Icon Facilitators shares list at 1% discount on BSE SME platform

Shares of Icon Facilitators on Tuesday debuted with a 1.1% discount over their IPO price. The stock listed at Rs 90 on the BSE SME platform.

The IPO, which was entirely a fresh issue of 21 lakh shares at a price of Rs 91 per share, attracted modest institutional interest. The retail portion was subscribed 4.10 times, while QIBs came in at 2.18 times. The non-institutional investor (NII) category saw underwhelming interest, closing at just 0.92 times.

Icon Facilitators Limited, based in New Delhi, provides integrated facilities management services, including electrical system maintenance, HVAC, captive power operations, and water management. It operates across 127 sites, primarily in North India, and recently expanded into Bengaluru.


The company reported a 154% jump in net profit for FY25 at Rs 4.47 crore on revenue of Rs 58.07 crore, marking a 16% top-line growth over FY24.

The IPO proceeds will largely be used to fund working capital requirements, with Rs 16 crore allocated toward this objective. The company’s debt-free status, ROE of 35.23%, and EBITDA margin of 11.28% offer some comfort, though competition remains intense in the fragmented B2B facility services sector.

The issue was managed by Khambatta Securities, with Maashitla Securities acting as registrar. Nikunj Stock Brokers is the designated market maker.

Given the muted grey market sentiment and high valuation tags, market observers suggest that the listing could be flat or slightly volatile, depending on broader market cues.

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