Icon Facilitators Gears Up for IPO Launch on BSE SME Exchange

City-based Icon Facilitators has obtained approval to raise Rs 22 crore through an IPO on BSE's SME exchange. The funds will primarily boost working capital, with the remaining sum aiding corporate initiatives. The company specializes in diverse industrial and commercial services, with notable clients like Maruti Suzuki and DLF Camellias.

Icon Facilitators, a city-based company, has received approval to conduct an Initial Public Offering (IPO) to raise approximately Rs 22 crore. This move comes as part of its strategy to enhance its working capital and fund general corporate purposes. The IPO will feature 21 lakh equity shares through a book-building approach.

These shares are slated for listing on the BSE's Small and Medium Enterprise bourse. According to the draft red herring prospectus, Rs 16 crore from the proceeds will specifically cater to margin money and operational needs, with the remaining amount dedicated to wider corporate initiatives.

The company boasts a diverse range of services, including electrical and captive power management, and caters to major clients such as ISGEC Heavy Engineering, Maruti Suzuki, and DLF Camellias. Despite reporting Rs 49.84 crore in revenue for FY24, profits dipped slightly to Rs 1.76 crore post-tax. Khambatta Securities leads as the sole book-running manager for the IPO, with Maashitla Securities overseeing the registry.

(With inputs from agencies.)