Icon Facilitators is a focused and integrated business services platform in India offering technical facilities management services to their customers, primarily concentrated in North India presence. They are engaged in business of providing technical facilities management services such as, Electrical System Management Operation, Captive Power Management, STP/ETP and Water Treatment, HVAC Management, Building Management System (BMS), Fire & Safety Equipment’s, Elevators Escalators Operations & Maintenance, Annual Maintenance Contract of E&M Equipment.
Icon Facilitators, an Book Built Issue amounting to ₹ 18.15 Crores, consisting entirely an Fresh Issue of 21.00 Lakh Shares. The subscription period for the Icon Facilitators IPO opens on June 24, 2025, and closes on June 26, 2025. The allotment is expected to be finalized on or about Friday, June 27, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Tuesday, July 01, 2025.
The Share Price Band of Icon Facilitators IPO is set at ₹ 85 to ₹ 91 per equity share. The Market Capitalisation of the Icon Facilitators Limited at IPO price of ₹ 91 per equity share will be ₹ 71.52 Crores. The lot size of the IPO is 1,200 shares. Retail investors are required to invest a minimum of ₹ 1,09,200, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (2,400 shares), amounting to ₹ 2,18,400.
KHAMBATTA SECURITIES LIMITED is the book running lead manager of the Icon Facilitators IPO, while MAASHITLA SECURITIES PRIVATE LIMITED is the registrar for the issue. Nikunj Stock Brokers Limitedis the Market Maker for Icon Facilitators IPO.
Icon Facilitators LimitedIPO GMP Today
The Grey Market Premium of Icon Facilitators Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Icon Facilitators LimitedIPO Live Subscription Status Today: Real-Time Update
Icon Facilitators will be open for its subscription on 20 June, 2025.
Icon Facilitators LimitedDay Wise IPO GMP Trend
Date
IPO Price
Expected Listing Price
GMP
Last Updated
19 June 2025
₹ 91
₹ 91
₹ 0 (0.00%)
07:00 PM; 19 June 2025
Icon Facilitators Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online Icon Facilitators IPO allotment date is 27 June, 2025, Friday. Icon Facilitators IPO Allotment will be out on 27th June, 2025 and will be live on Registrar Website from the allotment date. Check Icon Facilitators IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Icon Facilitators Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Icon Facilitators LimitedIPO
Icon Facilitators proposes to utilise the Net Proceeds towards the following objects: 1. ₹ 1,600.00 Lakhs is required to meet the working capital requirements of the Company; and 2. General Corporate Purpose.
Icon Facilitators is a focused and integrated business services platform in India, specializing in technical facilities management services, primarily concentrated in North India. The company delivers a complete suite of Hard Services to commercial, retail, industrial, and residential clients under a B2B model.
Key service offerings include:
Electrical System Management Operation
Captive Power Management
STP/ETP and Water Treatment
HVAC Management
Building Management System (BMS)
Fire & Safety Equipment Maintenance
Elevator & Escalator Operations and Maintenance
Annual Maintenance Contracts for E&M Equipment
Services are categorized into Hard Services (e.g., electro-mechanical systems, HVAC, fire safety, and power systems) and Soft Services (e.g., housekeeping, cleaning, pest control, and pantry management). Icon Facilitators is primarily engaged in Hard Services, focusing on operation and maintenance, not on design or installation.
As of Fiscal 2025, operations are centered in Haryana (68 sites), Uttar Pradesh (34 sites), and Delhi (22 sites), with additional presence in Rajasthan (4 sites), Punjab, and Himachal Pradesh (1 site each). A new office was launched in Bengaluru on August 6, 2024, marking the company's strategic entry into South India, targeting expansion and client base growth in the region. As on May 15, 2025, the Company have total 1,955 employees on roll. The Banker to the Company are HDFC Bank Limited and Axis Bank Limited
INDUSTRY ANALYSIS
Industry Overview – Global and Indian Facility Management Sector
Global Facility Management Sector
Facility Management (FM) has evolved into a critical industry that ensures the smooth functioning of modern buildings and infrastructure. From hospitals and schools to corporate offices and residential complexes, FM encompasses a wide array of services—ranging from technical operations (HVAC, electrical, plumbing) to soft services (security, housekeeping, landscaping), and increasingly, digital and energy solutions.
With advancements in IoT, AI, and data analytics, the FM industry is no longer limited to routine maintenance but plays a strategic role in enhancing operational efficiency, sustainability, and user experience. As businesses strive to reduce costs, meet ESG goals, and improve workplace environments, demand for tech-enabled and integrated FM solutions continues to grow. The global market is witnessing strong momentum, driven by urbanization, outsourcing trends, and the rising emphasis on green and smart infrastructure.
Indian Facility Management Sector
India’s FM industry is at a transformative stage, propelled by rapid urbanization, infrastructure development, and the shift from unorganized to organized service providers. The sector is integral to supporting India’s commercial, industrial, and institutional growth.
According to CRISIL, the organized facility and security services market in India reached an estimated ₹1.15 lakh crore in FY2024, based on the financial data of 35 rated entities covering roughly 20% of the organized segment. The industry recorded a 13% CAGR over the past four years, highlighting sustained demand from corporates, real estate developers, and institutional clients who increasingly outsource FM services to enhance efficiency and compliance.
The formalization of the industry presents a major opportunity for structured and scalable service providers, particularly as clients seek reliable partners capable of maintaining service quality and regulatory adherence.
Macroeconomic Linkages and Sector Contribution
The FM sector’s growth trajectory is closely tied to India’s services sector, which contributed over 50% to Gross Value Added (GVA), equivalent to USD 1.4 trillion in FY2022–23, and is projected to reach 56% by 2047. Sub-sectors such as real estate, financial services, and professional services—key consumers of FM—are driving expansion, with the services sector expected to grow at 7.2% in FY2025 (Economic Survey 2025).
India’s position as a global services hub strengthens this trend. In 2023, India ranked 7th globally and 2nd among developing nations in services exports, with USD 338 billion and a 12.8% YoY growth in FY25 (April–November). This sustained domestic and international momentum creates a robust ecosystem for the FM industry to thrive, supported by increasing demand for professional, compliant, and technology-driven facility solutions.
BUSINESS STRENGTHS
1. Leading Position in North India
One of the strongest players in North India, managing some of the largest and premium portfolios. As of May 15, 2025, the company employed 1,955+ personnel and operated at 130 sites in Fiscal 2025, showcasing a robust and growing presence. Operations are primarily concentrated in northern states, with revenue largely derived from this region.
2. Diverse and Loyal Client Base
Serves a broad spectrum of clients across commercial, industrial, residential, and retail sectors. Long-standing client relationships reflect consistent service quality and a reputation for excellence.
3. Service Delivery with a Focus on Quality
Emphasizes high-quality service standards, ensuring a safe, comfortable, and well-maintained environment for all facility occupants and visitors. The delivery model integrates both organic and structured quality practices.
4. Experienced Leadership and Strong Management Team
Promoted by Mr. Dinesh Makhija, with over 20 years of industry experience, and supported by Mr. Kapil Khera, Whole-Time Director with 25+ years in facility management. Their leadership has driven business growth, diversification, and operational efficiency.
5. Scalable and Efficient Business Model
Demonstrates a strong financial track record since Fiscal 2013, backed by a scalable, agile, and process-driven model. Standardized systems in recruitment, training, deployment, and service delivery allow rapid expansion and the ability to meet evolving client needs across 5 states and 1 union territory
BUSINESS STRATEGIES
1. Strengthening and Expanding Client Relationships
Aims to foster long-term, sustainable client relationships by expanding service offerings and deepening engagement with both existing and new clients. Consistent revenue growth is driven by the addition of new clients year over year, reflecting strong market demand and service capability.
2. Commitment to Quality Assurance
Focuses on delivering standardized, high-quality services to build client loyalty and brand reputation. Holds multiple certifications including ISO 9001:2015, ISO 45001:2018, ISO 14001:2015, and ISO 41001:2018, affirming rigorous quality management practices across operations.
3. Geographic Expansion Towards Pan-India Presence
Operations are primarily concentrated in Haryana (68 sites), Uttar Pradesh (36 sites), and Delhi (22 sites), with additional presence in Rajasthan, Punjab, and Himachal Pradesh. A new office in Bengaluru, established on August 6, 2024, marks a strategic move into South India, targeting regional and pan-India contracts to expand market footprint.
4. Enhancing Operational Efficiency
Employs 1,955+ personnel across 132 sites as of May 15, 2025. Focuses on optimized staffing and continuous monitoring to ensure efficiency without compromising service quality. Strategic use of AI and technology platforms supports resource reallocation and improved project execution, aiming to enhance margins and productivity at the site level.
BUSINESS RISK FACTORS & CONCERNS
1. Regional Concentration Risk
Business operations are heavily concentrated in North India, with the majority of sites and revenue originating from this region. As a result, performance is susceptible to regional economic, regulatory, and operational factors impacting these states.
2. Customer Concentration Risk
Revenue is highly dependent on a limited number of clients, with the top 1, top 5, and top 10 customers contributing approximately 49.59%, 73.58%, and 87.17% of revenue from operations in Fiscal 2025, respectively.
3. Key Client Dependency
Significant reliance on key customers increases exposure to risks such as loss of contracts, unfavourable renewal terms, financial distress, mergers, operational decline, or work disruptions. The exit or instability of any major client could materially impact financial performance and business continuity.
Icon Facilitators operates with a regional concentration in North India and has a high dependency on a limited number of key clients, exposing the company to specific geographic and customer-related risks.
Icon Facilitators Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakh)
Period Ended
Mar 31, 2025
Mar 31, 2024
Mar 31, 2023
Reserve of Surplus
693.06
593.86
417.62
Total Assets
2,394.73
1,766.47
1,493.18
Total Borrowings
440.30
247.53
371.65
Fixed Assets
91.44
69.39
35.12
Cash
217.24
253.40
217.24
Net Borrowing
223.06
-5.87
154.41
Revenue
5,806.55
4,984.82
4,296.30
EBITDA
655.08
289.96
311.56
PAT
447.02
176.24
192.30
EPS
7.91
3.2
3.49
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP. Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP. Note 4:- Price to Book Value calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Key Performance Indicator
KPI
Values
EPS Pre IPO (Rs.)
₹ 7.91
EPS Post IPO (Rs.)
₹ 5.69
P/E Pre IPO
11.50
P/E Post IPO
16.00
ROE
35.23 %
ROCE
37.09 %
P/BV
4.05
Debt/Equity
0.35
RoNW
35.23 %
Icon Facilitators Limited IPO Peer Comparison
Company Name
EPS
ROCE
ROE
P/E (x)
P/Bv
Debt/Equity
RoNW (%)
Icon Facilitators Limited
₹ 5.69
37.09 %
35.23 %
16.00
4.05
0.35
35.23 %
Updater Services Limited
₹ 17.7
15.4 %
13.2 %
16.1
1.99
0.11
13.2 %
Krystal Integrated Services Limited
₹ 43.1
16.8 %
15.0 %
13.9
1.93
0.21
15.0 %
Rithwik Facility Management Services Limited
₹ 11.4
21.2 %
15.7 %
14.2
2.09
0.11
15.7 %
Icon Facilitators Limited Contact Details
ICON FACILITATORS LIMITED
C-28, 2nd Floor Community Centre, Janakpuri, New Delhi110058, India. Contact Person : Mr. Tarun Sharma Telephone : +91-7417961616 Email : catarun@iconf.in Website : https://www.iconf.in/index.php
Icon Facilitators IPO Registrar and Lead Manager(s)
Lead Manager : KHAMBATTA SECURITIES LIMITED Contact Person : Mr. Chandan Mishra Telephone : +91-9953989693, 0120-4415469 Email : ipo@khambattasecurities.com Website : https://www.khambattasecurities.com/
Icon Facilitators IPO Review
Icon Facilitators is a focused and integrated business services platform in India offering technical facilities management services to their customers, primarily concentrated in North India presence. They are engaged in business of providing technical facilities management services such as, Electrical System Management Operation, Captive Power Management, STP/ETP and Water Treatment, HVAC Management, Building Management System (BMS), Fire & Safety Equipment’s, Elevators Escalators Operations & Maintenance, Annual Maintenance Contract of E&M Equipment.
The promoter, Mr. Dinesh Makhija who himself is a Mechanical Engineer and has more than 20 years of experience in technical facility management industry he has been instrumental in determining the vision and growth strategies for the Company.
The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 5,806.55 Lakh, ₹ 4,984.82 Lakh and ₹ 4,296.30 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 655.08 Lakh, ₹ 289.96 Lakh and ₹ 311.56 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 447.02 Lakh, ₹ 176.24 Lakh and ₹ 192.30 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹7.91and post-issue EPS of ₹ 5.69 for FY24.The pre-issue P/E ratio is 11.50x, while the post-issue P/E ratio is 16.00x against the Industry P/E Ratio is 16x. The company's ROCE for FY24 is 37.09%, ROE for FY24 is 35.23% and RoNW is 35.23%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Icon Facilitators showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Icon Facilitators Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
5,806.55 Lakh, ₹ 4,984.82 Lakh and ₹ 4,296.30 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 655.08 Lakh, ₹ 289.96 Lakh and ₹ 311.56 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 447.02 Lakh, ₹ 176.24 Lakh and ₹ 192.30 Lakh respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹7.91and post-issue EPS of ₹ 5.69 for FY24.The pre-issue P/E ratio is 11.50x, while the post-issue P/E ratio is 16.00x against the Industry P/E Ratio is 16x. The company's ROCE for FY24 is 37.09%, ROE for FY24 is 35.23% and RoNW is 35.23%. These metrics suggest that the IPO is fairly priced.
The Grey Market Premium (GMP) of Icon Facilitators showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Icon Facilitators Limited IPO for Listing gain.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
