Cryogenic OGS IPO GMP, Price, Date, Allotment Status

Cryogenic OGS Limited is a Gujarat-based engineering company specialising in manufacturing high-quality measurement and filtration equipment for the oil, gas, and chemical industries. It launched its Initial Public Offering (IPO) on July 3, 2025, aiming to raise ₹17.77 crores through a fresh issue of 37.80 lakh equity shares.

This article explains the Cryogenic OGS IPO, including its Grey Market Premium (GMP), key dates, price band, allotment details, financial performance, and investment considerations.

Cryogenic OGS IPO Details

Cryogenic OGS IPO is a book-built issue aiming to raise ₹17.77 crores through a fresh issue of 37.80 lakh equity shares with a face value of ₹10 each. The IPO is set to open on July 3, 2025, and close on July 7, 2025. The shares are proposed to list on the BSE SME platform on July 10, 2025.

Cryogenic OGS IPO Key Timeline

Key IPO Details

• IPO Open Date: July 3, 2025
• IPO Close Date: July 7, 2025
• Issue Size: ₹17.77 Crores (37,80,000 shares)
• Fresh Issue: ₹17.77 Crores (37,80,000 shares)
• Offer for Sale: None
• Face Value: ₹10 per equity share
• Price Band: ₹44 to ₹47 per share
• Lot Size: 3,000 shares
• Minimum Investment (Retail): ₹1,32,000 (1 lot, 3,000 shares at ₹44)
• Minimum Investment at Cut-off (Retail): ₹1,41,000 (1 lot, 3,000 shares at ₹47)
• Minimum Investment (sHNI): ₹2,82,000 (2 lots, 6,000 shares at ₹47)
• Minimum Investment (bHNI): ₹4,23,000 (3 lots, 9,000 shares at ₹47)
• Market Maker Portion: 1,89,000 shares (₹0.89 Cr)
• IPO Reservation:
  • Qualified Institutional Buyers (QIB): 47.38%
  • Non-Institutional Investors (NII/HNI): 14.29%
  • Retail Investors: 33.33%
  • Anchor Investors: 28.41%
• UPI Mandate Confirmation Cut-off: 5:00 PM on July 7, 2025

Investors can apply through ASBA (Application Supported by Blocked Amount) via their bank’s net banking, UPI through registered brokers, or offline forms submitted through stockbrokers. The IPO is managed by Beeline Capital Advisors Pvt Ltd as the book-running lead manager, with MUFG Intime India Private Limited (Link Intime) as the registrar. The market maker is Spread X Securities Private Limited.

About Cryogenic OGS Limited

 Cryogenic OGS Limited was founded in September 1997. It was a Vadodara-based engineering company specialising in the design, fabrication, assembly, and testing of high-quality measurement, filtration, and dosing systems for the oil, gas, chemical, and allied fluid industries.

The Cryogenic OGS has a capacity to operate from an 8,300 sq. meter ISO-certified facility. The company leverages advanced software like AutoCAD ELD and holds fabrication certifications from DNV, ensuring reliable quality and production capacity.

Key Highlights

• Market Presence: Cryogenic OGS serves domestic and international markets, with 70 domestic bids worth ₹28.37 crore and nine international bids totalling ₹26.76 crore awaiting finalisation. It has a strategic partnership with KMC Oil and Gas Equipment LLC in Abu Dhabi to expand into GCC markets.
• Product Portfolio: Includes basket strainers, air eliminators, prover tanks, additive dosing skids, and turnkey truck/tank wagon loading skids.
• Business Model: The company secures business through competitive tenders and direct client inquiries, focusing on customised solutions and turnkey projects.
• Promoters: Mr. Nilesh Natvarlal Patel, Mrs. Kiranben Nileshbhai Patel, and Mr. Dhairya Patel.
• Certifications: ISO-certified facility and DNV fabrication certifications.

Competitive Strengths

• Innovative Solutions: Provides bespoke measurement and filtration equipment tailored to client needs.
• Strong Financial Growth: Cryogenic OGS has seen a consistent revenue and profit growth, with a revenue CAGR of 31.6% from FY24 to FY25.
• Global Expansion: Cryogenic OGS Strategic partnerships and international bids enhance growth potential over the time globally.
• Experienced Management: Led by promoters with deep industry expertise.

Challenges

• Market Competition: Operates in a competitive sector with established players.
• Dependence on Tenders: Revenue relies heavily on winning competitive bids, which may be inconsistent.
• Limited Scale: As an SME, its smaller size compared to larger competitors may limit scalability.
• GMP Uncertainty: Lack of GMP data suggests limited pre-listing market activity, increasing listing price uncertainty.

Financial Performance

Key Performance Indicators (KPIs)

• Market Capitalisation: ₹67.12 Cr (at upper price band of ₹47)
• Revenue Growth: 31.6% from ₹25.67 Cr in FY24 to ₹33.79 Cr in FY25
• PAT Growth: 14.4% from ₹5.35 Cr in FY24 to ₹6.12 Cr in FY25
• EPS (FY25): ₹5.83, resulting in a P/E ratio of 8.06x at the upper price band
• P/E Ratio (Weighted EPS): 8.93x based on a weighted EPS of ₹5.26 for the last three years
• Debt: Zero debt, enhancing financial stability

The company’s strong revenue and profit growth, coupled with a zero-debt status, indicate a healthy financial position. The low P/E ratio suggests the IPO is reasonably priced compared to industry peers.

Cryogenic OGS IPO GMP Today

Grey Market Premium (GMP) for Cryogenic OGS IPO today is reported at ₹20 per share, indicating a potential listing price of ₹67 per share (42.55% above the upper price band of ₹47). However, GMP data is limited and has not been consistently reported, reflecting low grey market activity. Investors should note that GMP is unofficial and subject to volatility, and decisions should not be based solely on GMP.

Things to Consider Before Applying for Cryogenic OGS IPO

Pros:

• Strong Financials: The Revenue and PAT growth of 31.6% and 14.4%, respectively, with zero debt, indicating financial stability.
• Attractive Valuation: company has a good P/E ratio of 8.06x which is lower than industry averages, suggesting a reasonably priced IPO.
• Growth Potential: Expanding global presence through partnerships and a robust pipeline of domestic and international bids.
• Sector View: The companies which are in the oil, gas, and chemical sector are having growth for long-term prospects.
• SME IPO Appeal: SME IPOs have recently seen high subscription rates and positive listing gains, boosting investor interest.

Risks

• Limited GMP: The GMP data is very limited in the primary market which suggests low pre-listing market activity, increasing listing price uncertainty.
• Market Competition: Cryogenic OGS is facing competition from larger, established players in the engineering and equipment sector.
• Tender-Based Revenue: Dependence on winning competitive bids introduces revenue uncertainty.
• Small Issue Size: The ₹17.77 Cr issue size may limit scalability and attract very limited institutional interest.
• Market Sentiment: Recent volatility in SME IPO listings could impact subscription and listing performance.

Long-term investors may find the IPO attractive due to its strong fundamentals, zero-debt status, and growth potential in the oil and gas sector. However, retail investors should monitor subscription trends and market sentiment, as the lack of consistent GMP data suggests limited short-term listing gains.

How to Apply for Cryogenic OGS IPO?

Investors can apply for the Cryogenic OGS IPO through the following methods:

• Online ASBA: Use your bank’s net banking platform to apply via ASBA.
• UPI: Apply through UPI using a registered broker or trading app.
• Offline: Submit a physical application form through your stockbroker.

Steps to Apply via Broker

• Log in to your stockbroker’s app or website.
• Navigate to the IPO section and select “Cryogenic OGS IPO.”
• Enter your UPI ID, quantity (minimum 3,000 shares), and price (preferably the cut-off price of ₹47).
• Submit the application and confirm the UPI mandate before 5:00 PM on July 7, 2025.

Cryogenic OGS IPO Allotment Status

The Cryogenic OGS IPO allotment status will be available on the MUFG Intime India Private Limited (Link Intime) website after July 8, 2025. Follow these steps:

• Visit the Link Intime website.
• Select “Cryogenic OGS Limited” from the dropdown menu.
• Enter your PAN, application number, or DP/Client ID.
• Click “Search” to view your allotment status.

Alternatively, check the status on the BSE website by selecting “Equity” and “Cryogenic OGS Limited.” Investors will also receive allotment updates via email or push notifications from their brokers.

IPO Contact Details

You can find the essential contact details for the company and the ipo’s registrar below.

Cryogenic OGS Limited:

• Address: 60, 61, 62, 63 POR Industrial Park, Behind Sahyog Hotel, POR, Vadodara – 391243, Gujarat, India
• Phone: +91 98988 67136
• Email: info@cryogenicogs.com

Registrar:

• Name: MUFG Intime India Private Limited (Link Intime)
• Address: C 101, 247 Park, L.B.S. Marg, Vikhroli West, Mumbai – 400083, Maharashtra, India
• Phone: +91-22-4918 6270
• Email: hdb.ipo@linkintime.co.in

Conclusion

The Cryogenic OGS IPO offers an opportunity to invest in company which is in the oil, gas, and chemical equipment sector which has strong financials, zero debt, and a low P/E ratio, the IPO is attractively priced for long-term investors. The company’s focus on innovative solutions and global expansion enhances its growth potential.

However, IPOs always carries risks such as limited GMP data, and market competition warrant caution for short-term investors. You should monitor subscription trends and market conditions before applying.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered investment advice. Investors are advised to conduct their own research and consult SEBI registered financial advisors before making investment decisions.

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