Ice Make Refrigeration IPO

Ice Make Refrigeration IPOBusiness description from prospectus – Ice Make Refrigeration is a refrigeration equipment manufacturer, engaged in providing cooling solutions. It provides cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others. The company classifies its business into the following 4 verticals: (i) Cold Room (ii) Commercial Refrigeration (iii) Industrial Refrigeration and (iv) Transport Refrigeration. It operates business verticals under the brand of “Ice Make”.

In December 2016, it acquired ‘Bharat Refrigerations Private Limited’, a company based in Chennai, engaged in a business similar to its business, which is now a wholly owned subsidiary. Bharat Refrigerations Private Limited is present in the above business verticals through the brands named ‘Bharat’ and ‘Trans Freez’.

The manufacturing facilities of Ice Make Refrigeration are located at Dantali, Gujarat and the manufacturing facilities of its wholly owned Subsidiary are located at Chennai, Tamil Nadu. Its 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.

Promoters of Ice Make Refrigeration – Mr Chandrakant P Patel, Mr Rajendra P Patel and Mr Vipul I Patel

Ice Make Refrigeration IPO details

Subscription Dates 28 – 30 November 2017
IPO Price band INR55 – 57 per share
Fresh issue 4,160,000 shares (INR22.88 – 23.71 crore)
Offer for sale Nil
Total IPO size 4,160,000 shares (INR22.88 – 23.71 crore)
Minimum bid (lot size) 2,000 shares
Face Value  INR10 per share
Retail Allocation 50%
Listing On NSE Emerge SME platform

Ice Make Refrigeration’s 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

Ice Make Refrigeration Limited
Survey Number 227, Dantali Industrial Estate
Gota Vadsar Road, Near Ahmedabad City
Taluka Kalol, Gandhinagar 382721

Phone: +91 9879107881
Email: [email protected]

Day    Subscription (no. of times)
Day 1 5.91
Day 2 25.37
Day 3 259.74

Earnings Per Share (EPS): INR4.42

Price/Earnings (P/E) ratio: 12.44 – 12.89

Return on Net Worth (RONW): 32.91%

Net Asset Value (NAV): INR21.50 per share

Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai – 400 083

Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email[email protected]

Ice Make Refrigeration IPO allotment status is now available on Link Intime’s website. Click on this link to get allotment status.

IPO Opening Date: 28 November 2017

IPO Closing Date: 30 November 2017

Finalisation of Basis of Allotment: 5 December 2017

Initiation of refunds: 6 December 2017

Transfer of shares to demat accounts: 7 December 2017

Listing Date: 8 December 2017

Listing Price on NSE SME: INR68.4 per share (up 20% from IPO price)

Closing Price on NSE SME: INR68.4 per share (up 20% from IPO price)


  1. One Of the Leading Company of the India In Refrigeration as per Growth Index of Company…..
    I am interested to subscribe the IPO

    • Looks like a good company to me. You will need to check with your broker, they can help in selling the application in grey market. Online brokers are useless for this.


  3. Good for listing gain.. But not much space in this sector if any other copeteror came into this sector
    … Chances for dropping price after listing.. Exppect 20% up in listing

  4. Such high subscription and so much negativity here. Looks someone wants the IPO to fail! But it is already successful…haha!!!

  5. Looks good company. Applied for 1lot..but no hope
    How people are getting shares in grey market?? Then no chance for those applying online? Frustrated with IPOs. Applied more than 10 IPOs this year but never got any allocation 🙁

  6. There will be a rush along with listing so wait for a correction. Few days after listing there will be a correction and buy that time

  7. I want to buy.. but no seller on friday.. till what price can it go? Till what price should i buy? What is target price of ice make?

  8. Mark my word.. This will bebecome 5x in one year. Market leader in a secror which has high potential to grow in the coming years. Buy and keep it for long-term. Please do your analysis before buying and dont blindly take anyones words

  9. 3 uc in a row.. Expecting 2 more.. According to me it will surely 5x within an year. Please do your research before buying or selling. Happy investing

    • Its a small company with around 128 cr market cap. But the possibilities are unlimited. It has a potential to become a multibagger 10x within 2 years. The management is very capable and the company is the market leader in that space with many satisfied customers so hopefully it will grow in the coming years

  10. Great opertunity to accumulate. After few sessions it will start moving towards 200 today brought 5 lots for long-term. Wonderful company with dedicated management


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