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Icodex Publishing Solutions Limited IPO
Icodex Publishing Solution Limited IPO is a bookbuilt issue of ₹42.03 crores, which is a mix of both 33.96 lakh fresh equity shares worth ₹34.64 crores and 7.25 lakh offer-for-sale shares of ₹7.39 crores. The IPO subscription will be opened publicly on 11th August, 2025 and it will be closed by 13th August, 2025. Allotment for the issue will be completed on 14th August, 2025 with the shares likely to be listed on the BSE SME platforms on 19th August 2025. Retail investors can apply for a minimum lot size of 2,400 shares, which will be of ₹2,35,200 and HNIs can apply for 3,600 shares worth ₹3,67,200.
Company Background
Icodex was established in the year 2018 as a technology-driven corporation that specializes in providing software products and services for the scholarly publishing sector of India. They provide automated solutions that include cloud-based platforms and AI-equipped tools that help in streamlining the publishing work process, starting from manuscript submission to editing, layout designing and final submission.
Operations & Product Range
Facility and Services
Headquartered in Mumbai, Icodex Publishing Solution provides tech-driven technology solutions through a comprehensive range of products. Icodex’s primary products are iCAPP, which is a publishing workflow platform, PaperPerfect, which is a tool that assists researchers, research institutions and universities to form well-structured manuscripts, eAssistant, iProof and FlexiPage, as well as many more such features offered by the company, enabling high-quality editing for content.
Brands and Market Presence
Icodex Publishing has established a firm presence in the market as a technology-driven corporation that provides end-to-end software products and services in order to cater to the scholarly and academic publishing industry globally and domestically. The company enjoys well-established relationships with renowned global publishing clients, which helps in enhancing its credibility in the market and promotes sustainable business growth with a high regional impact located in Pune and multiple support offices in other regions of India that help in assisting clients worldwide.
Revenue Channels
A major part of the company’s income is generated through its cloud-based software services like FlexiPage, iCAPP and PaperPerfect that help in providing end-to-end services from manuscript submission to publication. The company also earns its revenue from BPM (Business Process Management) services to provide editorial support. Its infrastructure setup, server and technical support services also contribute to revenue generation for the company.
Management & Shareholding
Promoters and Shareholders
The promoters of Icodex Publishing Solutions Limited IPO are Kamalakkannan Govindaraj and Chetan Shankarlal Soni, who hold 88% of the company’s shares. This shareholding is expected to be diluted after the company’s IPO listing on 11th August.
Board Members
Icodex’s current board includes Kamalakkannan Govindaraj who is the Chairman & Managing Director, Chetan Shankarlal Soni who is the Whole-Time Director, CTO as well as Co-founder of Icodex, Shilpa Kiran G & Venkata Subbarao Kalva, the Independent Directors of the company and Anand Pravin Pande who is Icodex’s Non-Executive Director.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Icodex Publishing Solutions Limited IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Icodex Publishing Solutions Limited IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 11, 2025 to August 13, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹98 to ₹102 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 41,20,800 shares (aggregating up to ₹42.03 Cr) |
| Reserved for Market Maker | 2,06,400 shares (aggregating up to ₹2.11 Cr) Giriraj Stock Broking Private Limited |
| Fresh Issue (Ex Market Maker) | 31,89,600 shares (aggregating up to ₹32.53 Cr) |
| Offer for Sale | 7,24,800 shares of ₹10 (aggregating up to ₹7.39 Cr) |
| Net Offered to Public | 39,14,400 shares (aggregating up to ₹39.93 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,22,41,020 shares |
| Share Holding Post Issue | 1,56,37,020 shares |
Icodex Publishing Solutions Limited IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Aug 11, 2025 |
| IPO Close Date | Wed, Aug 13, 2025 |
| Tentative Allotment | Thu, Aug 14, 2025 |
| Initiation of Refunds | Mon, Aug 18, 2025 |
| Credit of Shares to Demat | Mon, Aug 18, 2025 |
| Tentative Listing Date | Tue, Aug 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2025 |
Icodex Publishing Solutions Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,44,800 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (Min) | 3 | 3,600 | ₹3,67,200 |
| S-HNI (Max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (Min) | 9 | 10,800 | ₹11,01,600 |
Icodex Publishing Solutions Limited IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 88.24% |
| Share Holding Post Issue | - |
Competitive Strength:
- 1. Icodex holds expertise over its domain, that is, providing tech-efficient end-to-end services to help publish scholarly and educational works.
- 2. The company is guided by an experienced team of managerial experts, who have gained a good amount of industry experience and help Icodex reach new heights.
- 3. Icodex has a well-established relationship with its customers as well as a strong regional hold in Pune.
- 4. The corporation thrives on a technology-driven model that helps its business enhance market credibility.
Icodex Publishing Solutions Limited IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 24.75 | 22.08 | 8.96 | 19.05 | 2.99 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 11 | 11 | 4 | 9 | 0.88 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 5.85 | 9.72 | 1.81 | 4.19 | 0.02 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 47.51% |
| ROCE | 110.07% |
| Debt/Equity | 0.16 |
| RoNW | 47.02% |
| PAT Margin | 40.56% |
| EBITDA Margin | 61.39% |
| Price to Book Value | 14.25 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.32 | 6 |
| P/E (x) | 13.94 | 18 |
Objectives of Icodex Publishing Solutions Limited IPO
The IPO proceeds gained from the issue will be used to provide capital in order to purchase new office space and new hardware equipment for the company. Some part of the proceeds will also be used to fund the working capital requirements and support the general corporate functioning of Icodex.
Conclusion
Icodex Publishing Solutions Limited IPO is a chance for future investors to take a part in a tech-efficient publishing service provider in India. The company’s tech and AI-focussed business model, as well as strategic plans to move ahead sustainably, provide credibility to the brand in the publishing Industry. The upcoming Icodex Publishing Solutions Limited IPO will help set the tone for future expansion plans of Icodex.
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Frequently asked Questions (FAQs )
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1. What is Icodex Publishing Solutions Limited?
A Pune-based tech firm specializing in AI-powered software and services for scholarly publishing automation.
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2. When does the Icodex Publishing Solutions Limited IPO open for subscription?
The issue will be open for subscription from August 11 to August 13, 2025.
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3. What is the IPO price band?
The Icodex Publishing Solutions Limited IPO is priced between ₹98 to ₹102 per equity share.
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4. What is the IPO lot size?
Any applicant can apply for 2,400 shares per lot.
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