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IPO Analysis > icodex-publishing-solutions-bse-sme

Icodex Publishing Solutions IPO Logo 

Are You Ready For Icodex Publishing Solutions IPO?

With a Compound Annual Growth Rate (CAGR) of 10.3%, the publishing landscape in India is anticipating rapid industry growth between 2020 and 2026. The advent of digital mediums, like e-books and Kindles, is complementing the growth. Amidst these trends, Icodex Publishing Solutions is going public with its IPO.


The Icodex Publishing Solutions IPO is managed by Indcap Advisors Private Limited, while the registrar to the issue is Cameo Corporate Services Ltd. Click here to check the allotment status.


For more details regarding the Icodex Publishing Solutions IPO, click here to download the RHP.


Note: 50% shares will be unlocked 30 days after allotment, while the rest will be free from lock-in restrictions after 90 days.

Icodex Publishing Solutions: Company Profile


Particulars

Description

Incorporation

2018

Promoters

Chetan Shankarlal Soni and Kamalakkannan Govindaraj

Business

Developing and offering software and related services for the publication of scholarly work, such as academic articles, research papers, studies, etc.

Software

iCAPP, eAssistant, FlexyPage, PaperPerfect, etc

Certification

ISO/IEC 27001:2013

Business vertical

Software Product Development (17.28% of sales in 2025), Business Process Management (24.42% of sales in 2025) and Application Support and IT Management (58.30% of sales in 2025)

Customer segments

Publishers, institutes, researchers, authors, etc.

Popular clients

Blueberry, Wiley, ibeyond, etc.

Copy editing pages

1 Million+

Viewers

5 Million+

Proofs

10+

Competitor

MPS Limited


Exploring The Icodex Publishing Solutions IPO

This section covers the Icodex IPO in detail, including the Icodex Publishing Solutions IPO listing date, price, objectives and much more.

  • Icodex Publishing IPO Date


Event

IPO date

Opening date

11 August 2025

Closing date

13 August 2025

UPI closing

13 August 2025 (5 PM)

Final allotment

14 August 2025

Refund

18 August 2025

Credit of shares

18 August 2025

Listing

19 August 2025

Mandate end

28 August 2025

Lock-in end (half anchor investors)

13 September 2025

Lock-in end (half anchor investors)

12 November 2025


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  • Icodex Publishing IPO Price and Size


Parameter

Number of Equity Shares

Amount (₹ Crores)

Fresh Issue

33,96,000

34.64

Offer for Sale

7,24,800

7.39

Total Issue

41,20,800

42.03


  • Objectives


Particulars

Amount (₹ Lakh)

New office purchase

1669.64

Hardware for the new office

111.79

Working capital

520.00

General business use

Undisclosed


  • Other Takeaways


Particular

Details

Face Value (₹)

10

Lot size

1200

Price Range (₹)

98 to 102

Listed at

BSE SME


Categorisation of Different Investors


Category

Shares Available

Retail

Minimum 19,03,200 shares (48.62% of offer)

QIB

Maximum 1,08,000 shares (2.76% of offer)

NII

Minimum 19,03,200 shares (48.62% of offer)


Key Financials and Metrics You Must Know Before the Icodex Publishing Solutions IPO


Particulars

2025

2024

2023

Revenue from Operation (₹ Lakhs)

2187.74

1,040.07

953.67

Revenue Growth 

110.34%

9.06%

16.62%

EBITDA (₹ Lakhs)

1342.99

426.07

194.81

EBITDA Margin

61.39%

40.97%

20.43%

PAT (₹ Lakhs)

895.62

439.70

181.18

PAT Margin

40.56%

40.02%

18.64%

Net Worth (₹ Lakhs)

1904.65

859.03

419.33

RoNW

47.02%

51.19%

43.21%

EPS (after bonus issue) (₹)

7.32

3.66

1.51

NAV (after bonus) (₹)

15.56

7.16

3.49


Strengths and Risks

Analysis of the key strengths and weaknesses of the Icodex Publishing Solutions IPO is essential to optimally analyse the company IPO.


Strengths


  1. Optimal domain expertise.

  2. The leadership team possess optimal knowledge regarding the business.

  3. End-to-end and comprehensive business solution provider.

  4. Strong relationship with existing clientele.

  5. Business possesses a focus on technology.


Risks


  1. 99.28% of revenue was generated from the top 5 clients.

  2. As of 31 March 2025, 41.70% revenue came only from Global Publishing Company, which is based out of the USA.

  3. The company is susceptible to foreign currency exchange risks.

  4. Currently, operating out of a co-working space.

  5. Historic delay and errors in statutory filings.

Does Your Portfolio Need Icodex Publishing Solutions IPO?

As of 11:36 AM on 11 August 2025, the Icodex Publishing Solutions IPO GMP was trading at ₹14. However, the GMP is susceptible to change. So, click here to get the latest GMP update. Since the grey market performance is not the ultimate indicator of actual stock market performance, don’t forget to check out the complete IPO analysis.


Check to view the live subscription status and then choose Apply Now, if the Icodex IPO interests you!

FAQs

  1. What is the Icodex Publishing Solutions IPO allotment status?

Check the allotment status through the website of the registrar. Click here to check the allotment status. Moreover, you can also review the live subscription status through FinnPick.


  1. What is the Icodex Publishing Solutions IPO review?

The industry outlook for the company has certain positive reviews from experts, as reported by the RHP. The company operates with strong clientele and tech expertise. However, there is a high dependence on certain customers. It is important to optimally analyse the IPO before applying.


  1. What is the Icodex Publishing Solutions IPO GMP?

As of 11:36 AM on 11 August 2025, the Icodex Publishing Solutions IPO GMP was trading at ₹14. However, the GMP is susceptible to change. So, click here to get the latest GMP update.


  1. Do I need a demat account to invest in Icodex Publishing Solutions IPO?

Yes, a demat account is necessary to invest in any equity instrument, including IPOs. Click here to check out the ultimate curation of the best demat accounts in India to start your trading journey.


  1. When is the Icodex Publishing IPO date?

The IPO is set to open on 11 August 2025 and close on 13 August 2025. The UPI mandate for the IPO also closes at 5 PM on the same closing date.

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