ICE Make Refrigeration Ltd

ice make refrigeration

About the Company:

ICE Make Refrigeration Ltd a refrigeration equipment manufacturer, engaged in providing cooling solutions.They provide cooling solutions for cooling systems and accessories used in various industries.

Company had initiated business as refrigeration equipment manufacturer by Commercial Refrigeration manufacturing in 1993 and forayed into Cold Room manufacturing in 2002 as well as Industrial Refrigeration manufacturing in 2003.

Company’s business can be classified into the following 4 verticals: (i) Cold Room (ii) Commercial Refrigeration (iii) Industrial Refrigeration and (iv) Transport Refrigeration.They operate the business  under the brand ofIce Make”.

Company caters to industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others.

Subsequently,Company introduced Transport Refrigeration manufacturing in 2012. As per the Restated Standalone Financial Information for FY 2017,Company’s top 5 products are: (i) Cold Room (ii) Commercial Freezer (iii) Chiller (iv) Refrigerated Vehicle and (v) Ice Cream Hardener.

In December 2016,they had acquired ‘Bharat Refrigerations Private Limited’, a company based in Chennai,engaged in a business similar to their business, which is now company’s wholly owned subsidiary.

Bharat Refrigerations Private Limited is present in the above business verticals through the brands namedBharatandTrans Freez’.

Manufacturing facilities of the Company are located at Dantali, Gujarat and the manufacturing facilities of our Wholly Owned Subsidiary are located at Chennai, Tamil Nadu.

Company’s dealers and associates are present in the cities of Bikaner, Cochin, Cuttack, Goa, Hubli, Jodhpur, Kolhapur, Kolkata, Nagpur, Patna, Pune, Pondicherry,Trivandrum, Kathmandu and Colombo.

Company also export their products to various countries like Algeria, Philippines, Singapore, Sri Lanka, Uganda and UAE.

Company manufactures products under 4 categories:

  • Cold Room
  • Commercial Refrigeration.
  • Industrial Refrigeration.
  • Transport Refrigeration.


Company’s Product offerings includes:

  • Cold Room,
  • Glass Door Display Chiller
  • Refrigeration Systems
  • Incubation Chambers
  • Ripening Chambers
  • Pre-Cooling Chambers
  • Blast Freezers / Chillers
  • Water Chilling
  • Plant, Brine Chilling Plant
  • Ice Building Tank
  • Chest Freezer
  • Chest Cooler
  • Vertical Cooler
  • Dairy Freezer
  • Bulk Milk Chiller

Company’s Top Customers include:

  • Amul (Karia District Co-operative Milk Producers Union Limited),
  • Haldiram Bhujiawla Limited,
  • Havmor Ice Cream Limited,
  • Himalayan Food Park Private Limited,
  • Kitchen Xpress Overseas Limited,
  • Sankalp Recreation Private Limited,
  • Sri Srinivasa Dairy Products Private Limited,
  • TGB Banquets & Hotels Limited,
  • Tirumala Milk Product Private Limited,
  • Vadilal Industries Limited
  • Vimal Dairy Limited

Future Growth Strategies for the Company:

Backward integration at Dantali to improve production efficiencies.

Plans backward integration at Dantali Plant which will enable them to reduce dependency of procuring coil from external suppliers, optimize manufacturing cost and provide them with a pricing advantage as compared to competitiors.

Upgradation of existing facilities at Dantali and Chennai.

Company plans to replace certain existing obsolete machineries at Chennai by installing auto controlled shearing machine and CNC press break machine,upgrading the existing refrigeration unit and also investing in information technology and surveillance system.

Because of all these upgradations they will be able to increase their product efficiency and improve the quality of their products.

Expanding their customer base within India.

Company plans to strengthen their sales network in the domestic market by engaging with companies that are engaged in the dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail industries, which have specific applications for their products.

Indian refrigeration industry has huge potential & Management plans to increase their market share in the coming years.

Management Team:

  1. Mr. Chandrakant P. Patel (Designation: Chairman cum Managing Director)
  2. Mr. Rajendra P. Patel (Designation: Joint – Managing Director)
  3. Mr. Vipul I. Patel (Designation: Joint – Managing Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Mr. Chandrakant P. Patel 36,32,024 3.76
Mr. Rajendra P. Patel 36,93,280 3.34
Mr. Vipul I. Patel 36,53,360 3.27


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Mr. Chandrakant P. Patel 31.55 23.18
Mr. Rajendra P. Patel 32.08 23.57
Mr. Vipul I. Patel 31.73 23.31
Promoter Group Entities              4.67           3.40
Total 100.00 73.46%


Objectives of the Issue:

  1. Setting up of a coil manufacturing facility at Dantali Plant.
  2. Upgradation of the existing facilities at Dantali Plant.
  3. Construction of an administration office at Dantali.
  4. Expenditure towards enhancement of brand through brand building activities.
  5. Upgradation of the existing facilities at Chennai.(Bharat Refrigerations)
  6. To meet the incremental working capital requirement.
  7. General Corporate Purposes.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Setting up of a coil manufacturing facility at Dantali Plant. 6.24
Upgradation of the existing facilities at Dantali Plant. 6.99
Construction of an administration office at Dantali. 1.33
Expenditure towards enhancement of brand through brand building activities. 1.5
Upgradation of the existing facilities at Chennai.(Bharat Refrigerations) 1.10
To meet the incremental working capital requirement. 5.0
General Corporate Purposes. 1.55
Net Proceeds 23.71


Peer Group Comparison:

  • We believe that there are no comparable listed companies of same size in India, which are engaged in the business of commercial and industrial refrigeration equipment manufacturing.
  • There are large listed companies whose business segments cater to refrigeration equipment manufacturing but their business also includes activities other than refrigeration equipment manufacturing.
  • Hence, we cannot make any peer group comparison.


Positives for the Company:

  • Experienced Promoters.(More than 20 years experience in this field)
  • Manufacturers of wide range of refrigeration equipment’s.
  • Diversified product portfolio helps them to reduce the risks of adverse market condition and dependence on any single product.
  • Debt equity ratio has reduced from 1.73 times in FY 2013 to 0.97 times in FY 2017.
  • Well established manufacturing facilities.
  • Strong marketing and distribution network.
  • Providing customized solutions with a focus on after sales service.
  • Catering to clients from diverse sectors and industries.
  • Indian Refrigeration industry is going to to benefit hugely because Government of india is giving incentives for setting up cold storage.


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th June 17
Revenue  40.48  39.25 50.61  71.82  87.88  23.05
Net Profit  0.83  0.89  0.93  2.64  5.10  1.46


IPO Details:

Details Info
Issue Opens on 28th November 2017
Issue Closes on:. 30th November 2017
Issue Price Rs.55 – 57
Face Value Rs.10
Minimum Lot 2000
Minimum Investment Rs.1,14,000
Issue Constitutes 26.54%
Issue Size Rs.23.71 cr
Market Cap Rs.89.33 cr
Listing at NSE SME
Total Equity Shares Offered (Fresh) 41,60,000
Equity Shares Prior 1,15,12,000
Equity Shares after the issue 1,56,72,000


IPO Valuation parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
4.44 12.84 32.98% 21.50


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 20%


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Company Contact Info:
Ice Make Refrigeration Limited
B-1, Vasupujya Chamber,
Near Navdeep Building,
Income-Tax Cross Road,
Ahmedabad, Gujarat, India – 380009
Telephone: +91-79-27540630


IPO Registrar Info:
Link Intime India Private Limited
C 101, 1st Floor, 247 Park, LBS Marg,
Vikhroli (West), Mumbai,
Maharashtra, India – 400083
Telephone: + 91-22-49186200;


Lead Manager to the Issue:
Vivro Financial Services Private Limited
607-608 Marathon Icon, Veer Santaji Lane,
Opposite Peninsula Corporate Park,
Off Ganpatrao Kadam Marg, Lower Parel,
Mumbai, Maharashtra, India – 400013
Telephone: +91-22-66668040;
Facsimile: +91-22-66668047
Grievance Email: