Overview

• The Vadodara-based firm opened a ₹17.77 crore SME IPO on July 3, offering 37.8 lakh shares at ₹44–47 apiece to fund working capital and general corporate purposes.
• Subscription remains open until July 7 with share allotment slated for July 8, credit and refunds on July 9, and a proposed listing on the BSE SME platform on July 10.
• Retail and non-institutional tranches have already oversubscribed on day one, while bids from qualified institutional buyers remain modest.
• Grey market premiums of ₹20–22 per share point to a potential listing price near ₹69, reflecting strong secondary market interest.
• Cryogenic OGS bolsters its capital position after reporting FY25 revenue of ₹32.9 crore and a 14.4% rise in profit to ₹6.12 crore.