Ice Make Refrigeration raises ₹190 cr via preferential issue

Ice Make Refrigeration, an industrial cooling equipment manufacturer, has secured ₹190 crore through a preferential issue of shares in a strategic investment with Galilei Holdings Co, a Tokyo Stock Exchange-listed company. Galilei will contribute ₹180 crore via a preferential issue, while Ice Make will raise an additional ₹10 crore from other investors.

The deal awaits shareholder and regulatory approvals. Following the investment, Ice Make and Galilei will form a joint venture, with Galilei holding a 60% stake and Ice Make the remaining 40%. The venture will concentrate on manufacturing, marketing, and distributing commercial refrigerators and related products, leveraging Galilei’s global technology and Ice Make’s strong Indian market presence.

The capital raise aims to fund capacity expansion, operation modernisation, and scaling of integrated refrigeration solutions for various industries. It will also explore inorganic growth opportunities to bolster market presence and technological capabilities. A portion of the funds will support a joint venture with Galilei to accelerate expansion.

Proceeds will also go towards completing Ice Make’s new corporate office, Centre of Excellence, and a modern lab, reinforcing its focus on innovation and research. KPMG will serve as the financial advisor, while Cyril Amarchand Mangaldas will act as Ice Make’s legal advisor in the transaction.