Icodex Publishing Solutions was incorporated on May 28, 2018. The company develops software products for scholarly publishing, supporting researchers and academicians. Its solutions cover the entire publishing process from manuscript preparation to print and digital distribution
| Bidding Dates |
|---|
| 11 Aug 2025 - 13 Aug 2025 |
| Subscription |
|---|
| 3.8x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,35,200 | 2 | 2 | 1200 | 4.1 M | ₹98 - ₹102 | 64.44 % | ₹403.8 M - ₹420.3 M | RHP DOC |
Icodex Publishing Solutions IPO SUBSCRIPTION STATUS
13 Aug '25Icodex Publishing Solutions IPO overall subscription rate was 3.8 times the total available shares
Icodex Publishing Solutions IPO retail subscription rate was 4.43 times in the retail segment
Icodex Publishing Solutions IPO non-institutional investor subscription rate was 1.61 times in the non-institutional investor category
Icodex Publishing Solutions IPO Qualified Institutional Bidder subscription rate was 31.41 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 48.62% | 48.62% | 2.76% |
13 Aug 2025 (Day 3) | 4.43x | 1.61x | 31.41x |
12 Aug 2025 (Day 2) | 1.07x | 0.71x | 0.95x |
11 Aug 2025 (Day 1) | 0.32x | 0.43x | 0.95x |
Icodex Publishing Solutions FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 21.9 | 9.0 | 6.4 | -4.4 | 61.4% |
| FY24 | 10.4 | 4.4 | 3.8 | 0.8 | 41.0% |
| FY23 | 9.5 | 1.8 | 1.3 | 0.4 | 20.4% |
Icodex Publishing Solutions IPO SUBSCRIPTION STATUS DETAILS
Icodex Publishing Solutions had 4.1 M shares on offer
Icodex Publishing Solutions IPO offer price was in the range ₹98 - ₹102
Icodex Publishing Solutions IPO minimum Investment was ₹235200
Icodex Publishing Solutions IPO issue size was ₹ 403.8 M - ₹ 420.3 M
Icodex Publishing Solutions had a minimum lot size of 1200 Shares per application
Icodex Publishing Solutions NUMBER OF SHARES ON OFFER
Icodex Publishing Solutions IPO IMPORTANT DATES
| Issue Open Date | 11 Aug 2025 |
| Issue close Date | 13 Aug 2025 |
| Allotment Date | 14 Aug 2025 |
| Refund Date | 18 Aug 2025 |
| Demat Account Credit Date | 18 Aug 2025 |
| Listing Date | 19 Aug 2025 |
| Listing on Exchange(s) | BSE |
| Icodex Publishing Solutions Allotment Status | Exchange/ Registrar |
Icodex Publishing Solutions IPO subscription opened on 11 Aug 2025, and closed on 13 Aug 2025
IPO allotment for Icodex Publishing Solutions was finalized on Thursday, 14 Aug 2025
IPO listing for Icodex Publishing Solutions was on BSE on Tuesday, 19 Aug 2025
Icodex Publishing Solutions IPO LISTING GAINS
| Issue Price (adjusted) | 102.0 |
| Listing Open Price | 81.6 |
| Listing Close Price | 77.5 |
| Listing Gain% | -20.0% |
| Current Gain% | -62.2% |
Icodex Publishing Solutions Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Icodex Publishing Solutions Ltd. | 38.6 | 60.4 | 8.5 | -0.4 | 2.3 | 12.6 | 10.7 | 26.6 | 20.5 | 7.1 | -20.8 | 4.5 | -20.8 |
| MPS Ltd. | 2931.2 | 5014.1 | 26.6 | 1.4 | 6.2 | 29 | 18.4 | 784 | 6 | 173.2 | 16.3 | 110.1 | 19 |
| DB Corp Ltd. | 210.4 | 3750.7 | 10.7 | 2 | 1.6 | 13.7 | 10.4 | 2440.8 | 0.8 | 332 | -10.5 | 19.7 | 5.4 |
| Navneet Education Ltd. | 133.9 | 2961.4 | 8.8 | 0.2 | 1.7 | 1723.8 | 1371.8 | 1749 | -3.4 | 352 | -53.6 | 15.2 | 57.2 |
| Jagran Prakashan Ltd. | 63.5 | 1381.2 | 7 | 0.1 | 0.7 | 9.8 | 7.3 | 1999.5 | 0.3 | 197 | 50.4 | 9 | 50.4 |
| Sandesh Ltd. | 1134.4 | 858.7 | 8 | 0.3 | 1 | 4.6 | 4.3 | 458.1 | 38.2 | 65.8 | -14.6 | 141.7 | 26.7 |
Icodex Publishing Solutions INFORMATION ON IPO ISSUE
About Icodex Publishing Solutions
Icodex Publishing Solutions was incorporated on May 28, 2018. The company develops software products for scholarly publishing, supporting researchers and academicians. Its solutions cover the entire publishing process from manuscript preparation to print and digital distribution
Object of the Issue
- Capital expenditure towards the purchase of new office premises and hardware for the new office
- Working capital requirements of the company
- General corporate purposes
Icodex Publishing Solutions - PROMOTERS
| Name |
|---|
| Kamalakkannan Govindaraj |
| Chetan Shankarlal Soni |
Icodex Publishing Solutions - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Kamalakkannan Govindaraj | Chairman & Managing Director |
| Chetan Shankarlal Soni | Whole Time Director |
| Anand Pravin Pande | Non-Executive Director |
| Venkata Subbarao Kalva | Independent Director |
| Shilpa Kiran Gududur | Independent Director |
Icodex Publishing Solutions Book Running Lead Manager
Indcap Advisors Private Limited
smeipo@indcap.in
Icodex Publishing Solutions Registrar to the issue
Cameo Corporate Services Ltd
ipo@cameoindia.com
Icodex Publishing Solutions Strengths
Domain expertise
The company designs its products to meet publishing industry needs, backed by technical expertise and user-focused development. Feedback from authors helps tailor solutions that improve the overall publishing experience
Client relationship
The company has a long-term relationship with a global publishing client, expanding from basic tasks to project management, tech services, and customer support. Its industry experience and strong client ties have led to larger orders and improved operations
Technology focused business model
The company focuses on quality through agile methods and advanced technology, enabling efficient and flexible development. This approach has earned strong author satisfaction ratings over the past three years
Icodex Publishing Solutions Risks
Agreement risks
The company’s service agreements include termination clauses, and any breach could lead to contract cancellations. This may result in loss of business, profitability, and operational disruption
Competition
The publishing solutions market is fast-evolving and highly competitive, with the company facing pressure from both Indian and global players. Competitors vary in size and capabilities, offering services that the company may not fully match
Capital intensive
The company’s growth plans increase its working capital needs, making it dependent on steady cash flow and funding. Any delays or shortfalls in securing funds may impact operations, profitability, and financial health
IPO FAQs
This IPO consists of an offer for sale of up to Rs 7.4 crore, of 724,800 shares. It also consists of a fresh issue of Rs 34.6 crore.
The promoters of the company are Kamalakkannan Govindaraj and Chetan Shankarlal Soni.
The category allocation of qualified institutional buyers is 2.8%, the category allocation of non individual investors or high networth individuals is 48.6% and for retail investors it is 48.6%.
The price band of the IPO is Rs 98.0 - 102.0.
The IPO application opens on Aug 11, 2025 and closes on Aug 13, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 235,200.0, the maximum value for this IPO is Rs 244,800.0.
This IPO will be allotted on Aug 14, 2025.
The refund will be credited to your account on Aug 18, 2025.
The allotted shares will be credited to your demat on Aug 18, 2025.
Icodex Publishing Solutions Ltd.’s shares listed on the stock exchanges on Aug 19, 2025.