Icodex Publishing Solutions IPO
Icodex Publishing Solutions IPO
Overview
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 opens for subscription on Aug 11, 2025 and closes on Aug 13, 2025. The allotment for the Icodex Publishing Solutions IPO is expected to be finalized on Aug 14, 2025. Icodex Publishing Solutions IPO will list on BSE SME with a tentative listing date fixed as Aug 19, 2025. Icodex Publishing Solutions IPO price band is set at ₹98.00 to ₹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 ₹2,35,200.00 (2,400 shares). The minimum lot size investment for HNI is 3 lots (3,600 shares), amounting to ₹3,67,200.
Total Shares
41,20,800
Issue Size
₹42.03 Cr
Price Band
₹98 – ₹102
Lot Size
1200 shares
Min. Investment
₹2,44,800
Max. Investment
₹2,44,800
Open Date
11 Aug, 2025
Close Date
13 Aug, 2025
Allotment
14 Aug, 2025
Listing
19 Aug, 2025
Max. Investment
₹2,44,800
Announced
11 Aug, 2025
Opening Date
11 Aug, 2025
Closing Date
13 Aug, 2025
Basis of Allotment
14 Aug, 2025
Initiation of Refunds
18 Aug, 2025
Credit of Shares
18 Aug, 2025
Listing Date
19 Aug, 2025
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About Icodex Publishing Solutions IPO
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
Icodex Publishing Solutions IPO Share Price
Issue Breakdown
Shareholding
Dilution: 27.7% increase in shares
Icodex Publishing Solutions IPO Promoters Holding
Icodex Publishing Solutions IPO Financial Health
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.
Icodex Publishing Solutions IPO Lot Size
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 | 2400 | ₹2,44,800 |
| Individual investors (Retail) (Max) | 2 | 2400 | ₹2,44,800 |
| S-HNI (Min) | 3 | 3600 | ₹3,67,200 |
| S-HNI (Max) | 8 | 9600 | ₹9,79,200 |
| B-HNI (Min) | 9 | 10800 | ₹11,01,600 |
(All values in CR)
Icodex Publishing Solutions IPO Valuations
The market capitalization of Icodex Publishing Solutions IPO is ₹159.50 Cr. KPI as of Mon, Mar 31, 2025.
| Metric | Value |
|---|---|
| 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 |
(All values in CR)
Icodex Publishing Solutions IPO Strength & Risk
Icodex Publishing Solutions IPO Strength:
End-to-end publishing and ed-tech solutions for educational institutions.
Consistent revenue growth: ₹8.22 Cr (FY22) → ₹10.99 Cr (FY24).
PAT increased from ₹1.29 Cr (FY22) to ₹4.40 Cr (FY24).
Improving profit margins and strong YoY net worth growth (88.97%).
Promoter-driven company with experienced leadership.
Lean and capital-efficient operations.
Icodex Publishing Solutions IPO Risk:
Small scale of operations (₹11 Cr revenue in FY24).
Limited market visibility and no prior listing history.
High client concentration risk due to niche domain.
Low paid-up capital (₹12.24 Cr) may constrain scalability.
SME listing may lead to low liquidity and high price volatility.
Icodex Publishing Solutions IPO Subscriptions Status
Icodex Publishing Solutions IPO subscribed 3.95 times. The public issue subscribed 4.67 times in the individual investors category, 33.08 times in QIB (Ex Anchor), and 1.58 times in the NII category by August 13, 2025 5:04:35 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Market Maker | 1.00 | 2,06,400 | 2,06,400 | 2.105 |
| QIB (Ex Anchor) | 33.08 | 1,08,000 | 35,72,400 | 36.438 |
| Non-Institutional Buyers | 1.58 | 19,03,200 | 30,13,200 | 30.735 |
| bNII (bids above ₹10L) | 1.84 | 10,62,400 | 19,50,000 | 19.89 |
| sNII (bids below ₹10L) | 1.68 | 6,34,400 | 10,63,200 | 10.845 |
| Individual Investors (IND category bidding for 2 Lots) | 4.67 | 19,03,200 | 88,84,800 | 90.625 |
| Total | 3.95 | 39,14,400 | 1,54,70,400 | 157.798 |
Icodex Publishing Solutions IPO GMP
Icodex Publishing Solutions SME IPO last GMP is ₹0, last updated Aug 14th 2025 05:00 PM. With the price band of 102.00, Icodex Publishing Solutions SME IPO's estimated listing price is ₹102 (cap price + today's GMP).The expected percentage gain/loss per share is 0.00%. The lowest GMP is ₹0.00, while the highest GMP is ₹14.00.
Last updated 14 Aug, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 14 Aug, 2025 | 102 | ₹0 | - | ₹102 (0.00%) | - | 14 Aug, 2025 |
| 13 Aug, 2025 | 102 | ₹0▼ | - | ₹102 (0.00%) | - | 13 Aug, 2025 |
| 12 Aug, 2025 | 102 | ₹14 | 12800 | ₹116 (13.73%) | 16800 | 12 Aug, 2025 |
| 11 Aug, 2025 | 102 | ₹14 | 12800 | ₹116 (13.73%) | 16800 | 11 Aug, 2025 |
| 10 Aug, 2025 | 102 | ₹14▲ | 12800 | ₹116 (13.73%) | 16800 | 10 Aug, 2025 |
| 09 Aug, 2025 | 102 | ₹2 | 1800 | ₹104 (1.96%) | 2400 | 09 Aug, 2025 |
| 08 Aug, 2025 | 102 | ₹2▲ | 1800 | ₹104 (1.96%) | 2400 | 08 Aug, 2025 |
| 07 Aug, 2025 | 102 | ₹0 | - | - | - | 07 Aug, 2025 |
| 06 Aug, 2025 | 102 | ₹0 | - | - | - | 06 Aug, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Icodex Publishing Solutions IPO
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Go to IPO Section
Find Icodex Publishing Solutions IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
Enter UPI ID and Submit
Provide your UPI ID linked to your bank account and submit the application.
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Open your UPI app (Google Pay, PhonePe, Paytm, BHIM) and approve the IPO payment request.
Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.