Bookbuilding IPO | ₹42 Cr | Listed at BSE SME | Mon, Aug 11, 2025 - Wed, Aug 13, 2025
Icodex Publishing Solutions IPO is a book build issue of ₹42.03 crores. The issue is a combination of fresh issue of 0.34 crore shares aggregating to ₹34.64 crores and offer for sale of 0.07 crore shares aggregating to ₹7.39 crores.
Icodex Publishing Solutions IPO bidding started from Aug 11, 2025 and ended on Aug 13, 2025. The allotment for Icodex Publishing Solutions IPO was finalized on Aug 14, 2025. The shares got listed on BSE SME on Aug 19, 2025.
Icodex Publishing Solutions IPO price band is set at ₹102 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,44,800 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,67,200.
Indcap Advisors Pvt.Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd..
Refer to Icodex Publishing Solutions IPO RHP for detailed Information.
IPO Open
Mon, Aug 11, 2025
IPO Close
Wed, Aug 13, 2025
Issue Price
₹102 per share
Market Cap (Pre-IPO)
₹159.50 Cr
| IPO Date | 11 to 13 Aug, 2025 |
| Listed on | Tue, Aug 19, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹98 to ₹102 |
| Issue Price | ₹102 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 41,20,800 shares (agg. up to ₹42 Cr) |
| Reserved for Market Maker | 2,06,400 shares Giriraj Stock Broking Pvt.Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 31,89,600 shares (agg. up to ₹33 Cr) |
| Offer for Sale | 7,24,800 shares of ₹10 (agg. up to ₹7 Cr) |
| Net Offered to Public | 39,14,400 shares (agg. up to ₹40 Cr) |
| Share Holding Pre Issue | 1,22,41,020 shares |
| Share Holding Post Issue | 1,56,37,020 shares |
| BSE Script Code | 544483 |
| ISIN | INE111601014 |
Icodex Publishing Solutions IPO comprises a total issue size of 41,20,800 shares. The net offer to the public is 39,14,400 shares, after excluding 2,06,400 shares allotted on a firm basis. Of the Net offer 1,08,000 (2.76%) are allocated to QIB, 19,03,200 (48.62%) allocated to NII 19,03,200 (48.62%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 1,08,000 | 2.76% | 2.62% |
| NII (HNI) Shares Offered | 19,03,200 | 48.62% | 46.19% |
| − bNII > ₹10L | 12,68,400 | 30.78% | |
| − sNII < ₹10L | 6,34,800 | 15.40% | |
| Retail Shares Offered | 19,03,200 | 48.62% | 46.19% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,06,400 | 5.01% | |
| Total Shares Offered | 41,20,800 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| 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 |
Incorporated in 2018, Icodex Publishing Solutions Limited is engaged in the business of Software Product Development for Scholarly Publishing.
The company develops software products that assist in publishing research papers and academic articles, supporting the entire process from manuscript preparation to print and digital content distribution.
The company offers Business Process Management services, including quality assurance, editorial services, and back-end support, to assist global publishing clients throughout the publishing process.
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.
Business Segment:
As of January 31, 2025, The company had 116 employees.
Competitive Strengths:
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.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 24.75 | 10.67 | 5.85 |
| Total Income | 22.08 | 10.99 | 9.72 |
| Profit After Tax | 8.96 | 4.40 | 1.81 |
| EBITDA | 13.43 | 4.26 | 1.95 |
| NET Worth | 19.05 | 8.59 | 4.19 |
| Reserves and Surplus | 6.81 | 8.59 | 4.19 |
| Total Borrowing | 2.99 | 0.88 | 0.02 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Purchase of new office premises | 16.70 |
| 2 | Purchase of hardware for new office | 1.12 |
| 3 | Working capital requirement | 5.20 |
| 4 | General Corporate Purpose | 6.40 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 |
| Promoter Holding | 88.24% | 64.46% |
| Market Cap | ₹159.50 Cr. |
The Icodex Publishing Solutions IPO is subscribed 3.95 times on August 13, 2025 5:04:35 PM (Day 3). The public issue subscribed 4.67 times in the individual investors category, 33.08 times in the QIB category, and 1.58 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 33.08 | 1,08,000 | 35,72,400 | 0 |
| NII* | 1.58 | 19,03,200 | 30,13,200 | 0 |
| bNII (bids above ₹10L) | 1.84 | 10,62,400 | 19,50,000 | |
| sNII (bids below ₹10L) | 1.68 | 6,34,400 | 10,63,200 | |
| Individual Investors | 4.67 | 19,03,200 | 88,84,800 | 0 |
| Total | 3.95 | 39,14,400 | 1,54,70,400 | 4,105 |
Total Application : 4,105
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees including Underwriting Commission | 4.85 |
| 2 | Commission / processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs. | 0.01 |
| 3 | Fees Payable to Registrar to the Issue | 0.04 |
| 4 | Fees Payable Advertising, Marketing Expenses, Publishing and Printing Expenses | 0.09 |
| 5 | Fees Payable to Regulators including Stock Exchanges and other Intermediaries | 0.09 |
| 6 | Fees payable to Peer Review Auditor | 0.01 |
| 7 | Fees Payable to Market Maker (for Three Years) | 0.04 |
| 8 | Others/Miscellaneous | 0.11 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹102.00 |
| Open | ₹81.60 |
| Low | ₹77.55 |
| High | ₹81.60 |
| Last Trade | ₹77.55 |
Lead Manager Reports
Icodex Publishing Solutions IPO is a SME IPO of 41,20,800 equity shares of the face value of ₹10 aggregating up to ₹42 Crores. The issue is priced at ₹102 per share. The minimum order quantity is 1200.
The IPO opens on Mon, Aug 11, 2025, and closes on Wed, Aug 13, 2025.
Cameo Corporate Services Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Icodex Publishing Solutions IPO using UPI as a payment gateway. Zerodha customers can apply in Icodex Publishing Solutions IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Icodex Publishing Solutions IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Icodex Publishing Solutions IPO opens on Mon, Aug 11, 2025 and closes on Wed, Aug 13, 2025.
Icodex Publishing Solutions IPO lot size is 1200, and the minimum amount required for application is ₹2,44,800, with 2 lots being the minimum application size.
You can apply in Icodex Publishing Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Icodex Publishing Solutions IPO will be done on Thursday, August 14, 2025, and the allotted shares will be credited to your demat account by Mon, Aug 18, 2025. Check the Icodex Publishing Solutions IPO allotment status.
The Icodex Publishing Solutions IPO listing date is on Tue, Aug 19, 2025.
