Ice Make Refrigeration Ltd. is one of the fastest growing companies in refrigeration arena providing total cooling solution of refrigeration equipment specifically dealing in business verticals, such as cold room as well as commercial, industrial and transport refrigeration.
Ice Make recently entered the capital market on SME Platform of NSE (NSE Emerge) and offered of 41,60,000 equity shares of Rs. 10 each with the price band of Rs. 55 to 57 per share. The IPO opened on November 28 and closed on November 30.
The IPO was subscribed more than 261 times as the Rs. 23.71 crores initial offer witnessed a book size of nearly Rs. 6,200 crores with the record breaking subscription figure of an SME IPO. As per the data on NSE in details the portion of the issue reserved for Non – Retail Investors was subscribed about 400.45 times in different categories such as Foreign Institutional Investors (FIIS) with 0.53 times, Domestic Financial Institutions with 1.15 times, Corporates with 46.75 times Individuals (other than RIIs) with 348 times, other 4 times and Retails Individual Investors (RIIs) was subscribed about 149 times.
The Ahmedabad-based company’s shares were offered in the range of Rs. 55-57 per share. Vivo Financial Services Private Ltd. was the Lead Manager to the issue. Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions for industries like dairy, ice cream, food processing, agriculture, pharmaceuticals, cold chains, etc. Money raised through the IPO will be used to finance setting up of a coil manufacturing facility, upgradation of its existing facilities and construction of an administration office, all at places near Ahmedabad. It would also spend some funds towards brand building and also invest in Bharat Refrigerations Private Ltd., its wholly owned subsidiary, for upgradation of its facilities in Chennai.
Over the years, its product offering have involved to include Cold Room, Glass Door Display Chiller, Blast Freezer & Chillers, Incubation Chambers, Ripening Chambers, Pre Cooling Chambers, Water Cooled & Air Cooled Chilling Plant, Ice Building Tank, Refrigerated Vehicle, Eutectic Van, Bunk House, Bulk Milk Chiller, Ice Cream Hardener, Ice Candy Manufacturing Machines and other Commercial Refrigeration under the brand name of ‘Ice Make’ and ‘Bharat’ & ‘Trasfreez’ through its wholly owned subsidiary company Bharat Refrigerations Private Ltd.
Cold Room Refrigeration business was commenced by Promoters in 2002. It contributed 63.41% of the total revenue for FY 2017. Commercial Refrigeration business was commenced by Promoters in 1993. It contributed 14.41% of the total revenue for FY 2017. Industrial Refrigeration business was commenced by Promoters in 2003. It contributed 13.49% of the total revenue for FY 2017. Transport Refrigeration business was commenced by Promoters in 2012. It contributed 5.75% of the total revenue for FY 2017. Company has pan-India presence as it has branches, dealers and associates located in Ahmedabad, Chennai, Bikaner, Cochin, Cuttack, Goa, Hubli, Jodhpur, Kolhapur, Kolkata, Nagpur, Patna, Pune, Pondicherry, Trivandrum with wide and reputed customer base across each industry.
Ice Make’s – achievements and milestones:
- 1993 Business started in a Proprietorship firm
- 2009 Incorporated as a Private Limited Company which took over the running business of the erstwhile proprietorship firms
- 2011 Indian Leadership Award for Industrial Development
- 2013 ISO Certifications
- 2014 Best Medium Enterprise (Manufacturing) & Skoch Award
- 2015 Modification of Name to Ice Make Refrigeration Private Limited
- 2016 Acquisition of Bharat Refrigerations Private Limited & Indian SME 100 Award of FY 2015 – 16
- 2017 Conversion into Public Limited Company, NSIC – CRISIL Performance & Credit Rating