| Total Fund Raise | ₹190.00 CrPreferential Issue |
|---|---|
| Issue Price | ₹802.51Per Equity Share |
| Market Cap | ₹1,347.51 CrSmall Cap |
| Revenue TTM | ₹668.2 CrOperating |
| Deal value | ₹190 Cr |
| Share of market cap | 14.1% |
Key highlights
- Preferential issuance of 23,67,573 equity shares at a price of ₹802.51 per share
- Total fund raise aggregates to approximately ₹190.00 crore on a private placement basis
- Formation of 'Ice Make Horeca Private Limited' joint venture with Galilei Holdings Co. Ltd
- Galilei Holdings to hold a 60% majority stake in the JV, with Ice Make holding 40%
- The new JV will manufacture commercial upright refrigerators, ice makers, and blast chillers
What Is the Fund Raise?
Ice Make Refrigeration has authorized the issuance of up to 23,67,573 fully paid-up equity shares with a face value of ₹10 each. These shares are priced at ₹802.51 per share, which includes a premium of ₹792.51. The total capital raised through this preferential issue on a private placement basis amounts to approximately ₹1,900,010,010.
The primary allottees include Galilei Holdings Co. Ltd. from Japan and two individual non-promoter investors.
Upon completion, these new shares will represent approximately 13.05% of the company post-issue share capital on a fully diluted basis, including existing employee stock options.
Strategic Rationale
The primary driver for this capital raise is the formation of a strategic partnership with Galilei Holdings to tap into high-growth hospitality and retail refrigeration segments. By establishing the Ice Make Horeca Private Limited joint venture, the company aims to manufacture advanced products like modular blast chillers and microcomputer-controlled cooling systems. This collaboration integrates Japanese technical expertise with domestic manufacturing capabilities.
The fundraise strengthens the balance sheet to support the company investment of ₹35.27 crore into the new venture, while securing a long-term strategic investor in Galilei Holdings.
Details of the Joint Venture
- The new entity will operate under the name Ice Make Horeca Private Limited with a 60% majority stake held by Galilei.
- Total initial investment in the JV is pegged at ₹88.19 crore, with Galilei contributing ₹52.92 crore.
- The business scope covers the manufacture, marketing, and distribution of commercial upright and table-type refrigerators.
- Specialized products including ice makers and blast chillers are part of the long-term production roadmap.
- Galilei receives board nomination rights and special governance rights as per the Shareholders Agreement.
Business and Financial Context
Founded in 1993, Ice Make Refrigeration is a prominent player in the Indian cooling solutions industry, operating across cold rooms, commercial, industrial, and transport refrigeration. For the trailing twelve months, the company reported operating revenue of ₹668.2 crore. While the recent quarterly revenue showed a robust year-on-year growth of 41.86%, the net profit margin stood at 8.36%.
The preferential issue price of ₹802.51 is positioned near the recent 30-day moving average, reflecting the strategic nature of the placement to attract international industrial partners for complex refrigeration tailored for the Hotel, Restaurant, and Cafe sector.
| Share price | ₹853.95 |
|---|---|
| Market capitalisation | ₹1,347.51 Cr |
| Revenue (annual) | ₹668.20 Cr |
| Net profit (annual) | ₹12.19 Cr |
| Revenue (latest quarter) | ₹255.85 Cr+66.83% vs previous quarter |
| Net profit (latest quarter) | ₹10.11 Cr+586.00% vs previous quarter |
| P/E (TTM) | 110.53×Sector 58.52× |
| Promoter holding | 74.2%0.00% QoQ |
| FII holding | 0.31%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Ice Make Refrigeration Limited announcing the outcome of the Board Meeting regarding fund raising and a joint venture agreement. Market figures from a third-party data provider.
