Icodex Publishing Solutions Limited is engaged in the business of Software Product Development and Business Process Management (BPM) with a core focus on the Scholarly Publishing industry.
The company offers an integrated suite of products and services that support global publishers throughout the academic content lifecycle—from manuscript submission to final content distribution, both in print and digital formats.
The company offers Business Process Management services, including quality checks, editorial support, and IT services like hardware installation and back-end support, assisting global publishing clients throughout the process.
🔧 Key Business Activities
- Software Product Development: SaaS solutions for publishing, including automation tools, ERP systems, and workflow software for authors, publishers, and reviewers.
- Business Process Management: Backend publishing services like editorial support, AI-based quality checks, distribution, invoicing, and metadata tagging.
- IT & Application Support: Infrastructure services including server setup, hardware/software configuration, and technical support.
As of January 31, 2025, The company had 116 employees.
Icodex Publishing Solutions IPO – Details
| IPO Opening Date | 11 August 2025 |
| IPO Closing Date | 13 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 41,20,800 Shares Worth ₹42.03 Crore Fresh Issue: 33,96,000 Shares Worth ₹34.64 Crore Offer For Sale: 7,24,800 Shares Worth ₹7.39 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹98 – ₹102 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Cameo Corporate Services Limited |
| QIB Shares Offered | 2.76% |
| NII (HNI) Shares Offered | 48.62% |
| Retail Shares Offered | 48.62% |
Icodex Publishing Solutions IPO – Date Schedule
| IPO Open Date | 11 August 2025 |
| IPO Close Date | 13 August 2025 |
| Basis of Allotment | 14 August 2025 |
| Initiation of Refund | 18 August 2025 |
| Credit of Shares to Demat | 18 August 2025 |
| IPO Listing Date | 19 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2025 |
Icodex Publishing Solutions IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,44,800 |
| 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 |
Competitive Strengths
- Domain Expertise.
- Experienced Management and Leadership Team.
- Strong relationship with existing customers.
- End-to-end publishing solution provider in the publishing ecosystem.
- Technology-Focused Business Model.
Company Promoters
- Kamalakkannan Govindaraj
- Chetan Shankaralal Soni
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹9.72 Cr | ₹7.88 Cr | ₹1.81 Cr | ₹0.02 Cr |
| 31 March 2024 | ₹10.99 Cr | ₹6.54 Cr | ₹4.40 Cr | ₹0.88 Cr |
| 31 March 2025 | ₹22.08 Cr | ₹9.26 Cr | ₹8.96 Cr | ₹2.99 Cr |
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 (₹) | 7.32 | 5.73 |
| P/E (x) | 13.94 | 17.81 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Purchase of new office premises. | ₹16.70 |
| Purchase of hardware for the new office. | ₹1.12 |
| Working capital requirement. | ₹5.20 |
| General Corporate Purposes. |
✅Strengths
- Diversified services across software, BPM, and IT.
- End-to-end publishing solutions.
- Strong global client base.
- Scalable SaaS platforms.
- Experienced leadership team.
⚠️Risks
- High dependency on few clients.
- Exposure to forex fluctuations.
- Reliance on skilled manpower.
- Risk of tech obsolescence.
- Compliance with global data laws.
Icodex Publishing Solutions IPO Promoter Holding
| Pre Issue Share Holding | 88.24% |
| Post Issue Share Holding | – |
Icodex Publishing Solutions IPO Prospectus
Company Contact Information
| Icodex Publishing Solutions Ltd. 102, First Floor, Suman Business Park, Kalyani Nagar, Viman Nagar, Pune, Maharashtra, 411014 Phone: +91 8856907928 Email: cs@icodexsolutions.com Website: https://icodexsolutions.com/ |
Icodex Publishing Solutions IPO Registrar
| Cameo Corporate Services Limited Phone: +91-44-28460390 Email: ipo@cameoindia.com Website: https://ipo.cameoindia.com/ |
Icodex Publishing Solutions IPO Lead Manager(s)
| 1. Indcap Advisors Pvt. Ltd. |
Icodex Publishing Solutions IPO FAQ
| What is Icodex Publishing Solutions IPO? Icodex Publishing Solutions IPO is an SME IPO. The issue is priced at ₹98 to ₹102 per equity share. The IPO is to be listed on BSE SME. |
| When Icodex Publishing Solutions IPO will open? The IPO is to open on 11 August 2025 for QIB, NII, and Retail Investors. |
| What is Icodex Publishing Solutions IPO Investors Portion? The investors’ portion for QIB – 2.76%, NII – 48.62%, and Retail – 48.62%. |
| How to Apply the Icodex Publishing Solutions IPO? You can apply Icodex Publishing Solutions IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Icodex Publishing Solutions IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Icodex Publishing Solutions IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Icodex Publishing Solutions IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Icodex Publishing Solutions IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Icodex Publishing Solutions IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Icodex Publishing Solutions IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Icodex Publishing Solutions IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Icodex Publishing Solutions IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is the Icodex Publishing Solutions IPO Size? Icodex Publishing Solutions IPO size is ₹42.03 Crore. |
| What is the Icodex Publishing Solutions IPO Price Band? Icodex Publishing Solutions IPO Price Band is ₹98 to ₹102. |
| What is Icodex Publishing Solutions IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2400 Shares with ₹2,44,800 amount, while the maximum bid is 2400 Shares with ₹2,44,800. |
| What is the Icodex Publishing Solutions IPO Allotment Date? Icodex Publishing Solutions IPO allotment date is 14 August 2025. |
| What is the Icodex Publishing Solutions IPO Listing Date? Icodex Publishing Solutions IPO listing date is 19 August 2025. The IPO is to be listed on the BSE SME. |
