ICE Make crosses Rs 1,000-crore market cap following successful SME-IPO subscription

ICE Make Refrigeration Ltd, a leading manufacturer of refrigeration equipment, has achieved a significant milestone, crossing the Rs 1,000-crore market capitalisation mark. This comes on the heels of an extraordinary subscription to its SME-IPO on NSE-Emerge, which exceeded expectations by 261 times. The company’s share price peaked at Rs 654.8 per piece, marking a high point in its recent financial performance.

ICE Make managed to record double-digit annual net profit for the first time in FY2023, even in the face of global economic challenges. The company also saw its consolidated revenue cross the Rs 300-crore threshold during the same period. This robust financial performance is largely attributed to the company’s focus on product segments like dehydration, ammonia-related products, continuous panel solutions and innovative solutions such as solar-powered cold storage units, which have been recently launched.

According to InvestingPro data, ICE Make enjoys a prominent position in the Capital Markets industry. The company’s stock generally trades with low price volatility, providing stability for investors. It’s also worth noting that ICE Make has maintained dividend payments for 6 consecutive years, which is a testament to its financial health and commitment to rewarding its shareholders.

The company has maintained a strong compound annual growth rate (CAGR) of nearly 50%, demonstrating steady growth in its operations and profitability. In order to sustain this growth trajectory, ICE Make has planned a Rs 200-crore capital expenditure over the next three years. This investment will be directed towards boosting production capacity and automation, particularly in the commercial sector.

With ambitious turnover targets set for the coming years – Rs 500 crore by FY2024-25 and Rs 1,000 crore by FY 2027-28 – ICE Make aims to reach a long-term goal of Rs 1,500 crore. In addition to these financial targets, the company also plans geographical expansion through new production units or warehouses to further strengthen its market position.

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