Icodex Publishing Solutions Limited is set to launch its Initial Public Offering (IPO), offering investors a chance to participate in a technology-driven company specialising in the software sector for the scholarly and academic publishing industry. The company provides a comprehensive suite of products and services that streamline the entire publishing workflow, from manuscript preparation to content distribution.
This article provides key details about the Icodex Publishing Solutions IPO for prospective investors.
About Icodex Publishing Solutions Ltd.
Incorporated in 2018, Icodex Publishing Solutions Limited specialises in software development for Scholarly publishing. The company creates solutions that streamline the publishing process, from manuscript preparation to content distribution in both print and digital formats.
Icodex offers Business Process Management (BPM) services, including quality assurance, editorial support, and IT services like infrastructure management and backend support. These services cater to global publishing clients, enhancing the overall publishing workflow.
The company operates in three key segments:
- Software Product Development – Providing SaaS solutions, automation tools, and ERP management for the publishing industry.
- Business Process Management – Offering AI-driven quality checks, editorial services, and print distribution support.
- Application Support & IT Management – Delivering technical support and IT infrastructure management.
Icodex Publishing Solutions IPO Details
The Icodex Publishing Solutions IPO is an SME IPO and a book-building issue aiming to raise ₹42.03 crore. It consists of a fresh issue of 33.96 lakh shares (aggregating up to ₹34.64 Cr) and an Offer for Sale (OFS) of 7.25 lakh shares (aggregating up to ₹7.39 Cr). The IPO will be listed on the BSE SME platform.
Important IPO Timeline
| Event | Date |
| 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 Aug 13, 2025 |
Key IPO Details
| Particulars | Details |
| IPO Date | August 11, 2025 to August 13, 2025 |
| Listing Date | – |
| Face Value | ₹10 per share |
| Issue Price Band | ₹98 to ₹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 (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 |
| Shareholding (Pre-Issue) | 1,22,41,020 shares |
| Shareholding (Post-Issue) | 1,56,37,020 shares |
Lot Size of Icodex Publishing Solutions
| 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 |
Icodex Publishing Solutions Limited Financials
The company has shown strong financial growth. The total income for FY25 was ₹22.08 crore, a significant increase from ₹10.99 crore in FY24. Profit After Tax (PAT) also saw a substantial rise, from ₹4.40 crore in FY24 to ₹8.96 crore in FY25. This growth highlights the company’s strong operational performance and increasing demand for its services in the global publishing market.
Key Performance Indicators (as of March 31, 2025)
- ROE (Return on Equity): 68.79%
- ROCE (Return on Capital Employed): 65.56%
- Debt/Equity: 0.10
- PAT Margin: 40.58%
- EBITDA Margin: 60.83%
- Price to Book Value: 8.35
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 24.75 | 10.67 | 5.85 |
| Total Income (₹ Cr) | 22.08 | 10.99 | 9.72 |
| Profit After Tax (₹ Cr) | 8.96 | 4 | 1.81 |
| EBITDA (₹ Cr) | 13.43 | 4.26 | 1.95 |
| Net Worth (₹ Cr) | 19.05 | 8.59 | 4.19 |
| Reserves and Surplus (₹ Cr) | 6.81 | 8.59 | 4.19 |
| Total Borrowing (₹ Cr) | 2.99 | 0.88 | 0.02 |
Icodex Publishing Solution Ltd.: Industry Outlook
- Shift to Digital: Growing demand for digital publishing and content distribution solutions.
- Tech Integration: Increased adoption of AI, automation, and SaaS in publishing.
- Research Growth: Rising demand for scholarly publishing solutions.
- Industry Consolidation: Mergers and acquisitions are driving growth opportunities.
- Tech Investments: More investment in ERP systems and AI by publishing companies.
Use of IPO Proceeds
The funds raised from the fresh issue component of the IPO are intended for several strategic purposes, primarily focused on capital expenditure and operational needs.
| S.No. | Purpose of the Issue | Estimated Amount (₹ in crores) |
| 1 | Acquisition of new office premises | 16.70 |
| 2 | Procurement of hardware for the new office | 1.12 |
| 3 | Requirement for working capital | 5 |
| 4 | General corporate expenses | — |
Icodex Publishing Solutions IPO Peer Comparison
Icodex Publishing Solutions Limited operates in a niche segment of the software and publishing industry. While direct, strictly comparable peers are not available, companies like MPS Limited can be used for a broad comparison. Investors should carefully review the company’s financial metrics against these peers to assess its valuation and market position within the technology and publishing ecosystem.
Conclusion
The Icodex Publishing Solutions IPO presents an investment opportunity in a high-growth sector. The company’s focus on technology and software development for the publishing industry, combined with its robust financial performance, makes it an interesting prospect. Investors should carefully evaluate the company’s financials, the use of IPO proceeds, and the competitive landscape before making an investment decision.
