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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 ₹102.00 per share . The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,44,800.00 (2,400 shares) (based on upper price). The minimum lot size investment for 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 Date | August 11, 2025 to August 13, 2025 |
| Listing Date | August 19, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹98 to ₹102 per share |
| Issue Price Final | ₹102 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 41,20,800 shares (aggregating up to ₹42.03 Cr) |
| Reserved for Market Maker | 2,06,400 shares Giriraj Stock Broking Pvt.Ltd. (aggregating up to ₹2.11 Cr) |
| Fresh Issue (Ex Market Maker) | 31,89,600 shares (aggregating up to ₹32.53 Cr) |
| Offer for Sale | 7,24,800 shares of ₹10 (aggregating up to ₹7.39 Cr) |
| Net Offered to Public | 39,14,400 shares (aggregating up to ₹39.93 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,22,41,020 shares |
| Share Holding Post Issue | 1,56,37,020 shares |
Icodex Publishing Solutions IPO offers total 41,20,800 shares. Out of which 1,08,000 (2.62%) allocated to QIB, 19,03,200 (46.19%) allocated to NII, 19,03,200 (46.19%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,06,400 (5.01%) |
| QIB Shares Offered | 1,08,000 (2.62%) |
| NII (HNI) Shares Offered | 19,03,200 (46.19%) |
| − bNII > ₹10L | 12,68,400 (30.78%) |
| − sNII < ₹10L | 6,34,800 (15.40%) |
| Retail Shares Offered | 19,03,200 (46.19%) |
| Total Shares Offered | 41,20,800 (100.00%) |
Icodex Publishing Solutions IPO opens on August 11, 2025, and closes on August 13, 2025.
| IPO Open Date | Mon, Aug 11, 2025 |
| IPO Close Date | Wed, Aug 13, 2025 |
| Tentative Allotment | Thu, Aug 14, 2025 |
| Initiation of Refunds | Mon, Aug 18, 2025 |
| Credit of Shares to Demat | Mon, Aug 18, 2025 |
| Tentative Listing Date | Tue, Aug 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Aug 13, 2025 |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 market capitalization of Icodex Publishing Solutions IPO is ₹159.50 Cr.
KPI as of Mon, Mar 31, 2025.
| 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 Rs | 7.32 | 5.73 |
| P/E (x) | 13.94 | 17.81 |
The Company Icodex Publishing Solutions IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 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 |
[Dilip Davda] IPSL is engaged in providing software solutions for scholarly publications etc. The company marked growth in its top and bottom lines for the reported periods. Boosted profits from FY24 onwards raise eyebrows and concern over its sustainability. Based on its recent financial data, considering its non-convincing margins, the issue appears aggressively priced There is no harm in skipping this pricey issue with dicey performances. Read detail review...
| Listing Date | August 19, 2025 |
| BSE Script Code | 544483 |
| NSE Symbol | |
| ISIN | INE111601014 |
| Final Issue Price | ₹102 per share |
| BSE Listing Group | M |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹102.00 |
| Open | ₹81.60 |
| Low | ₹77.55 |
| High | ₹81.60 |
| Last Trade | ₹77.55 |
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/
Cameo Corporate Services Ltd.
Phone: +91-44-28460390
Email: ipo@cameoindia.com
Website: https://ipo.cameoindia.com/
Icodex Publishing Solutions IPO is a SME IPO of 41,20,800 equity shares of the face value of ₹10 aggregating up to ₹42.03 Crores. The issue is priced at ₹102 per share. The minimum order quantity is 1200.
The IPO opens on August 11, 2025, and closes on August 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 August 11, 2025 and closes on August 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 Monday, August 18, 2025. Check the Icodex Publishing Solutions IPO allotment status.
The Icodex Publishing Solutions IPO listing date is on Tuesday, August 19, 2025.
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