Icon Facilitators Limited, a focused technical facilities management services provider, recently concluded its SME IPO worth ₹18.15 crore. The IPO was open from June 24 to June 26, 2025, and received moderate investor interest across retail and non-institutional categories.

With a total subscription of 2.42 times, the IPO generated fair traction given its niche operations in engineering-driven facilities management across North India.

Company Background: Technical Services in Facility Management

Icon Facilitators Limited operates a vertically integrated business services platform that specialises in technical facilities management, including:

• Electrical System Management

• Captive Power Management

• HVAC Systems

• Sewage and Effluent Treatment Plants (STP/ETP)

• Fire & Safety Systems

• Building Management Systems (BMS)

• Elevator & Escalator Operations

• Annual Maintenance Contracts (AMC) for E&M equipment

The company serves a broad range of corporate and institutional clients, with most of its operations concentrated in North India. Its strength lies in offering end-to-end integrated technical services, critical for seamless operations of large infrastructure, commercial, and industrial establishments.

IPO Details and Structure

The Icon Facilitators IPO was structured as a 100% fresh issue of 21 lakh equity shares, with no Offer For Sale (OFS) component. The funds raised will go entirely towards supporting the company’s expansion and operational needs.

Key Offer Terms:

• IPO Size: ₹18.15 crore

• Price Band: ₹85–₹91 per share

• Lot Size: 1,200 shares

• Minimum Retail Investment: ₹1,09,200

• Minimum HNI Investment: ₹2,18,400 (2 lots)

• Tentative Listing Date: Tuesday, July 1, 2025

• IPO Allotment Date: Friday, June 27, 2025

• Listing Exchange: BSE SME

• Lead Manager: Khambatta Securities Limited

• Registrar: Maashitla Securities Pvt Ltd

• Market Maker: Nikunj Stock Brokers Ltd

Live Subscription Update

By the close of bidding on June 26, 2025, the Icon Facilitators IPO had been subscribed 2.42 times. While not overwhelming, the figures reflect a reasonable interest in a niche services segment.

Grey Market Premium (GMP): No Buzz Yet

As per the latest update on June 19, 2025, the GMP for Icon Facilitators IPO stands at ₹0, which means no expected premium over the issue price.

Important Note: GMP is based on unofficial grey market transactions and is often speculative. It is not endorsed or regulated by any stock exchange or SEBI. Investors are advised to rely on official metrics and financials for decision-making.

Financial Performance: Steady Growth Across Key Indicators

Icon Facilitators has demonstrated consistent revenue and profit growth over the past three fiscal years.

Revenue from Operations:

• FY23: ₹4,296.30 lakh

• FY24: ₹4,984.82 lakh

• FY25: ₹5,806.55 lakh

EBITDA:

• FY23: ₹311.56 lakh

• FY24: ₹289.96 lakh

• FY25: ₹655.08 lakh

Profit After Tax (PAT):

• FY23: ₹192.30 lakh

• FY24: ₹176.24 lakh

• FY25: ₹447.02 lakh

This data clearly indicates that the company has improved operational efficiency and profitability, even though EBITDA briefly dipped in FY24.

Valuation Metrics and Return Ratios

The company’s key valuation indicators for FY24 are as follows:

• Pre-Issue EPS: ₹7.91

• Post-Issue EPS: ₹5.69

• Pre-Issue P/E Ratio: 11.50x

• Post-Issue P/E Ratio: 16.00x

• Industry P/E Benchmark: 16x

• ROCE (FY24): 37.09%

• ROE (FY24): 35.23%

• RoNW: 35.23%

These figures reflect a robust return profile, particularly ROCE and ROE, which are well above industry averages, underscoring operational strength.

However, given that the IPO is fairly valued, and the GMP is flat, the issue may not yield significant listing gains, making it a better fit for long-term investors.

IPO Allotment Status: How to Check

Investors can check their IPO allotment status starting Friday, June 27, 2025, through the registrar’s website (Maashitla Securities Pvt Ltd).

Step-by-Step Process:

1. Visit the IPO allotment portal on Maashitla Securities website.

2. Select Icon Facilitators Limited IPO from the dropdown.

3. Enter your Application Number, PAN, or DP Client ID.

4. Complete the captcha and click submit.

5. The system will display your allotment status.

Proceeds Utilisation: Fueling Growth Initiatives

The IPO proceeds are planned to be used primarily for:

• Working capital augmentation

• Strengthening operational capacity

• Corporate infrastructure and expansion

This is aligned with the company's vision to scale operations and penetrate deeper into the Northern Indian market.

Should You Invest for Listing Gains?

Despite decent fundamentals and subscription levels, the absence of a GMP suggests little to no immediate upside on listing. Therefore, listing gain-focused investors may avoid.

However, for those with a longer investment horizon, Icon Facilitators presents a unique opportunity in the high-margin technical services segment, with high ROCE and ROE as supporting metrics.

Conclusion: Cautious Optimism for Long-Term Investors

Icon Facilitators has a strong niche in technical facility management, offering specialised services that are increasingly in demand due to rising real estate and infrastructure complexity. Financially, it’s on a growth trajectory with improving margins and profitability.

Still, with flat grey market activity and no listing premium, investors seeking short-term profits may be disappointed.

For long-term players looking for sectoral diversification and consistent cash flows, this IPO may be a worthwhile consideration post-listing based on further price discovery.

The Upcoming IPOs in this week and coming weeks are Crizac, Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Marc Loire Fashions.

The Current active IPO are Neetu Yoshi, Adcounty Media India, Moving Media Entertainment, Valencia India, PRO FX Tech, Ace Alpha Tech, Indogulf Cropsciences, Suntech Infra Solutions, Rama Telecom, Supertech EV, Sambhav Steel Tubes, HDB Financials.

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