Cryogenic OGS pulled off a blockbuster IPO debut, with the Rs 17.77 crore issue subscribed an eye-popping 646.47 times by the close of bidding on Monday, July 7.Retail investors drove the frenzy, bidding for a staggering 773.80 times their quota. High-net-worth individuals followed with 674.34 times subscription, while qualified institutional buyers (QIBs) took up 209.59 times their portion—marking one of the most aggressive SME IPO responses in recent memory, according to an ET report.Grey market premium points to sharp debutThe grey market premium (GMP) for Cryogenic OGS shares surged to Rs 32, up from Rs 26 earlier, pegging the potential listing price at Rs 79 versus the issue price of Rs 47—a 68.1% upside. The stock is set to debut on the BSE SME platform on July 10, with allotments expected to be finalised by July 8.The company, which designs precision filtration and measurement systems for oil, gas, and chemical clients, opened its book-built IPO on July 3 in the Rs 44–47 price band. The minimum bid required retail investors to apply for 6,000 shares, amounting to Rs 2.64 lakh at the upper end.Of the 37.80 lakh shares on offer, 1.89 lakh shares were reserved for market maker Spread X Securities, with the remaining 35.91 lakh offered to the public. The allocation breakdown: 47.38% for QIBs, 14.29% for NIIs, and 33.33% for retail investors.Anchor round, promoters and financialsAhead of the IPO, Cryogenic OGS raised Rs 5.05 crore from anchor investors on July 2, allotting 10.74 lakh shares. Half of these will be locked in till August 7, 2025, and the rest till October 6.Founded by Nilesh Natvarlal Patel, Kiranben Nileshbhai Patel, and Dhairya Patel, the Vadodara-based firm runs an 8,300-square metre manufacturing facility in Gujarat. Its product lineup includes basket strainers, air eliminators, prover tanks, dosing skids, and truck loading systems.As of March 2024, the company reported zero outstanding borrowings and a permanent workforce of 23 employees. For FY25, Cryogenic OGS posted Rs 33.79 crore in revenue and a net profit of Rs 6.12 crore, marking 32% and 15% growth, respectively, over the previous year.Beeline Capital Advisors is the book-running lead manager, and MUFG Intime India (formerly Link Intime) is the registrar to the issue.