June 23, 2025
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What is the last grey market premium of Icon Facilitators IPO?
Listing Review: Will update on listing.
Subscription status of Icon Facilitators IPO
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Icon Facilitators IPO Price Rs. 91 Lot 1200 shares, Rs.18.15 Crore |
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| QIB | NII x | RII x | Total x | Applications |
| Note: |
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Icon Facilitators IPO Allotment Link:
What is the business of Icon Facilitators?
Established in 2002, Icon Facilitators Limited (IFL) is a leading facilities management company delivering integrated technical and support services across India. With a strong presence in Northern India and growing operations in the South, IFL is redefining the standards of facility care and operational excellence.
From electrical systems and HVAC management to water treatment and fire safety, IFL offers a full suite of hard and soft facility management services. Its integrated solutions ensure seamless operations, enhanced safety, and maximum efficiency for its clients across diverse sectors.
What It Offers
The company specializes in both Integrated Facilities Management (IFM) and standalone technical services, including:
- Electrical System Management Operations
- Captive Power & Diesel Generator Management
- Sewage Treatment Plant (STP) / Effluent Treatment Plant (ETP) & Water Management
- HVAC Operations & Maintenance
- Fire and Safety Equipment Maintenance
- Housekeeping, Pest Control, and Other Soft Services
With operations spanning 127 sites in Northern India and a strategic expansion into Bengaluru, IFL is focused on nationwide growth. Its South India operations are spearheaded by Mr. Basil Arun Keelor, who brings strong leadership to its regional growth strategy.
Its People
As of May 15, 2025, IFL employs 1,955 skilled professionals, committed to delivering excellence in every facility we manage.
Get more information about the company @
Icon Facilitators IPO Details
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Sector: |
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| IPO opens on | 24 June 2025 |
| IPO closes on | 26 June 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 1994400 Shares / Rs 18.15 Crore |
| * Fresh Issue | 1994400 Shares / Rs 18.15Crore |
| * Offer for Sale – | – |
| Market Maker Portion | 105600 Shares |
| Net offer to Public | 1888800 Shares Rs.17.19 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 85-91 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | NSE SME |
| Category | Shares Offered | % of shares | Rs. in Cr. |
| Market Maker | 1,05,600 | 5.03% | |
| QIB | 1,00,800 | 4.80% | |
| NII (HNI) | 9,46,800 | 45.09% | |
| Retail | 9,46,800 | 45.09% | |
| Total Shares | 21,00,000 | 100.00% |
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 1200 | ₹1,09,200 |
| Retail (Max) | 1 | 1200 | ₹1,09,200 |
| HNI (Min) | 2 | 2,400 | ₹2,18,400 |
Who are the Promoters of Icon Facilitators?
Mr. Dinesh Makhija and Ms. Pooja Makhija are the promoters of the company.
What are the Objects of Icon Facilitators IPO?
1.Working capital requirements.
2. General corporate purposes.
Tentative timetable |
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| IPO opens on | 24 June 2025 |
| IPO Closes on | 26 June 2025 |
| IPO Allotment on | 27 June 2025 |
| Refund Initiation | 30 June 2025 |
| Credit of Shares | 30 June 2025 |
| Listing on | 1 July 2025 |
| Registered Office of the Company Icon Facilitators Limited C-28, 2nd Floor Community Centre, Janakpuri New Delhi, 110058 |
| The Lead Manager of this IPO Khambatta Securities ltd |
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Who is the Registrar to IPO? Maashitla Securities Pvt ltd |
Icon Facilitators IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Icon Facilitators Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 23.95 | 17.66 | 14.93 |
| Revenue | 58.07 | 49.85 | 42.96 |
| Profit After Tax | 4.47 | 1.76 | 1.92 |
| EBITDA | 6.55 | 2.89 | 3.12 |
| Net Worth | 12.69 | 5.95 | 4.19 |
| Reserves and Surplus | 6.93 | 5.94 | 4.18 |
| Total Borrowing | 0 | 0 | 0 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 35.23% |
| ROCE | 37.09% |
| Debt/Equity | 0.35 |
| RoNW | 35.23% |
| PAT Margin | 7.70% |
| EBITDA Margin | 11.28% |
| Price to Book Value | 8.43 |
| EPS | 7.76 |
| PE Ratio | 11.72 |
How Icon Facilitators IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Icon Facilitators Limited | 35.23 | |
| Updater Services | 17.73 | 12.33 |
| Krystal Integrated | 13.85 | 14.3 |
| Rithwik Facility Management | 14.23 | 14.67 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Icon Facilitators IPO Review by Paresh Gordhandas, CA & Research Analyst.
Company Overview:
Incorporated in 2002, Icon Facilitators Limited (IFL) is a prominent facilities management company providing a wide range of integrated technical and support services across India. With a strong footprint in Northern India and expanding operations in the South, IFL is steadily establishing itself as a key player in the facility management space.
The company offers comprehensive hard and soft facility management services, including electrical systems, HVAC, fire safety, water treatment, housekeeping, and other support functions. Its integrated approach ensures smooth operations, increased efficiency, and enhanced safety for clients across various sectors.
Financial Performance:
The facility management industry holds considerable growth potential, and IFL has shown solid top-line performance over the past three years. Notably, the company’s bottom-line surged significantly in FY 2023-24:
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FY24: Revenue of Rs.58.07 crore, Net Profit of Rs.4.47 crore
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FY23: Revenue of Rs.49.85 crore, Net Profit of Rs.1.76 crore
This sharp rise in profitability is striking and draws attention. However, such a margin expansion may not be sustainable in the long term. Based on FY24 earnings, the IPO is priced at a P/E multiple of 11.72, which could appear expensive if future profit margins normalize.
IPO Details:
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Net Issue Size: Rs.18.15 crore
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Retail Quota: 9,46,800 shares
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Estimated Retail Participation: With only 789 applications, the retail portion can potentially see full subscription at just 1x.
Given the current wave of IPOs flooding the market, achieving significant oversubscription may be challenging. Moreover, there is no visible grey market premium for the issue as of now, indicating subdued investor enthusiasm.
Investment Perspective:
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Fundamental View: May Apply
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Grey Market Sentiment: Not Attractive
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