The ICE Make Refrigeration Ltd stock crossed Rs 1,000-crore in market capitalisation on Friday. The company, which started off by listing on NSE-Emerge, an SME platform in December 2017, migrated to its mainboard in 2020. It hit a 52-week high of Rs 648 per share on October 6. The stock has climbed over 11 times since listing. It had hit the capital market with a price of Rs 57.

Chairman and Managing Director, Chandrakant P. Patel, said: “ During our IPO valued at Rs 23.71 crore, the company garnered an extraordinary SME-IPO subscription, exceeding 261 times, translating to a value of over Rs 6,100 crore”.

“It is heartening to see the tangible outcomes stemming from the company’s unwavering vision, effective strategic execution, and the dedicated efforts of our workforce. These factors have helped us cross the Rs 1,000 crore-market capitalisation threshold within our segment,” he added.

“ICE Make has established itself as an innovative brand with a steadily expanding market presence. Our strong Compound Annual Growth Rate (CAGR) of nearly 50 per cent over the past two years is indicative of our steadfast dedication to providing modern solutions. Even in the face of global economic challenges marked by inflationary pressures, the company achieved a notable milestone with its annual net profit surging to double digits for the first time. Further, our consolidated revenue crossed the Rs 300-crore threshold in FY2023,” he said.

Also read: Ice Make Refrigeration launches solar-powered cold storage unit

Capex plans

Patel said: “We have embarked on our most ambitious growth plan to date. By implementing a Rs 200-crore capex plan over the next three years, we aim to augment our production capacity, enabling us to surpass our long-term revenue target of Rs 1,500 crore. Our immediate goal is to exceed the turnover target of Rs 500 crore by FY2024-25, and we aspire to achieve a revenue of Rs 1,000 crore by FY 2027-28.” 

ICE Make anticipates substantial contributions to its revenue from various segments, including dehydration, ammonia-related products, and continuous panel solutions in the coming years. The company is committed to automation, with a particular focus on the commercial sector. Further, ICE Make is actively exploring opportunities for geographical expansion, which may include establishing new production units or warehouses.