IPO Details
RHP/DRHPIssue Date
24 Jun - 26 Jun'25
Investment/lot
₹ 109200
Price Range
85 - 91
Lot Size
1200
IPO Size
₹ 19.11 cr
Schedule of Icon Facilitators Ltd
Start date
24/06/2025
End date
26/06/2025
Allotment of bids
27/06/2025
Refund Initiation
30/06/2025
Listing on exchange
01/07/2025
About Icon Facilitators IPO
The IPO of Icon Facilitators Ltd comprises a fresh issue of up to 21,00,000 equity shares. There’s no offer for sale in this IPO, which is a 100% book-built issue. The price band of the IPO is between ₹85 and ₹91. The lot size is 1200.
The opening date of the IPO is June 24, 2025. The closing date is June 26, 2025. The allotment date is June 27, 2025. The credit of shares to the demat account will take place on June 30, 2025. The initiation of refunds will take place on June 30, 2025.
Objectives of Icon Facilitators IPO
- Working capital requirements
- General corporate purposes
Icon Facilitators IPO Valuation
Icon Facilitators IPO Share Offer and Subscription Details
| Investor | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net issue |
Non-institutional Applicants | Not less than 15% of the net issue |
Retail Individual Investors | Not less than 35% of the net issue |
Industry Outlook
The Indian Integrated Facility Management (IFM) industry is poised for strong and sustained growth, driven by increased infrastructure development, digitisation, and a strategic shift towards integrated outsourcing models across both public and private sectors.
According to Mordor Intelligence (April 2024), the Indian facility management market is expected to grow from USD 159.61 billion in 2025 to USD 227.75 billion by 2030, registering a CAGR of 7.37%. This growth trajectory is supported by the expansion of Grade A commercial real estate, increasing formalization of residential and retail asset classes, and the rising demand for professional services in Tier 2 and Tier 3 cities.
Company Information
Icon Facilitators Ltd is a focused and integrated business services platform in India offering technical facilities management services to its customers, primarily concentrated in North India presence. It’s engaged in the 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
- Elevators Escalators Operations & Maintenance
- Annual Maintenance Contract of E&M Equipment
It provides a complete bouquet of solutions to all commercial, retail, industrial and residential clients.
Icon Facilitators IPO Strengths
One of the Strongest Players in North India with Largest and Premium Portfolios Under One Belt
Icon Facilitators Ltd is a technical facilities management services provider in North India with more than 1955 employees as on May 15, 2025. In the Fiscal 2025, 2024 and 2023, it served at 130,128 and 131 sites, respectively demonstrating its growing presence and commitment to delivering comprehensive facility solutions. The company is proud to have the trust and patronage of many esteemed clients, with a proven track record of fostering long-term partnerships built on reliable service and commitment.
Diverse Base of Clients with Longstanding Relationships
The company serves diverse clients across commercial, industrial, residential and retail sectors. The company not only boasts a prestigious client list but also maintains long-lasting relationships, which stand as a testament to the commitment to quality and unwavering focus on delivering excellence.
Quality Oriented Delivery of Services
The company has consistently prioritised delivering high-quality services by employing a process-oriented approach. When it comes to quality assurance in facility management, there are a few best practices which it follows.
First, it makes quality assurance a core part of the company culture. Second, it regularly monitors and reviews its quality standards by conducting frequent audits of its facility management processes. Lastly, address any deviations from quality standards immediately. By following these best practices, the company ensures that its processes are of the highest quality.
Risks of Icon Facilitators IPO
- Concentration in North India
Icon Facilitators ltd has a strong presence in North India and primarily earns revenue from Northern States in India. Any decrease in revenues from North India, including due to increased competition or supply, or reduction in demand, in markets in which it operates, may have an adverse effect on its business, cash flows, results of operation and financial condition.
- Service-related Claims
The company has a large workforce deployed across workplaces and customer premises. Consequently, it may be exposed to service-related claims and losses or employee disruptions, as well as employee related regulatory risks, that could have an adverse effect on its reputation, business, cash flows, results of operations and financial condition.
- Dependence on Limited Number of Customers
The company’s revenue from operations is highly dependent upon a limited number of customers, with its largest, top 5 and top 10 customers contributing to more than 49.59%, 73.58% & 87.17%, respectively of its revenue from operations for Fiscal 2025.
Icon Facilitators IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company Name | Total Income (in ₹ crores) | EPS in ₹ | Return on Net Worth (in %) | NAV Per Share (in ₹) |
|---|---|---|---|---|
Icon Facilitators Ltd | 58.0655 | 7.91 | 35.23 | 22.47 |
Updater Services Ltd | 2771.73 | 17.74 | 12.33 | 144.07 |
Krystal Integrated Services Ltd | 1229.2770 | 44.61 | 14.30 | 312.92 |
Rithwik Facility Management Services Ltd | 42.7209 | 11.44 | 14.67 | 77.98 |
IPO Registrar and Book Running Lead Manager
- IPO Registrar: Maashitla Securities Pvt Ltd
- Book Running Lead Manager: Khambatta Securities Ltd
Business Model
Icon Facilitators Ltd primarily provides Hard Services to industrial, commercial, retail, and residential clients on a B2B model. Typical facility management includes maintaining electrical systems, machinery, operating DG sets during outages, managing STP/ETP plants, and ensuring fire safety operations.
It delivers comprehensive technical facility management solutions under one roof, catering to the diverse needs of its clients. However, its role is limited to the operations and maintenance of facilities, and it’s not involved in the design or installation of machinery or systems.
Company Growth Trajectory
The revenue of operations of Icon Facilitators Ltd grew from ₹42.9630 crores in FY 23 to ₹58.0639 crores in FY 25. Its EBITDA margin grew from 7.25% in FY 23 to 11.28% in FY 25, while PAT margin increased from 4.48% in FY 23 to 7.70% in FY 25. The company’s area under management grew from 100 million per square feet in FY 23 to 120 million per square feet in FY 25.
The company believes its consistent growth is attributable to its scalable and agile business model. Its presence across 5 states and one union territory in India allows it to deploy new customer locations faster and efficiently.
Market Position
The operations of Icon Facilitators Ltd are mainly concentrated in the Northern part of India, having major presence in Haryana, Uttar Pradesh and Delhi with 68, 34 and 22 sites respectively in Fiscal 2025. The company also has a presence in other regions, including Rajasthan with 4 sites, Punjab, and Himachal Pradesh, with 1 site each.
The company opened a new office in Bengaluru on August 06, 2024, as part of its strategic expansion into the southern region of India. It anticipates business growth in this new geography and is eager to capitalise on the opportunities to expand its client base and strengthen its presence in the region.
Icon Facilitators IPO Profit and Loss
| Parameter | FY 25 | FY 24 | FY 23 |
|---|---|---|---|
Total Income (in ₹ crores) | 58.0655 | 49.8482 | 42.9630 |
Profit Before Tax (in ₹ crores) | 6.0267 | 2.3790 | 2.6603 |
Profit After Tax (in ₹ crores) | 4.4702 | 1.7624 | 1.9230 |
EBITDA (in ₹ crores) | 6.5493 | 2.8935 | 3.1156 |
EPS in ₹ | 7.91 | 3.20 | 3.49 |
Icon Facilitators IPO Cash Flow Statement
| Parameter | FY 25 | FY 24 | FY 23 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 6.0267 | 2.3790 | 2.6603 |
Net Cash Flow from Operating Activities (in ₹ crores) | (2.8206) | 4.3675 | (0.4099) |
Net Cash Used in Investing Activities (in ₹ crores) | (0.4300) | (0.4291) | (0.1560) |
Net Cash Generated from Financing Activities (in ₹ crores) | 2.8890 | (1.6049) | 0.7438 |
Cash & Cash Equivalents - Closing Balance (in ₹ crores) | 2.1724 | 2.5340 | 0.2005 |
How to Apply for the Icon Facilitators IPO?
1. Visit the Registrar’s Website
- Visit the official website of Maashitla Securities Pvt Ltd
- Click on ‘Public Issues’ under ‘Allotment Status’
- Select ‘Company Name’ and enter either your PAN, application number or Demat account number
- Click on ‘Submit’ to know the status
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
How to Apply for the Icon Facilitators IPO?
- Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Icon Facilitators Ltd IPO FAQs
What is the minimum lot size required for Icon Facilitators Ltd IPO?
The minimum lot size is 1200 shares and the investment required is ₹109200.
What is the price band of the Icon Facilitators Ltd IPO?
The price band of Icon Facilitators Ltd IPO is ₹85 to ₹91.
Where can I read more about Icon Facilitators Ltd business?
You can read more about Icon Facilitators Ltd and its IPO from the company’s red herring prospectus (RHP) here.
What is the Icon Facilitators Ltd IPO?
The Icon Facilitators Ltd IPO comprises a fresh issue of up to 21,00,000 equity shares.
When will the IPO of Icon Facilitators Ltd go live?
The IPO will open for subscription on June 24, 2025 and will close on June 26, 2025.
From where can I get more information about the IPO of Icon Facilitators Ltd?
To get more information about the IPO of Icon Facilitators Ltd, click on the company’s red herring prospectus here.
