Comparison between Icodex Publishing Solutions IPO and Shining Tools IPO.
Icodex Publishing Solutions IPO is a SME Fixed Price IPO proposed to list at BSE SME while Shining Tools IPO is a SME Fixed Price proposed to list at BSE SME.
| Icodex Publishing Solutions IPO | Shining Tools IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Fixed Price |
| Listing At | BSE SME | BSE SME |
| Lead Managers | Indcap Advisors Pvt.Ltd. | Sobhagya Capital Options Pvt.Ltd. |
| Registrar | Cameo Corporate Services Ltd. | Maashitla Securities Pvt.Ltd. |
| Market Maker | Giriraj Stock Broking Pvt.Ltd. | Aftertrade Broking Pvt.Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | ||
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of Icodex Publishing Solutions IPO is up to ₹39.93 Cr whereas the issue size of the Shining Tools IPO is up to ₹16.24 Cr. The final issue price of Icodex Publishing Solutions IPO is ₹102.00 per share and of Shining Tools IPO is ₹114.00 per share.
| Icodex Publishing Solutions IPO | Shining Tools IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹98.00 per share | |
| Issue Price (Upper) | ₹102.00 per share | |
| Issue Price (Final) | ₹102.00 per share | ₹114.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1200 shares | 1200 shares |
| Fresh Issue Size | 31,89,600 shares | 14,24,400 shares |
| Fresh Issue Size (Amount) | up to ₹32.53 Cr | up to ₹16.24 Cr |
| OFS Issue Size | 7,24,800 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹7.39 Cr | up to ₹0.00 Cr |
| Issue Size Total | 39,14,400 shares | 14,24,400 shares |
| Issue Size Total (Amount) | up to ₹39.93 Cr | up to ₹16.24 Cr |
Icodex Publishing Solutions IPO opens on Aug 11, 2025, while Shining Tools IPO opens on Nov 07, 2025. The closing date of Icodex Publishing Solutions IPO and Shining Tools IPO is Aug 13, 2025, and Nov 11, 2025, respectively.
| Icodex Publishing Solutions IPO | Shining Tools IPO | |
|---|---|---|
| Anchor Bid Date | ||
| Issue Open | Aug 11, 2025 | Nov 07, 2025 |
| Issue Close | Aug 13, 2025 | Nov 11, 2025 |
| Basis Of Allotment (Tentative) | Aug 14, 2025 | Nov 12, 2025 |
| Initiation of Refunds (Tentative) | Aug 18, 2025 | Nov 13, 2025 |
| Credit of Share (Tentative) | Aug 18, 2025 | Nov 13, 2025 |
| Listing date (Tentative) | Aug 19, 2025 | Nov 14, 2025 |
| Anchor Lockin End date 1 | ||
| Anchor Lockin End date 2 |
Icodex Publishing Solutions IPO P/E ratio is 13.94, as compared to Shining Tools IPO P/E ratio of 16.18.
| Icodex Publishing Solutions IPO | Shining Tools IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financials | Company Financials (Restated)Icodex Publishing Solutions Ltd.'s revenue increased by 101% and profit after tax (PAT) rose by 104% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated)Shining Tools Ltd.'s revenue increased by 39% and profit after tax (PAT) rose by 86% between the financial year ending with March 31, 2025 and March 31, 2024.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Pre-Issue) | 88.24 | 96.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 64.46 | 70.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 13.94 | 16.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹159.50 Cr. | ₹64.51 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 47.51% | 49.59% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 110.07% | 29.61% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹7.32 | ₹7.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 47.02% | 36.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Icodex Publishing Solutions IPO Retail Individual Investors (RII) are offered 19,03,200 shares while in Shining Tools IPO retail investors are offered 19,03,200 shares. Qualified Institutional Buyers (QIB) are offered 1,08,000 shares in Icodex Publishing Solutions IPO and 0 shares in Shining Tools IPO.
| Icodex Publishing Solutions IPO | Shining Tools IPO | |
|---|---|---|
| Anchor Investor Reservation | 0 shares | |
| Market Maker Reservation | 2,06,400 shares | 75,600 shares |
| QIB | 1,08,000 shares | 0 shares |
| NII | 19,03,200 shares | 7,12,200 shares |
| RII | 19,03,200 shares | 7,12,200 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 39,14,400 shares | 14,24,400 shares |
Icodex Publishing Solutions IPO subscribed 3.95x in total, whereas Shining Tools IPO subscribed 1.15x.
| Icodex Publishing Solutions IPO | Shining Tools IPO | |
|---|---|---|
| QIB (times) | 33.08x | |
| NII (times) | 1.58x | 0.43x |
| Big NII (times) | 1.84x | |
| Small NII (times) | 1.68x | |
| RII (times) | 4.67x | 1.87x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 3.95x | 1.15x |
