Cryogenic OGS IPO Opens: A Deep Dive into the ₹17.77 Crore Public Offering

Vadodara-based Cryogenic OGS has officially launched its Initial Public Offering (IPO), aiming to raise ₹17.77 crore through a fresh issuance of equity shares. The subscription window for this significant public offering opened on Thursday, 3 July, and is scheduled to close on 7 July, with listing anticipated on the BSE SME platform by 10 July.

IPO Structure and Allocation 

The ₹17.77 crore IPO consists solely of a fresh issuance of 37.80 lakh equity shares, with no offer for sale component. The price band has been fixed between ₹44 and ₹47 per share. For retail individual investors (RIIs), the minimum investment required is ₹1.41 lakh for a lot size of 3,000 shares.

The allocation strategy designates 47.38% of the net offer for qualified institutional buyers (QIBs), equivalent to 7,17,000 equity shares; 14.29% for non-institutional investors (NIIs), accounting for 5,40,000 shares; and 33.33% for retail individual investors, comprising 12,60,000 shares.

Additionally, 1.89 lakh shares have been allocated to market maker Spread X Securities, bringing the net offer to the public to 35.91 lakh shares.

Utilisation of Proceeds 

The primary objective of this IPO is to bolster the company's financial standing and facilitate future expansion. ₹11.50 crore of the capital raised is earmarked for working capital requirements, with the balance allocated for general corporate purposes.

Grey Market Premium (GMP)

In a preliminary assessment of market sentiment, the unlisted shares of Cryogenic OGS were reportedly trading at ₹67 apiece. This indicates a grey market premium (GMP) of 42.55% or ₹20 over the upper end of the IPO price band at ₹47. 

Note: The Grey Market Premium (GMP) is not an official price and is based on Market Speculation.

Source: Upstox Report Dated July 3, 2025

Disclaimer: The GMP (Grey Market Premium) price is an unauthenticated market related news and has no discernible basis. The same quoted above is as per news appeared in the media report and is for information purposes only. The investor shall do their own study/research before using the same for taking any decision to invest. We neither engage in, trade, or deal in the grey market nor we recommend or endorse trading in the grey market.

Company Profile and Offerings Cryogenic 

OGS Limited operates as a comprehensive solutions provider, specialising in the design, process engineering, manufacturing, and assembly of precision measurement and filtration systems. These critical systems find application across the oil, gas, chemical, and fluid processing industries. The company's diverse product lineup includes essential components such as basket strainers, air eliminators, prover tanks, dosing skids, and tank/truck loading systems, including for truck and waggon loading skids in oil and gas terminal automation projects. Manufacturing operations are conducted from its 8,300 square metre facility located in Vadodara, Gujarat.

Financial Performance 

As of March 2024, Cryogenic OGS maintained a lean operational structure with 23 permanent employees and no outstanding borrowings, indicating a strong balance sheet. The company demonstrated robust financial growth in FY25, reporting a revenue of ₹33.79 crore, representing a 32% year-on-year increase, alongside a net profit of ₹6.12 crore, which marked a 15% year-on-year growth.

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Anchor Investor Details 

Preceding the public opening, Cryogenic OGS successfully raised ₹5.05 crore from anchor investors on 2 July, by allocating 10.74 lakh shares. A lock-in period applies to these anchor shares: 50% will be released on 7 August 2025, with the remaining half unlocking on 6 October 2025.

Key Facilitators 

The IPO is being managed by Beeline Capital Advisors Pvt Ltd as the sole book-running lead manager, while MUGF Intime India Pvt Ltd (Link Intime) is serving as the registrar for the issue,

Disclaimer: This news is solely for educational purposes. The securities/investments quoted here are not recommendatory.

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