Cryogenic OGS IPO subscribed 169 times on final day; GMP hints at 55% listing pop

The Rs 17.77 crore initial public offering of Cryogenic OGS drew robust investor interest, with an overall subscription of 169.79 times by 10:30 AM on Monday, July 7, the final day of bidding. Backed by strong demand from retail and non-institutional investors, the SME issue is now headed for a likely sharp debut, with the grey market premium suggesting a 55% listing gain.

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

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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