Icon Facilitators Limited, a company engaged in logistics support services, manpower supply, and staffing solutions, is launching its Initial Public Offering (IPO) on the NSE SME platform, opening for subscription from June 26 to June 28, 2025.

The company aims to raise ₹27.94 crore through this fresh issue of 21.96 lakh equity shares, with no offer for sale (OFS) component.

IPO Details

• IPO Opening Date: June 26, 2025

• IPO Closing Date: June 28, 2025

• Price Band: ₹123 – ₹127 per share

• Face Value: ₹10 per share

• Issue Size: ₹27.94 crore (fresh issue only)

• Lot Size: 1,000 shares

• Minimum Retail Investment: ₹1,27,000

• Listing Exchange: NSE SME

• Tentative Listing Date: July 3, 2025

• Registrar: Bigshare Services Pvt Ltd

• Lead Manager: Horizon Management Private Limited

• Market Maker: Horizon Financial Consultants Pvt Ltd

Company Overview

Incorporated in 2013, Icon Facilitators Limited provides manpower services, staffing solutions, logistics support, and facility management. Its services include contract staffing, recruitment services, warehousing manpower, housekeeping, and skilled workforce for industrial operations.

The company has clients across logistics, e-commerce, warehousing, and manufacturing sectors and provides services primarily across Maharashtra, Gujarat, Tamil Nadu, and Karnataka.

Promoters and Management

The company is promoted by Mr. Vinodkumar Kalasapalli and Mrs. Jyoti Kalasapalli, who together hold vast experience in manpower services and business operations. The company operates under a lean management structure with strong operational focus.

Financial Performance

• Pre-Issue EPS (FY24): ₹12.38

• Post-Issue EPS (FY24): ₹8.26

• P/E Ratio (at ₹127): ~10.26x (post-issue)

• Industry Average P/E: 25x–30x (staffing services sector)

• ROCE: 38.21%

• ROE: 42.51%

• RoNW: 42.51%

Objects of the Issue

• Working Capital Requirements

• General Corporate Purposes

• Capital Expenditure on Office Infrastructure and Equipment

Strengths

• Strong profitability with consistent margin profile

• High ROE and ROCE, indicating strong operational efficiency

• Wide presence across key industrial states in India

• Zero long-term debt; asset-light and scalable business model

• Established relationships with large logistics and manufacturing clients

Risks

• Client concentration in logistics and warehousing sector

• Relatively small issue and low post-listing liquidity risk

• Labour-intensive business vulnerable to regulatory changes and wage laws

• Competition from large staffing and manpower firms like Quess Corp, TeamLease

GMP & Listing Expectations

• The Grey Market Premium (GMP) as of today is ₹6–₹8, suggesting 5–6% listing gains

• As GMP is highly volatile and unofficial, investors should not rely solely on it for decisions

Verdict

Based on current financials, valuation, and growth outlook, Icon Facilitators IPO appears fairly valued, offering a reasonable opportunity for listing gains and potential long-term growth.

With a post-issue P/E of ~10.26x and strong return ratios, investors looking for exposure to India's organised manpower and logistics staffing segment may consider subscribing.

Disclaimer:
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

The Upcoming IPOs in this week and coming weeks are Suntech Infra Solutions, Shri Hare-Krishna Sponge Iron, Icon Facilitators, Ace Alpha Tech, Aakaar Medical Technologies, Safe Enterprises Retail Fixtures, Globe Civil Projects, Sambhav Steel Tubes, Ellenbarrie Indutrial Gases, Kalpataru, HDB Financials, AJC Jewel, Mayasheel Ventures.

The Current active IPO are  ArisInfra Solutions, Influx Healthtech, Eppeltone Engineers.

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