Icodex Publishing Solutions Limited is launching an IPO with a total offering of 41,20,800 equity shares, each with a face value of ₹10. This includes a fresh issue of 33,96,000 equity shares of face value ₹10/- each (including 2,06,400 shares that are Reserved for Market Maker), and an offer for sale of 7,24,800 equity shares of face value ₹10/- each. The company plans to use the funds raised for acquiring new office premises and IT hardware, funding working capital requirements, and meeting general corporate purposes.

Icodex Publishing Solutions Ltd IPO – Important Dates

Icodex Publishing Solutions Ltd IPO Date	August 11, 2025, to August 13, 2025.
Icodex Publishing Solutions Ltd IPO Listing Date	August 19, 2025
Icodex Publishing Solutions Ltd IPO Price	₹98 to ₹102 per share
Icodex Publishing Solutions Ltd IPO Lot Size	1200 Shares
Icodex Publishing Solutions Ltd IPO Total Issue Size	41,20,800 shares
Icodex Publishing Solutions Ltd IPO Basis of Allotment	August 14, 2025
Icodex Publishing Solutions Ltd IPO Initiation of Refunds	August 18, 2025
Icodex Publishing Solutions Ltd IPO Credit of Shares to Demat	August 18, 2025
Icodex Publishing Solutions Ltd IPO Issue Type	Bookbuilding IPO
Icodex Publishing Solutions Ltd IPO Listing At	BSE SME

Icodex Publishing Solutions Ltd IPO – Company Profile

Icodex Publishing Solutions Limited, incorporated in 2018, specialises in software product development and business process management (BPM) for the scholarly and academic publishing sector. Its technology-driven offerings include ERP and SaaS platforms like iCAPP, PaperPerfect, eAssistant, iProof, and Flexypage, designed to streamline workflows from manuscript submission to final publication, supported by editorial, quality check, and automation tools.

The company also provides AI-enabled BPM services such as quality assurance, print and distribution logistics, invoice processing, and content preparation, along with IT and infrastructure management. Holding an ISO/IEC 27001:2013 certification, Icodex emphasises security and operational efficiency.

Serving a key global publishing client based in the U.S., Icodex leverages its domain expertise, strong customer relationships, and experienced leadership to drive growth. With 116 employees as of January 31, 2025, IPO proceeds are earmarked for expansion, working capital, and general corporate purposes.

Icodex Publishing Solutions Ltd IPO Fundamental Analysis 

Icodex Publishing Solutions Limited’s financial analysis reveals a growing performance. Revenue has increased, along with an increase in profitability. There is an increase in the EPS, and a decline in RoNW, along with asset growth and rising liabilities, indicating potential operational efficiency.

• Revenue Trend: The revenue has increased from ₹1,040.07 lakhs in March 2024 to ₹2,187.74 lakhs in March 2025.
• Equity and Liabilities: Equities have shown a consistent increase over the periods, reflecting potential growth and expansion. 
• Profitability: The profit after tax (PAT) has significantly increased from ₹439.70 lakhs in March 2024 to ₹895.62 lakhs in March 2025. 
• Earnings per Share (EPS): The basic EPS has increased from ₹3.66 in March 2024 to ₹7.32 in March 2025, reflecting higher earnings per share for investors. 
• Return on Net Worth (RoNW): The RoNW has decreased from 51.19% to 47.02%, indicating a decline in the company’s ability to generate returns on shareholder equity. 
• Financial Position: Total assets have increased, suggesting business expansion. However, the decline in the current ratio reflects a reduced capacity to meet short-term obligations compared to the previous year.

Icodex Publishing Solutions Ltd IPO Financial Analysis

Particular	As of 31 March 2023	As of 31 March 2024	As of 31 March 2025
Revenue From Operations (₹ in lakhs)	953.67	1,040.07	2,187.74
Total Income (₹ in lakhs)	971.76	1,098.62	2,207.88
EBITDA (₹in lakhs)	194.81	426.07	1342.99
EBITDA Margin (%)	20.43%	40.97%	61.39%
Profit After Tax (₹ in lakhs)	181.18	439.70	895.62
Earnings per Share (EPS)	1.51	3.66	7.32
Return on Net Worth (%)	43.21%	51.19%	47.02%
Return on Capital Employed (%)	51.62%	74.17%	110.07%
Debt-Equity Ratio	0.005	0.10	0.16
Current Ratio	2.47	2.58	2.03

Icodex Publishing Solutions Ltd IPO Peer Comparison

Icodex Publishing Solutions Limited reports strong profitability with a notably high EBITDA margin. MPS Limited operates on a much larger scale with substantially higher revenue and profit, supported by a healthy P/E ratio, though its operating efficiency is comparatively lower than that of Icodex.

Name of the Company	Revenue from Operation (₹ in Lakhs)	PAT(₹ in Lakhs)	P/E Ratio	EBITDA	EBITDAMargin(%)
IcodexPublishingSolutionsLimited	2187.74	895.62	–	1,342.99	61.39%
MPSLimited	72,689	14,891	38.02	21,090	29.01%

Icodex Publishing Solutions Ltd IPO Objective

The main objectives of Icodex Publishing Solutions Ltd include utilizing the Net Proceeds from the Issue for acquiring new office premises and IT hardware, funding working capital requirements, and meeting general corporate purposes.

1. For acquisition of new office premises along with the purchase of hardware for the new office: The Company, engaged in software product development for the scholarly publishing industry, plans to expand its workforce from 116 to 200 by FY 2025-26 and consolidate operations under one roof by acquiring new office premises in Pune. It will utilise ₹1,669.64 lakhs from IPO proceeds for the office purchase and ₹111.79 lakhs for IT hardware, supporting growth plans, new B2C product launches, and a stronger domestic market presence.

2. To fund the Working capital requirements of the company: The company will allocate ₹520.00 lakhs from the Fresh Issue towards working capital needs, supplementing existing short-term borrowings and internal accruals. This funding will support expansion, growth opportunities, and operational objectives, aiming to boost revenue and profitability.

3. To meet general corporate requirements: The Company proposes to deploy the balance proceeds towards general corporate purposes as approved by its management from time to time, subject to such utilisation not exceeding 25% of the amount raised by the Company through this offer.

Icodex Publishing Solutions Ltd IPO Risks And Challenges

Icodex Publishing Solutions Limited is exposed to risks arising from its dependence on a limited number of clients, particularly a key U.S.-based publishing partner, as well as its reliance on leased co-working premises, pending trademark registration, and agreements with termination clauses, which collectively could lead to significant operational, financial, and brand-related impacts.

• The company relies heavily on a small number of customers, and the loss of any key client could significantly impact profitability and operations.

• A major share of revenue comes from a U.S.-based global publishing company, making the business vulnerable to U.S. economic conditions, policy changes, and regulatory shifts affecting service supply to the country.

• Operations are conducted from a co-working space, and the company does not own its registered office premises.

• The company’s logo is under trademark registration; failure to secure registration or any infringement, misuse, or negative publicity could harm brand value and growth prospects.

• Customer service agreements include termination clauses; breaches could lead to contract cancellations and loss of business.

Icodex Publishing Solutions Ltd IPO – Industry & Market Potential

The academic and scholarly publishing industry is in the midst of a major transformation, propelled by the shift toward digital-first workflows, automation, and AI-powered solutions. Publishers, research institutions, and academic bodies are increasingly seeking efficient, accurate, and scalable publishing processes. Global trends such as digitisation, growing content volumes, and the push for faster peer review and publication cycles are creating strong demand for technology-driven platforms and specialised business process management (BPM) services.

In this evolving environment, Icodex Publishing Solutions Limited is well placed to capture emerging opportunities. The company operates in a tightly focused niche, delivering end-to-end publishing solutions that cover manuscript management, peer review, formatting, distribution, and editorial support. Its proprietary cloud-based platforms, including iCAPP and PaperPerfect, are designed to meet the specific needs of the academic publishing ecosystem.

Icodex competes with established players like MPS Ltd., Cactus Communications, TNQ Tech, and Lumina Datamatics, but stands out through its in-house SaaS tools, AI-enabled automation, and domain-specific BPM expertise. These strengths position the company to benefit from the industry’s digital transformation while enabling it to scale into new markets such as universities, academic journals, and emerging publishing houses, alongside driving innovation through AI-based enhancements.

Icodex Publishing Solutions Ltd IPO – Type of Offer

Icodex Publishing Solutions Limited plans to issue 41,20,800 equity shares of face value ₹10/- each, which includes fresh issue of 33,96,000 equity shares of face value ₹10/- each and an offer for sale of 7,24,800 equity shares of face value ₹10/- each to fund its working capital and meet general corporate requirements. 

1. Fresh Issue: The company will issue 33,96,000 new shares of face value ₹10/- each new share (including 2,06,400 shares that are Reserved for Market Maker) to raise capital. The company plans to use the proceeds from the fresh issue to acquire new office premises and IT hardware, fund working capital needs, and cover general corporate purposes.

2. Offer for sale: Icodex Publishing Solutions Limited is offering to sell 7,24,800 existing shares of face value ₹10/-. The following are the details of the existing shareholders who are also the promoters selling the shares:

Name of the promoter selling shareholder

Kamalakkannan Govindaraj

Chetan Shankarlal Soni

Icodex Publishing Solutions Ltd IPO Offer Size

The offer size of Icodex Publishing Solutions Limited IPO is 41,20,800 equity shares, each with a face value of ₹10. This includes a fresh issue of 33,96,000 shares (including 2,06,400 shares that are Reserved for Market Maker), and an offer for sale of 7,24,800 shares. The company plans to utilise the Net Proceeds for acquiring new office premises and IT hardware, funding working capital requirements, and meeting general corporate purposes.

Icodex Publishing Solutions Ltd IPO Allotment Structure

Icodex Publishing Solutions Ltd allocation will be as follows: 2.62% for Qualified Institutional Buyers (QIB), 46.19% for Non-Institutional Investors (NII), 5.01% for Market Maker, and 46.19% for Retail Individual Investors (RII) according to SEBI regulations.

● Qualified Institutional Buyers (QIB): As per SEBI regulations, 2.62% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.

● Non-Institutional Investors (NII): 46.19% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs. 2 lakhs.

● Market Maker: 5.01% of the shares will be allotted to the Market Maker – Giriraj Stock Broking Private Limited.

● Retail Individual Investors (RII): The remaining 46.19% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs. 2 lakhs.

How to apply for the Icodex Publishing Solutions Ltd IPO?

To apply for the Icodex Publishing Solutions Limited IPO through Alice Blue, follow these steps:

Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.

1. Check for IPO Details: Once your account is active, you can check for the Icodex Publishing Solutions Limited IPO details in the IPO section of the Alice Blue platform.
2. Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
3. Submit the Application: Confirm all your details and submit your application.

You can apply for the Icodex Publishing Solutions Limited IPO at Alice Blue in just a few clicks!

Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.

Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.

How do you check Icodex Publishing Solutions Ltd IPO Allotment Status?

Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:

1. Log in to your Alice Blue Account: You can do this through the Alice Blue website or the trading app.
2. Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
3. Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
4. Select the Icodex Publishing Solutions IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the Icodex Publishing Solutions Limited IPO.
5. Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.

 If you face any issues, we request you to reach out to our customer support team at Alice Blue for detailed assistance. 

Apart from Alice Blue, there are other ways to check the allotment status of the Icodex Publishing Solutions Limited IPO:

● Registrar’s Website: Visit the website of Cameo Corporate Services Ltd., the registrar of the Icodex Publishing Solutions IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status. 

● BSE NSE: You can also check the allotment status on the official websites of the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). You would need your application number and PAN to check the status. 

Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.

Icodex Publishing Solutions Ltd IPO Offer Registrar

The registrar for the Icodex Publishing Solutions Limited IPO is Cameo Corporate Services Ltd. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.

Contact information for the registrar:

Cameo Corporate Services Ltd.

Tel.: +91 44 40020700 / 28460390

Email: [email protected]

Icodex Publishing Solutions Ltd IPO – FAQs

Disclaimer: The above article is written for educational purposes and the companies’ data mentioned in the article may change with respect to time. The securities quoted are exemplary and are not recommendatory.