Icon Facilitators Limited, a focused provider of technical facilities management services in India, has opened its Initial Public Offering (IPO) to the public on June 24, 2025, with the issue scheduled to close on June 26, 2025. The company aims to raise ₹18.15 crores through a Book Built Issue consisting solely of a fresh issue of 21.00 lakh equity shares.

The IPO has been priced in the band of ₹85 to ₹91 per equity share, with a total market capitalisation of ₹71.52 crores at the upper end of the price range. Each lot comprises 1,200 shares, translating into a minimum investment of ₹1,09,200 for retail investors and ₹2,18,400 for High-Net-Worth Individuals (HNIs) applying for two lots.

KHAMBATTA SECURITIES LIMITED is acting as the book-running lead manager, MAASHITLA SECURITIES PRIVATE LIMITED is the registrar, and Nikunj Stock Brokers Limited is the market maker for the issue.

Business Overview

Icon Facilitators is a North India-centric integrated services platform, primarily focused on technical facilities management. The company offers a wide array of operational and maintenance services that span across:

• Electrical System Management

• Captive Power Management

• STP/ETP and Water Treatment

• HVAC Management

• Building Management System (BMS)

• Fire and Safety Equipment Maintenance

• Elevators and Escalators O&M

• Annual Maintenance Contracts for E&M Equipment

Founded and led by Mr. Dinesh Makhija, a mechanical engineer with over 20 years of experience, the company has cemented a specialized niche in technical facility management for commercial and institutional clients.

Grey Market Premium (GMP) Analysis

As of June 19, 2025, the Grey Market Premium (GMP) for Icon Facilitators stands at ₹0, reflecting no speculative interest in the IPO from the unregulated market. Here's the latest GMP update:

This lack of GMP suggests that the market is not expecting any premium listing, a sentiment echoed in investor circles due to the moderate fundamentals and sector-specific limitations.

IPO Subscription Status

As of 11:00 AM on June 24, 2025, the IPO has been subscribed 0.75 times, indicating a lukewarm response from investors, especially when compared to other SME IPOs during the same period.

The subscription trend as of Day 2 does not reflect strong demand, and if this continues into Day 3, it may only just scrape through full subscription.

Company Financials

Icon Facilitators has demonstrated modest yet consistent growth in both revenue and profitability over the past three fiscal years:

• Revenue from Operations:

  • FY2023: ₹4,296.30 lakh

  • FY2024: ₹4,984.82 lakh

  • FY2025: ₹5,806.55 lakh

• EBITDA:

  • FY2023: ₹311.56 lakh

  • FY2024: ₹289.96 lakh

  • FY2025: ₹655.08 lakh

• Profit After Tax (PAT):

  • FY2023: ₹192.30 lakh

  • FY2024: ₹176.24 lakh

  • FY2025: ₹447.02 lakh

These numbers reflect healthy bottom-line growth, especially in FY2025, which saw a 152% increase in PAT. However, operating margins have shown fluctuations and still remain modest relative to industry peers.

Valuation Metrics

Based on FY2024 numbers and IPO pricing:

• Pre-issue EPS: ₹7.91

• Post-issue EPS: ₹5.69

• Pre-issue P/E: 11.50x

• Post-issue P/E: 16.00x

• Industry P/E Benchmark: 16x

• ROCE: 37.09%

• ROE / RoNW: 35.23%

These ratios indicate that the IPO is fairly priced, neither at a steep discount nor at an unjustified premium. The strong ROCE and ROE are encouraging but must be viewed in the context of a narrow geographical presence and a niche client base.

IPO Fund Utilisation

The company has outlined the following objectives for the utilisation of IPO proceeds:

1. ₹1,600.00 lakhs allocated towards working capital requirements

2. The balance for general corporate purposes

This indicates that the raised capital is focused on scaling operations and supporting existing services, rather than diversification or R&D investments.

Allotment and Listing

The IPO allotment date is scheduled for Friday, June 27, 2025, and shares are expected to list on BSE SME on Tuesday, July 01, 2025.

Investors can check the allotment status through the registrar’s website (MAASHITLA SECURITIES PRIVATE LIMITED) by entering:

• Application Number

• PAN

• DP Client ID

Analyst Review & Listing Outlook

Despite its sector focus and growing financials, the flat GMP, subdued subscription rate, and fair valuation combine to signal no strong listing day gains.

The company operates in a highly specialized niche that, while stable, does not evoke strong enthusiasm from the broader investor base. Moreover, the lack of anchor investors and absence of market buzz has kept excitement low.

Thus, for investors seeking quick returns, this IPO does not appear attractive. Those with long-term conviction in India’s facility management growth story may explore it after observing post-listing trends.

Conclusion

Icon Facilitators IPO offers a play into India’s technical facility management sector, a niche space with recurring revenue potential. However, with no grey market premium, modest investor participation, and fair pricing, the issue lacks strong listing appeal.

Unless there's a significant surge in demand on the final subscription day, investors are advised to avoid this IPO for listing gains. For longer-term consideration, it would be prudent to wait for stabilised post-listing performance before taking any position.

Disclaimer:
This article is intended for informational purposes only. It does not constitute investment advice or an offer to buy/sell any securities. Investors should consult with a licensed financial advisor and read all official IPO documents before investing. Market conditions may vary, and past performance does not guarantee future results.

The Upcoming IPOs in this week and coming weeks are Silky Overseas, Vandan Foods, Pushpa Jewellers, Cedaar Textile, Adcounty Media India, Marc Loire Fashions, Indogulf Cropsciences, Moving Media Entertainment, Valencia India, Neetu Yoshi, PRO FX Tech, Suntech Infra Solutions, Ace Alpha Tech.

The Current active IPO are Rama Telecom, Supertech EV, Sambhav Steel Tubes, HDB Financials, Abram Food, Shri Hare-Krishna Sponge Iron, Icon Facilitators, Globe Civil Projects, Ellenbarrie Indutrial Gases, Kalpataru, AJC Jewel.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.