Icodex Publishing Solutions IPO- Company Analysis

Icodex Publishing Solutions IPO- Company Analysis 

Icodex Publishing Solutions IPO under the SME IPO category is a bookbuilding issue of Rs. 42.03 Cr by Icodex Publishing Solutions Ltd, which was incorporated in 2018 and develops software products for scholarly publishing.

The company creates software packages that enable the full process of publishing research papers and academic publications, from preparing manuscripts to distributing print and digital content.

To help international publishing clients with the publication process, the organization provides Business Process Management services, such as editing services, quality assurance, and back-end support.

Business Unit:

• Development of Software Products for Publishing and Other Sectors:

• Application Support and IT Management 

• Business Process Management in the Publishing Sector
  
  

Icodex Publishing Solutions IPO Details

The Icodex Publishing Solutions IPO date is on 11 August 2025, and its initial public offering will end on 13 Aug with IPO allotment on Aug 14, and refund initiation on Aug 18, 2025.

The Rs. 42.03 crore new SME IPO comprises a wholly fresh issue of 33.96 lac Shares (Rs. 34.64 Cr) and an offer for sale (OFS) of 7.25 lac Shares (Rs. 7.39 Cr).

The Icodex Publishing Solutions IPO listing date (expected) might be on Tuesday, Aug 19, 2025, and listing at the BSE and SME. 

The Icodex Publishing Solutions IPO price band is Rs. 98 to Rs. 102.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Aug 11, 2025
IPO Closing Date	Aug 13, 2025
IPO Allotment Date	Aug 14, 2025
Refund Initiation	Aug 18, 2025
IPO Listing Date	Aug 19, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	24.75	10.67	5.85
Total Revenue	22.08	10.99	9.72
PAT	8.96	4.40	1.81
EBITDA	13.43	4.26	1.95
Net Worth	19.05	8.59	4.19
Reserves & Surplus	6.81	8.59	4.19
Borrowings	2.99	0.88	0.02

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	635.22	380.96	127.34
Net Cash Flow Investing Activities	(921.97)	(326.12)	(109.60)
Net Cash Flow Financing Activities	344.19	82.77	1.07

Revenue Bifurcation

Product-wise Revenue Breakdown

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Purchasing new office space. ~ Rs. 16.70

• Hardware acquisition for the new office. ~ Rs. 1.12 Cr.

• Working capital needs. ~ Rs. 5.20 Cr.

• General corporate purposes.
  
  

Listed Peers of Icodex Publishing Solutions Ltd.

Company Name	P/E (x)
MPS Limited	38.02

 

Valuation

Metric	Value
ROE	47.51%
ROCE	110.07%
Debt/Equity	0.16
RoNW	47.02%
PAT Margin	40.56%
Price to Book Value	14.25
EBITDA Margin	61.39%

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2024 with an EPS of Rs. 7.32 from the last year, the resulting P/E ratio is 13.93x (taking the upper price). When compared with the industry’s average P/E of 38.02x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

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IPO's Strengths 

• Domain knowledge.

• seasoned leadership and management group.

• Solid rapport with current clients.

• Provider of complete publishing solutions for the publishing industry.

• A business model that is centered on technology.

 

 

IPO’s Weaknesses 

• A significant amount of Icodex's income comes from government agencies, academic organizations, and universities. Revenue flow may be significantly impacted by any modifications to government procurement regulations, budget cuts, or late payments.

• In order to finance printing, content creation, and distribution, the publishing sector needs significant working capital. Liquidity may be strained by delayed receivables, particularly from government agencies.

• The business is subject to intellectual property issues as a content publisher, including copyright conflicts and licensing difficulties. Additionally, operations may be impacted if regulatory agencies tighten publishing standards.

Icodex Publishing Solutions IPO GMP (Grey Market Premium)

Icodex Publishing Solutions IPO GMP today is Rs. 2 as of 08 Aug 2025 at the time of writing this information. Hence, the Icodex Publishing Solutions IPO listing price (estimated) might be Rs. 104 (upper price + current GMP or grey market premium).

Icodex Publishing Solutions IPO Summary

The Icodex IPO has a market maker portion size of 2,06,400 Shares (Rs. 2.11 Cr).

IPO Opening & Closing Date	11 Aug, 2025 to 13 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 98 to Rs. 102 per Share.
Lot Size	1200 Shares
Issue Size	41,20,800 Shares (Rs. 42.03 Cr)
Offer for Sale	7,24,800 Shares (Rs. 7.39 Cr)
Fresh Issue	31,89,600 Shares (Rs. 32.53 Cr)
Listing at	BSE, SME
Issue Type	Bookbuilding IPO
Registrar	Cameo Corporate Services Limited

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,44,800 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (3600 Shares) for Rs. 3,67,200.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	2.62%
Retail’s Portion	46.19%
Non-Institutional Portion	46.19%

Icodex Publishing Solutions IPO Allotment Status

To check the Icodex Publishing Solutions IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website or Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Icodex Publishing Solutions Ltd.

• Kamalakkannan Govindaraj

• Chetan Shankaralal Soni.
  
  

Pre-Issue Promoter Shareholding	88.24%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Indcap Advisors Pvt. Ltd.

Dividend Policy

The company has not paid any dividends since its incorporation.

Conclusion

With remarkable financial growth and strong margins, Icodex Publishing Solutions IPO provides a tech-driven business strategy that serves the global scholarly publishing industry. In comparison to its listed peers, its values seem appealing, which could indicate that it is an undervalued SME tech stock. It has high client concentration in the academic and government sectors and the risks of digital disruption. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.