Icon Facilitators Announces BSE SME IPO Approval, Targets ₹22 Crore Fundraise

Delhi-based Icon Facilitators Limited, a leading technical facilities management service provider in North India, has secured in-principle approval from the BSE SME Exchange for its proposed initial public offering (IPO). The company plans to raise approximately ₹22 crore through a fresh issue of 21,00,000 equity shares with a face value of ₹10 each, through the book-building route. Following the submission of its Draft Red Herring Prospectus (DRHP) in September 2024, Icon Facilitators is now finalizing its Red Herring Prospectus (RHP) with updated details and expects to list on the exchange shortly. Khambatta Securities Limited acts as the Book Running Lead Manager for the IPO, while Maashitla Securities Private Limited serves as the Registrar.

According to the DRHP, the IPO proceeds will primarily address working capital requirements, with ₹16 crore allocated for margin money and operational needs, while the remaining funds will support general corporate initiatives.

Icon Facilitators operates across industrial, commercial, and residential sectors, offering specialized services such as Electrical System Management, Captive Power Management, STP/ETP (Sewage Treatment Plant/Effluent Treatment Plant) and Water Treatment, HVAC (Heating, Ventilation, and Air Conditioning) Management, Building Management Systems (BMS), Fire & Safety Equipment maintenance, and Annual Maintenance Contracts for electromechanical equipment.

Geographically, the company has a strong foothold in North India, managing 72 sites in Haryana, 37 in Uttar Pradesh, and 18 in Delhi. It also operates in Rajasthan, Punjab, and Himachal Pradesh. To bolster its national presence, Icon Facilitators recently inaugurated an office in Bengaluru, aiming to capture growth opportunities in southern markets.

Icon Facilitators reported ₹49.84 crore in revenue from operations for FY24, up from ₹42.96 crore in FY23. However, profit after tax (PAT) dipped slightly to ₹1.76 crore in FY24 compared to ₹1.92 crore in the previous fiscal year. The company attributes this fluctuation to strategic investments in infrastructure and workforce expansion.

Icon Facilitators serves a diverse portfolio of clients, including industrial giants like ISGEC Heavy Engineering, Maruti Suzuki, and Abott, etc., commercial entities such as Vegas Mall, Omaxe Chandni Chowk, Eros Metro Mall, East Delhi Mall etc. and residential developers DLF Camellias and Tata Housing. Notably, the firm manages maintenance for Bharat Mandapam, a premier venue for international trade promotion, and caters to corporates like Macquarie, Deloitte, and HCL.

IFL is promoted by a mechanical engineer turned entrepreneur, Mr. Dinesh Makhija. With over 25 years of experience in the technical facility management industry, he has been instrumental in determining the vision and growth strategies for the company. Mr. Makhija is actively involved in day-to-day operational needs, legal and compliance-related issues and overall corporate strategy and planning, which is instrumental in the company's growth. The company employs over 1800 people, many of them with significant technical backgrounds and domain expertise in each of the industry verticals.

Source : Equity Bulls

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IconFacilitators FundRaising BSESME IPO Approval