Ice Make Refrigeration IPO on November 28


Gujarat Global News Network, Ahmedabad

Ice Make Refrigeration Limited, a leading refrigeration equipment manufacturer, is coming out with an IPO for raising capital for Setting up of coil manufacturing facility and upgradation of existing facilities. The company caters to a wide range of industries which include – Dairy, Ice-cream, Food Processing, Agriculture, Pharmaceutical, Cold Chain, Logistics, Hospitals, Hospitality and Retail among others.   It is promoted by a team of professional Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel and Mr. Vipul I. Patel.

The company is offering 41,60,000 Equity Shares of Rs. 10/- each in the price band of Rs. 55 – 57 per Equity Share, in lots of 2,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter. The price Band is Rs 55 to Rs 57 per equity share of face value of Rs 10. The issue opens on Tuesday November 28 and closes on November 30.

Ice Make Refrigeration Limited operates under its own brand name of “Ice Make” as well as under the brand names of “Bharat and “Trans Freez” through its wholly owned subsidiary company Bharat Refrigerations Private Limited.

The company has Two Manufacturing Facilities , one atDantali Industrial Estate, Gandhinagar (near Ahmedabad) and the second at Chennai, Tamilnadubeing the manufacturing facility of Bharat Refrigeration Private Limited, a wholly owned subsidiary of the Company. The 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.

The company has reported total revenues of Rs 8,788.28 lacs as on Mar 31, 2017, with PAT at Rs 510.89 lacs.  The Company has four business verticals,Cold Room, Commercial Refrigeration, Industrial Refrigeration and Transport Refrigeration. 63.41% of its revenue is derived from Cold Room vertical as per Restated Standalone Financial Information for FY 2017.

One or multiple types of these systems are deployed fortemperature controlled handling and logistics. It is estimated thata 14-16% CAGR for Indian cold chain market over FY 2017-2022,which would be a key driver for growth of refrigeration productsin India.

Over the next five years, multipurpose cold storages willgradually gain volume share over single-commodity (potato)cold storages on faster growth in the production of fruits,vegetables and dairy products. Organised players (which constitutes sub-10% of the overall cold-storage market) to witness faster volume growth than theunorganised players. It is estimated the share of multipurposecold storages to increase from ~30% in 2016-17 to 35-40% in2021-22.

Mr. Chandrakant P. Patel is the Chairman & Managing Director of the company and heads the business strategy, research and development and the enterprise operation divisions. Mr. Rajendra P. Patel is Joint Managing Director and Heads the cold room storage, refrigerated container and quality control division of the Company, while Mr. Vipul I. Patel, Joint Managing Director, Heads the purchase, accounting and IT Departments of the Company.

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