ICE Make Refrigeration Ltd, a company established in 1993, is headquartered in Ahmedabad, Gujarat. The company is a manufacturer of refrigeration equipment under the brand name of ‘Ice Make’, which provides cooling solutions for various industries such as dairy, food processing, agriculture, pharmaceuticals, logistics, hospitality, and retail, among others. The company’s products are used in cold chains, hospitals, and ice-cream parlors, to name a few.
ICE Make’s business is classified into four verticals, namely Cold Room, Commercial Refrigeration, Industrial Refrigeration, and Transport Refrigeration. The company’s top five products include Cold Room, Commercial Freezer, Chiller, Refrigerated Vehicle, and Ice Cream Hardener. The company is committed to providing energy-efficient and eco-friendly products that are designed to meet the specific needs of its customers.
ICE Make IPO Details
| IPO Date | Nov 28, 2017 to Nov 30, 2017 |
| Listing Date | Dec 8, 2017 |
| Face Value | ₹10 per share |
| Price | ₹55 to ₹57 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 4,160,000 shares (aggregating up to ₹23.71 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
Industry Overview
The refrigeration industry in India is growing at a steady pace, driven by the growth of the food processing, pharmaceutical, and cold chain industries. The increasing demand for frozen and chilled products is driving the growth of the refrigeration industry, which is expected to continue in the coming years.
According to a report by ResearchAndMarkets, the Indian refrigeration market is expected to grow at a CAGR of 8.6% during the forecast period 2021-2026. This growth is attributed to factors such as increasing disposable income, changing food habits, and the growth of the e-commerce sector. The report also highlights the growth potential in the industrial refrigeration and transport refrigeration segments, which are expected to grow at a faster pace than the overall market.
Company Financials
| Company financial performance (in INR crore) | ||||||
| FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | Q1 FY2018 | |
| Total revenue | 40.5 | 39.3 | 50.6 | 71.8 | 87.9 | 23.0 |
| Total expenses | 39.3 | 38.0 | 49.2 | 67.8 | 80.1 | 20.8 |
| Profit after tax | 0.8 | 0.9 | 0.9 | 2.6 | 5.1 | 1.5 |
Objects of the Issue
The proceeds of the Issue are proposed to be deployed for financing the following objects:
1. To finance the capital expenditure;
2. Expenditure towards enhancement of brand through brand building activities;
3. Investment in Bharat Refrigerations Private Limited (Wholly Owned Subsidiary);
4. To meet the incremental working capital requirement;
5. General Corporate Purposes.
ICE Make IPO Prospectus
Company Contact Information
ICE Make Refrigeration Ltd
B-1, Vasupujya Chamber, Near Navdeep Building,
Income-Tax Cross Road,
Ahmedabad 380009
Phone: +91 79 27540630
Email: info@icemakeindia.com
Website: http://www.icemakeindia.com/
ICE Make IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: icemake.ipo@linkintime.co.in
Website: https://linkintime.co.in/
ICE Make IPO Lead Manager(s)
- Vivro Financial Services Private Limited (Past IPO Performance)
