With ₹176 crore raised and a 31% premium on debut, the dual listings reflect momentum in India’s SME investment ecosystem across specialty chemicals and HVAC manufacturing
The BSE SME Platform recorded two notable industrial additions as Patel Chem Specialities Ltd. and Shree Refrigerations Ltd. made their public market debut. With one headquartered in Ahmedabad, Gujarat, and the other in Karad, Maharashtra, both companies signal sectorally diverse momentum in India’s small and medium enterprise exchange segment.
Patel Chem Specialities Ltd., promoted by Bhupesh Patel, Anshu Patel, and Vini Patel, manufactures cellulose-based excipients essential to pharmaceuticals, food processing, and cosmetics. The company’s IPO involved a fresh issue of 70 lakh equity shares at ₹84 per share, raising ₹58.80 crore. On listing, the stock opened at ₹110, marking a 31% premium over its issue price.
Shree Refrigerations Ltd., led by Ravalnath Gopinath Shende, Rajashri Shende, and Devashree Vishwesh Nampurkar, specializes in HVAC systems and marine chillers. The company supplies refrigeration technology to sectors such as automotive, chemicals, media, and defence. Its IPO featured a combination of fresh issuance (75.61 lakh shares) and offer-for-sale (18.25 lakh shares) priced at ₹125 per equity share, aggregating ₹117.33 crore.
Both companies closed their IPOs on July 29, 2025. Their listings as the 598th and 597th companies on the BSE SME Platform bring the total count closer to the 600 mark, underlining the SME board’s expanding industrial footprint across states and technologies.
Patel Chem Specialities represents Gujarat’s growing footprint in chemical innovation, while Shree Refrigerations exemplifies Maharashtra’s evolving manufacturing supply chain connected to defence and maritime sectors. Their market entry reflects a wider trend of diversified small-cap participation across India’s equity landscape.
For complete IPO information:
- Patel Chem Specialities: View Details
- Shree Refrigerations: View Details
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