Icon Facilitators receives BSE approval to float IPO

New Delhi, Mar 28 (PTI) City-based Icon Facilitators has secured approval from the BSE's SME exchange to raise around Rs 22 crore through an initial public offering.    
    The company plans to raise approximately Rs 22 crore through a fresh issue of 21 lakh equity shares with a face value of Rs 10 each, through the book-building route, the company said in a statement.
    The shares will be listed on the BSE's Small and Medium Enterprise bourse, it added.
    The IPO proceeds will primarily address working capital requirements, with Rs 16 crore allocated for margin money and operational needs, while the remaining funds will support general corporate initiatives, according to the draft red herring prospectus.
    Icon Facilitators operates across industrial, commercial, and residential sectors, offering specialised services like electrical system management, captive power management and STP/ETP (Sewage Treatment Plant/Effluent Treatment Plant).
    The company serves a diverse portfolio of clients, including ISGEC Heavy Engineering, Maruti Suzuki, and Abbott, and residential developers like DLF Camellias and Tata Housing.
    The firm also manages maintenance for Bharat Mandapam, a premier venue for international trade promotion.
    Icon Facilitators reported Rs 49.84 crore in revenue from operations for FY24. However, its profit after tax dipped slightly to Rs 1.76 crore.
    Khambatta Securities is the sole book-running lead manager while Maashitla Securities as the registrar for the IPO.

(This story has not been edited by THE WEEK and is auto-generated from PTI)