Retail investors led the charge, subscribing to 239.90 times their allotted quota. Non-institutional investors followed with 146.78 times subscription, while the qualified institutional buyers’ (QIB) portion was taken up 12.91 times.
GMP hints strong listing
As of 8:30 AM on July 7, the latest grey market premium for Cryogenic OGS stood at Rs 26. With the issue priced at Rs 47 per share, the estimated listing price is Rs 73, implying a gain of 55.32%.Cryogenic OGS, which manufactures precision measurement and filtration systems for the oil, gas, and chemical sectors, had opened its book-built IPO on July 3. The offering comprised 37.80 lakh fresh equity shares in the Rs 44–47 price band. At the upper end, retail investors had to shell out Rs 2.64 lakh for the minimum application of 6,000 shares.
Of the total shares on offer, 1.89 lakh were reserved for market maker Spread X Securities. The net offer to the public was 35.91 lakh shares, with 47.38% allocated to QIBs, 14.29% to NIIs, and 33.33% to retail investors.The IPO allotment is expected to be finalized on Tuesday, July 8, with listing scheduled on the BSE SME platform for Thursday, July 10.
Anchors, advisors and financials
Ahead of the IPO, Cryogenic OGS raised Rs 5.05 crore from anchor investors on July 2 by allotting 10.74 lakh shares. The anchor lock-in for 50% of these shares will expire on August 7, 2025, while the remainder will unlock on October 6.
The Vadodara-based firm, founded by promoters Nilesh Natvarlal Patel, Kiranben Nileshbhai Patel and Dhairya Patel, operates an 8,300 square meter facility in Gujarat. Its products include basket strainers, air eliminators, prover tanks, dosing skids, and truck loading systems.
As of March 2024, Cryogenic OGS had 23 permanent employees and zero outstanding borrowings. In FY25, the company posted a revenue of Rs 33.79 crore and net profit of Rs 6.12 crore, reflecting year-on-year growth of 32% and 15%, respectively.
Beeline Capital Advisors is the book-running lead manager, and MUFG Intime India (Link Intime) is the registrar to the issue.
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