% |
| Non-Institutional Investors (HNIs) | 5,40,000 | 14.29% |
| Total | 37,80,000 | 100% |
GMP (Grey Market Premium) and Listing Outlook
Grey Market Premium (GMP) acts as an unofficial indicator of expected listing gains. As of 2nd July 2025, the GMP stands at ₹20, implying a possible listing price of ₹67 (₹47 + ₹20), reflecting an estimated 42.55% gain.
| Date | GMP | IPO Price | Estimated Listing Price | Gain % |
|---|---|---|---|---|
| 02 July 2025 | ₹20 | ₹47 | ₹67 | 42.55% |
| 01 July 2025 | ₹0 | ₹47 | ₹47 | 0.00% |
| 26-30 June 2025 | ₹0 | ₹47 | ₹47 | 0.00% |
Note: GMP is not an official metric and should be used cautiously. It is sensitive to market sentiment and external factors.
Financial Overview of Cryogenic OGS Limited
The financial track record of Cryogenic OGS Limited supports its IPO plans. The company has shown consistent growth in revenue and profit after tax over the past three fiscal years.
Summary of Financials (₹ in crore)
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | 22.71 | 25.67 | 33.79 |
| Profit After Tax (PAT) | 4.08 | 5.35 | 6.12 |
| Assets | 24.00 | 28.35 | 33.85 |
| Net Worth | 17.52 | 22.86 | 28.99 |
| Debt | 0.00 | 0.00 | 0.00 |
The company’s zero-debt status, rising net worth, and strong PAT growth make it an attractive SME investment.
Key Financial Ratios
| Indicator | Pre-IPO | Post-IPO |
|---|---|---|
| PE Ratio | 8.06 | 10.96 |
| EPS | ₹5.83 | ₹4.29 |
| Return on Net Worth (RoNW) | 21.12% | NA |
| Return on Equity (ROE) | 23.62% | NA |
| Return on Capital Employed (ROCE) | 28.93% | NA |
| PAT Margin | 18.61% | NA |
| EBITDA Margin | 24.20% | NA |
| Market Cap (Post IPO) | ₹67.12 crore | — |
The company boasts strong profitability metrics and a PE ratio suggesting reasonable valuation compared to its peers.
Peer Comparison
| Company | Revenue (₹ cr) | PE Ratio | EPS | RoNW (%) |
|---|---|---|---|---|
| Cryogenic OGS | 33.79 | 8.06 | 5.83 | 21.12 |
| Loyal Equipments | 71.15 | 26.21 | 8.42 | 20.96 |
Cryogenic OGS Limited holds a lower PE ratio and competitive RoNW, indicating strong profitability potential in its niche segment.
About the Company: Cryogenic OGS Limited
Founded in 1997, Cryogenic OGS Limited specializes in the design, manufacturing, and assembly of measurement and filtration equipment for industries such as oil and gas, chemicals, and other fluid systems.
Product Portfolio
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Air Eliminators – Remove gases to improve accuracy in liquid systems
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Basket Strainers – Filter debris to protect downstream equipment
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Prover Tanks – Calibrate flow meters for precise measurements
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Truck Loading Skids – Manage gas and liquid loading with accuracy
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Additive Dosing Skids – Automate additive dosing with precision
Strengths
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Unique product technology and niche solutions
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Zero debt and strong capital structure
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Experienced promoters and professional team
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Long-standing supplier and customer relationships
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Consistent focus on quality assurance and service
Promoter Holdings
| Detail | Percentage |
|---|---|
| Pre-Issue Holding | 100.00% |
| Post-Issue Holding | To be updated |
Promoters Mr. Nilesh Natvarlal Patel, Mrs. Kiranben Nileshbhai Patel, and Mr. Dhairya Patel are expected to retain significant control post-listing.
Objectives of the IPO
Despite earlier confusion in some sources, the Cryogenic OGS IPO is a fresh issue. The company plans to use the proceeds for:
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Working capital augmentation
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Expansion of manufacturing facilities
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Product development
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General corporate purposes
No part of the funds is directed toward debt repayment due to the company’s zero-debt status.
IPO Lot Size and Investment Details
| Investor Type | Minimum Lots | Shares | Investment Amount |
|---|---|---|---|
| Retail | 2 | 6,000 | ₹2,82,000 |
| HNI | 3 | 9,000 | ₹4,23,000 |
Applicants can bid for a minimum of 2 lots (6,000 shares) at the upper price band.
How to Apply for the Cryogenic OGS IPO
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Research IPO data including GMP, subscription trends, and financials
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Open a demat account or use an existing one through platforms like Univest
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Log in to your broker’s IPO section and select “Cryogenic OGS IPO”
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Enter the bid details and approve the UPI mandate
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Track the IPO subscription updates on BSE or NSE
Note: Applying via multiple demat accounts may improve allotment chances, but ensure compliance with SEBI regulations.
How to Check IPO Allotment Status
After the allotment date (8th July 2025), follow these steps:
Through NSE
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Visit www.nseindia.com
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Go to IPO allotment section
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Enter PAN or application number
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View status
Through Registrar MUFG Intime India Pvt. Ltd.
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Visit www.linkintime.co.in
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Click on IPO Allotment
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Enter PAN or application ID
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View status
Expert Review: Should You Subscribe?
According to IPO analyst Dilip Davda (Chittorgarh):
“COL is engaged in high-quality measurement and filtration equipment and systems for various sectors. It posted growth in its top and bottom lines for the reported periods. The company has bright prospects ahead as the sectors it is serving are poised for a fast forward mode. Based on recent financial data, the issue appears reasonably priced. Investors may park funds for medium to long term.”
Pros and Cons of Cryogenic OGS IPO
Pros
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Low PE valuation
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Strong margins and zero debt
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Niche product segment with high demand
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Consistent financial growth
Cons
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Low market capitalisation may affect liquidity
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SME listing comes with regulatory and volatility risks
Final Thoughts
The Cryogenic OGS IPO presents a promising opportunity in the industrial engineering and filtration segment. With strong margins, low valuation, debt-free status, and GMP indicating listing gains, it fits well into the portfolio of investors looking for SME exposure with medium-to-long-term growth potential.
However, due diligence is essential. Carefully consider your investment horizon, risk appetite, and liquidity preferences before subscribing.
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