diff --git a/src/documentation/content/xdocs/status.xml b/src/documentation/content/xdocs/status.xml
index 3f0996a3fc..af3bbee4c2 100644
--- a/src/documentation/content/xdocs/status.xml
+++ b/src/documentation/content/xdocs/status.xml
@@ -34,6 +34,7 @@
 
     <changes>
         <release version="3.8-beta6" date="2012-??-??">
+           <action dev="poi-developers" type="fix">52527 - avoid exception when matching shared formula records in HSSF</action>
            <action dev="poi-developers" type="add">52568 - Added methods to set/get an XWPFRun's text color</action>
            <action dev="poi-developers" type="add">52566 - Added methods to set/get vertical alignment and color in XWPFTableCell</action>
            <action dev="poi-developers" type="add">52562 - Added methods to get/set a table row's Can't Split and Repeat Header attributes  in XWPF</action>
diff --git a/src/java/org/apache/poi/hssf/record/aggregates/SharedValueManager.java b/src/java/org/apache/poi/hssf/record/aggregates/SharedValueManager.java
index 81abdb6fd9..7f6e4022d7 100644
--- a/src/java/org/apache/poi/hssf/record/aggregates/SharedValueManager.java
+++ b/src/java/org/apache/poi/hssf/record/aggregates/SharedValueManager.java
@@ -158,6 +158,9 @@ public final class SharedValueManager {
 	 */
 	public SharedFormulaRecord linkSharedFormulaRecord(CellReference firstCell, FormulaRecordAggregate agg) {
 		SharedFormulaGroup result = findFormulaGroupForCell(firstCell);
+        if(null == result) {
+            throw new RuntimeException("Failed to find a matching shared formula record");
+        }
 		result.add(agg);
 		return result.getSFR();
 	}
@@ -170,10 +173,6 @@ public final class SharedValueManager {
             }
         }
         SharedFormulaGroup sfg = _groupsCache.get(getKeyForCache(cellRef));
-        if(null == sfg) {
-            // TODO - fix file "15228.xls" so it opens in Excel after rewriting with POI
-            throw new RuntimeException("Failed to find a matching shared formula record");
-        }
         return sfg;
     }
 
diff --git a/src/testcases/org/apache/poi/hssf/record/aggregates/TestSharedValueManager.java b/src/testcases/org/apache/poi/hssf/record/aggregates/TestSharedValueManager.java
index 7e359a3fb1..aea5b321e3 100644
--- a/src/testcases/org/apache/poi/hssf/record/aggregates/TestSharedValueManager.java
+++ b/src/testcases/org/apache/poi/hssf/record/aggregates/TestSharedValueManager.java
@@ -192,4 +192,24 @@ public final class TestSharedValueManager extends TestCase {
 			throw new RuntimeException(e);
 		}
 	}
+
+    public void testBug52527() {
+        HSSFWorkbook wb1 = HSSFTestDataSamples.openSampleWorkbook("52527.xls");
+        HSSFWorkbook wb2 = HSSFTestDataSamples.writeOutAndReadBack(wb1);
+
+        assertEquals("IF(H3,LINEST(N9:N14,K9:M14,FALSE),LINEST(N8:N14,K8:M14,FALSE))",
+                wb1.getSheetAt(0).getRow(4).getCell(11).getCellFormula());
+        assertEquals("IF(H3,LINEST(N9:N14,K9:M14,FALSE),LINEST(N8:N14,K8:M14,FALSE))",
+                wb2.getSheetAt(0).getRow(4).getCell(11).getCellFormula());
+
+        assertEquals("1/SQRT(J9)",
+                wb1.getSheetAt(0).getRow(8).getCell(10).getCellFormula());
+        assertEquals("1/SQRT(J9)",
+                wb2.getSheetAt(0).getRow(8).getCell(10).getCellFormula());
+
+        assertEquals("1/SQRT(J26)",
+                wb1.getSheetAt(0).getRow(25).getCell(10).getCellFormula());
+        assertEquals("1/SQRT(J26)",
+                wb2.getSheetAt(0).getRow(25).getCell(10).getCellFormula());
+    }
 }
diff --git a/test-data/spreadsheet/52527.xls b/test-data/spreadsheet/52527.xls
new file mode 100644
index 0000000000..b20d7d71ea
Binary files /dev/null and b/test-data/spreadsheet/52527.xls differ