Icon Facilitators Limited IPO

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Icon Facilitators Limited, originally incorporated as Icon Facilitators Private Limited on September 20, 2013, is a technical facilities management company with a stronghold in North India. The company was converted into a public limited company on June 5, 2024, signaling its strategic growth plans.

Business Focus

Icon Facilitators specializes in providing technical (Hard) facility management services, with offerings such as:

a) Electrical systems management
b) Captive power operations
c) STP/ETP and water treatment
d) HVAC and BMS management
e) Fire and safety systems
f) Elevator & escalator maintenance
g) AMC services for electromechanical systems

Unlike traditional housekeeping firms, Icon Facilitators focuses on the operations and maintenance side of facilities—not design or system installation.

Operational Footprint

– Presence in Haryana (68 sites), Uttar Pradesh (34 sites), and Delhi (22 sites).
– Strategic expansion to South India via a new office in Bengaluru (opened August 2024).
– Clients span industrial, commercial, retail, and residential sectors.

Client Relationships & Revenue Concentration

– Strong, long-term relationships with clients; top 10 customers contribute ~87% of revenue in FY25.
– Majority of revenue (~93%) comes from Haryana, Uttar Pradesh, and Delhi.

Competitive Strengths

1. Regional Leadership: A leading player in North India with 1955+ employees and 130 active sites as of FY25.
2. Reputed Client Base: Repeat clients across fiscal years; some associated for over a decade.
3. Strong Quality Standards: Certified with ISO 9001, 14001, 41001, and 45001; process-driven delivery with regular audits and training.
4. Experienced Leadership: Promoter Mr. Dinesh Makhija (20+ years of experience) and Director Mr. Kapil Khera (25+ years) provide strategic and operational direction.
5.  Scalable Business Model: Standardized processes across recruitment, deployment, and service delivery help maintain agility as the company expands.

Objects of the Icon Facilitators Limited IPO:

We intend to utilize the proceeds of the Issue to meet the following objects: - 1. To meet the working capital requirements of the Company (₹16 cr) 2. General Corporate Purpose
DRHP of Icon Facilitators Limited IPO
RHP of Icon Facilitators Limited IPO

Icon Facilitators Limited IPO Details:

Open Date: Jun 24 2025
Close Date: Jun 26 2025
Total Shares: 19,94,400
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 18.15 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 85 - 91 Per Equity Share
Listing At: BSE SME

Promoters And Management:

Mr. Dinesh Makhija – Chairman & Managing Director, aged 52, is a Mechanical Engineering graduate from the University of Delhi (1996) with over 20 years of experience in the facility management industry. A first-generation entrepreneur, he began with a proprietorship, “Icon Facilitator,” in 2002 and incorporated Icon Facilitators Pvt. Ltd. in 2013. Under his leadership, the company now operates across 132 sites in North India. He leads business development, marketing, and overall strategy. Ms. Pooja Makhija – Director, aged 48, holds a B.A. from the University of Delhi (1999) and brings over 20 years of experience in corporate governance and internal controls. She oversees company administration, payroll, and compliance, and contributes to strategic initiatives in marketing and business development. Mr. Kapil Khera – Whole-Time Director, aged 49, is a commerce and law graduate with 25 years of experience in the facility management sector. He has held senior roles at Airtel, Religare Realty, Syscom Corporation, and M2I India Electronics. He also completed a Management Development Programme at FORE School of Management in 2006. He currently oversees operations and execution at Icon Facilitators.

Financials of Icon Facilitators Limited IPO:

Particulars FY 2024-25 FY 2023-24  FY 2022-23
Revenue from Operations 58.06 49.84 42.96
EBITDA 6.54 2.89 3.11
EBITDA Margins 11.28% 5.81% 7.25%
PAT 4.47 1.76 1.92
PAT Margins 7.70% 3.54% 4.48%
ROCE 37.09% 33.40% 37.95%
Debt to Equity Ratio 0.35 0.42 0.89
Operating Cash Flows -2.82 4.36 -0.40

Comparison With Peers:

Name of the Companies Revenue (Cr) EBITDA Margin PAT Margin P/E D/E Mcap (cr)
Icon Facilitators Limited 58 11.28% 7.70% 16 0.35 71.5
Updater Services Limited 2736 6% 4.35% 16.1 0.11 1908
Krystal Integrated Services Limited 1120 7% 5.38% 13.8 0.21 830
Rithwik Facility Management Services Limited 42 12.36% 8.24% 14.2 0.11 49.8
All the data is as per FY2025

Lead Manager of Icon Facilitators Limited IPO:

  1. Khambatta Securities Limited

Registrar of Icon Facilitators Limited IPO:

  1. Maashitla Securities Pvt. Limited

Discussion on Icon Facilitators Limited IPO:

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