Icodex Publishing Solutions SME IPO
ListedBSE SMEOpens 11 August 2025Closes 13 August 2025
Icodex Publishing Solutions Limited is a software development and Business Process Management (BPM) company that provides end-to-end solutions for the scholarly and academic publishing industry. The company specializes…
Icodex Publishing Solutions Limited is a software development and Business Process Management (BPM) company that provides end-to-end solutions for the scholarly and academic publishing industry. The company specializes in developing publishing products and software that streamline the entire publishing workflow, from manuscript preparation to print and digital content distribution. Its services include software development for the publishing and other industries, business process management for the publishing industry (e.g., editorial services, quality checks), and application support and IT management. The business model is focused on technology-driven solutions that help clients with publishing automation, content transformation, and workflow management.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
11 Aug 2025
IPO Closes
13 Aug 2025
Allotment
14 Aug 2025
Listing
19 Aug 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 11 August 2025 |
| IPO Close Date | 13 August 2025 |
| Allotment Date | 14 August 2025 |
| Listing Date | 19 August 2025 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,44,800 |
SHNI (Min) | 3 | ₹3,67,200 |
SHNI (Max) | 8 | ₹9,79,200 |
BHNIAbove ₹10,00,000 | 9 | ₹11,01,600 |
IPO Objectives
- Purchase of new office premises.
- Purchase of hardware for new office.
- Working capital requirement.
- General Corporate Purpose.
Strengths
- They have a deep understanding of the publishing industry, with experienced leaders and a business model that uses AI, automation, and SaaS to offer a complete solution.
- The company has strong relationships with its customers, as shown by growing business from a major global client.
- They have a technology-focused business model, using modern tools like AI and SaaS to create efficient and flexible workflows for their clients.
- They have a healthy and consistent financial record, showing solid revenue and profit growth, especially in FY24 and FY25, and good return ratios.
- The company is in a very financially stable position with a low debt-to-equity ratio, which is a great sign for potential investors.
Weaknesses
- There's a significant client concentration risk, with a lot of their revenue coming from a single global publishing partner.
- The sudden increase in profits from FY24 onwards could be a concern, as it might not be sustainable and could be seen as an effort to make the company look more appealing before the IPO.
- Since a large part of their business is with international clients, the company is exposed to foreign exchange rate fluctuations, which could negatively impact their finances.
- The business is dependent on working capital, meaning they need timely access to funds to keep operations running and support future growth.
- They face the risk of their technology becoming outdated in the fast-paced software industry and also face competition from both new and established players.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 24.75 | 10.67 | 5.85 |
| Revenue (₹ Cr.) | 22.08 | 10.99 | 9.72 |
| PAT (₹ Cr.) | 8.96 | 4.4 | 1.81 |
| Net Worth (₹ Cr.) | 19.05 | 8.59 | 4.19 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Icodex Publishing | 14.25 | 17.81 | 47.51% | 19.05 |
| MPS Limited | 8.1 | 24.47 | 31.12% | 478 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 1x | 1x | 33.08x |
| NII | 0.45x | 0.64x | 1.58x |
| S-HNI | 0.09x | 0.28x | 1.68x |
| B-HNI | 0.75x | 0.98x | 1.84x |
| RII | 0.33x | 1.13x | 4.65x |
| Total | 0.41x | 0.89x | 3.94x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 1,08,000 | 35,72,400 | 36.44 |
| NII | 19,03,200 | 30,13,200 | 30.73 |
| Small NII | 6,34,400 | 10,63,200 | 10.84 |
| Big NII | 10,62,400 | 19,50,000 | 19.89 |
| RII | 19,03,200 | 88,53,600 | 90.31 |
| Total | 39,14,400 | 1,54,39,200 | 157.48 |
Company Details
- Icodex Publishing Solutions Ltd.
- 102, First Floor, Suman Business Park, Kalyani Nagar, Viman Nagar, Pune, Maharashtra-411014
- +91 8856907928
- cs@icodexsolutions.com
- https://icodexsolutions.com/
Registrar Details
- Cameo Corporate Services Limited
- +91-44-28460390
- ipo@cameoindia.com
- https://ipo.cameoindia.com/
Frequently Asked Questions
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Sources
We match Icodex Publishing Solutions SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Cameo Corporate Services LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.