Icodex Publishing Solutions
Book Building issueSME₹42.03 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹42.03 Cr
1 lot at cut-off
₹1,22,400
Lot size
1,200shares
Open
11 Aug 2025
Close
13 Aug 2025
Allotment
14 Aug 2025
Listing
19 Aug 2025
Listing performance
Issue price
₹102
Listed at
₹81.60
Listing-day close
₹77.55
Latest price
₹39.25
Close on 23 Oct 2026
Listing gain
-20.00%
Return since issue
-61.52%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Aug 2025 – 13 Aug 2025
- Listing date
- 19 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹102 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹42.03 Cr
- Market cap at offer price
- ₹160 Cr
- Promoter holding
- 88.24% → 64.46% pre-issue → post-issue
- ISIN
- INE111601014
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Indcap Advisors Pvt.Ltd.
- Registered office
- 102, First Floor, Suman Business Park, Kalyani Nagar, Viman Nagar, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,06,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹102 per share
Valuation and performance
Valuation at offer price
₹102 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.32 | 5.73 |
| P/E (×) | 13.93 | 17.80 |
| Price to book (×) | 14.25 | — |
| Market cap | — | ₹160 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 47.02%
- ROCE
- 110.07%
- Debt / equity
- 0.16
- PAT margin
- 40.56%
- EBITDA margin
- 61.39%
- NAV per share
- ₹15.56
- Price to book
- 14.25
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Icodex Publishing Solutions
Icodex Publishing Solutions Limited was incorporated in 2018 and is engaged in the business of Software Product Development for Scholarly Publishing. The company specializes in developing and providing publishing products and software which support the publishing process from manuscript preparation till print and digital content distribution. The company also provides Business Process Management services that support the publishing process with activities like Quality assurance checks, editorial services and back-end support to global publishing clients, as well as IT support services including installation of hardware and peripherals and back-end support.
Company Analysis
from RHPIcodex Publishing Solutions develops and provides software products and business process management services for scholarly academic publishing, spanning software product development, publishing process support, and IT services.
Icodex Publishing Solutions Limited was incorporated in 2018 and is engaged in the business of Software Product Development for Scholarly Publishing. The company specializes in developing and providing publishing products and software which support the publishing process from manuscript preparation till print and digital content distribution. The company also provides Business Process Management services that support the publishing process with activities like Quality assurance checks, editorial services and back-end support to global publishing clients, as well as IT support services including installation of hardware and peripherals and back-end support.
Software product developmentScholarly and academic publishingBusiness process managementIT support services
Objects of the Issue
- Purchase of new office space Upto 1669.64 lakhs p.25
- Purchase of hardware for new office Upto 111.79 lakhs p.25
- Towards Working Capital Purposes Upto 520.00 lakhs p.25
- Towards General Corporate Purposes p.25
- Purchase of new office premises 1669.64 lakhs p.85
- Purchase of hardware for new office 111.79 lakhs p.85
- Working capital requirement 520.00 lakhs p.85
- General Corporate Purpose p.85
Issue Structure
- Total Issue
- Up to 41,20,800 Equity Shares aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 33,96,000 Equity Shares aggregating up to ₹ [●] lakhs
- Offer for Sale
- Up to 7,24,800 Equity Shares aggregating to ₹ [●] Lakhs
- Price Band
- [●] per equity share (Floor Price [●], Cap Price [●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
The company earns revenue through: (1) Software Product Development for Scholarly Publishing - helping researchers, academicians, and scholars publish research papers, studies and academic articles; (2) Business Process Management services supporting the publishing process with quality assurance checks, editorial services and back-end support to global publishing clients; (3) IT support services including installation of hardware, peripherals and back-end support.
Business Segments
Develops and provides publishing products and software supporting the publishing process from manuscript preparation till print and digital content distribution for research papers, studies and academic articles
Provides business process management services supporting the publishing process with activities like quality assurance checks, editorial services and back-end support to global publishing clients
Provides IT support services including installation of all kinds of hardware and peripherals and back-end support
Development and provision of publishing products and software supporting the end-to-end publishing process from manuscript preparation to print and digital content distribution
Develops software products including SaaS for publishing industry (workflow solutions, manuscript management, automation tools) and ERP management systems. Products include iCAPP, PaperPerfect, eAssistant, iProof, FlexyPage, iCE, iLang, iRef, PDH, iPublish, and ieBooks.
Provides quality assurance checks, editorial services, and back-end support including proofing quality, language quality, layout quality, print and distribution management, and invoice processing.
Offers IT infrastructure management, server management, and IT systems setup and configuration.
Development of IT platform and SaaS solutions for scholarly publishing industry supporting the publishing process from manuscript preparation to print and digital content distribution
Support for the publishing process with activities including quality assurance checks, editorial services and back-end support to global publishing clients
Installation of all kinds of hardware and peripherals and back-end support
SWOT Analysis
Strengths
- • Expanding customer base from single dependency(p.32)
- • Growing revenue from operations(p.26)
- • Increasing profitability trajectory(p.26)
- • Improving net worth position(p.26)
- • No public market history; listing may not be sustained(p.51)
- • Circuit breaker restrictions on share price movement(p.51)
- • Domain expertise in publishing industry with deep understanding of researcher and stakeholder needs(p.136)
- • Experienced management team with 15+ years in core product development(p.136)
- • Long-standing customer relationships and revenue growth trajectory(p.137)
- • Comprehensive end-to-end publishing workflow solutions across entire lifecycle(p.137)
- • Revenue growth of 110.34% in FY2025 with strong EBITDA margin of 61.39%(p.136)
- • ISO/IEC 27001:2013 certified for Information Security Management Systems(p.135)
- • Strong revenue growth with addition of five new domestic clients(p.232)
- • High profitability with substantial PAT margins(p.229)
- • Strong EBITDA margins indicating operational efficiency(p.225)
- • Valuable proprietary intangible assets under development(p.215)
- • Strong return on equity demonstrating efficient capital deployment(p.225)
- • ISO 27001:2013 certification indicating robust information security(p.240)
- • Clean regulatory and legal standing - no capital market debarments(p.241)
- • Strong net worth growth trajectory meeting SME listing criteria(p.243)
- • Robust operating profitability - consistent EBIT across years(p.243)
- • Conservative leverage with low debt-to-equity ratio(p.243)
- • Fully dematerialized promoter shareholding enabling frictionless trading(p.244)
- • Meets all key financial eligibility thresholds for SME listing(p.243)
Weaknesses
- • High customer concentration risk persists(p.32)
- • Substantial dependence on single USA-based customer(p.32)
- • History of delays in statutory and regulatory filing obligations(p.34)
- • Significant EPF and ESIC filing delays recorded(p.36)
- • Multiple delays in RoC compliance filings(p.39)
- • Operates from co-working space without ownership(p.34)
- • No IT Audit conducted by certified auditor(p.48)
- • Outstanding income tax demand against company(p.27)
- • Extensive technical knowledge protected only by secrecy, not IP rights(p.52)
- • Risk of employee departure compromising confidential information(p.52)
- • Customer concentration and exposure to industry fluctuations(p.52)
- • Potential dilution from future equity issuances(p.51)
- • Extreme customer concentration with top customer representing 41.70% of revenue(p.135)
- • Heavy employee cost dependency at 27.26% of revenue reducing operational flexibility(p.135)
- • Recently diversified revenue streams with IT & Support Services vertical just started in FY2024-25(p.135)
- • Limited scale with only 116 total employees as of June 2025(p.138)
- • Historical dependence on single customer creating revenue concentration risk(p.232)
- • Significant short-term borrowings requiring refinancing(p.184)
- • Material contingent tax liability indicating potential cash outflows(p.234)
- • Increased finance costs from higher leverage(p.228)
- • Significant litigation involving senior management affecting operations(p.236)
- • Small absolute scale with paid-up capital under Rs. 13 crores pre-IPO(p.242)
- • Limited track record - only ~7 years of operating history since incorporation(p.242)
- • No prior public equity experience or proven access to capital markets(p.249)
- • Exposure to listed debt securities reflecting prior borrowing needs(p.249)
- • Zero investor complaint history may reflect limited shareholder base maturity(p.254)
Opportunities
- • Global publishing market growth trajectory(p.24)
- • India publishing sector strong growth potential(p.24)
- • Rising demand for diversity and self-published content(p.24)
- • Expansion into domestic publishing client base(p.32)
- • Digital content consumption growth across platforms(p.24)
- • Planned office expansion with IPO proceeds(p.44)
- • Bridge infrastructure gap in Indian scholarly publishing ecosystem(p.137)
- • Enable Indian institutions to establish and manage globally reputed journals(p.138)
- • India publishing market growing at CAGR of 10.3% during 2020-2026 forecast period(p.125)
- • Asia-Pacific region contributing 50% of global publishing market growth during forecast period(p.122)
- • Growth in digital transformation with 20% trend in e-publishing and self-publishing(p.127)
- • India ranked 39th in Global Innovation Index 2024, up from 81st in 2015(p.117)
- • Expansion into domestic market with five new clients acquired in FY2025(p.228)
- • Development of 13 innovative software products for scholarly publishing sector(p.215)
- • Significant export revenue generation with international client relationships(p.228)
- • Startup status providing tax benefits under Section 80-IAC(p.240)
- • Growing scholarly publishing market with digital transformation tailwinds(p.224)
- • Migration pathway to main board upon achieving scale thresholds(p.260)
- • Multiple capital raising avenues post-listing including rights and bonus issues(p.284)
- • Access to diversified investor base including FPIs, mutual funds, and institutions(p.273)
- • IPO proceeds to fuel growth without further debt burden(p.245)
- • Three-year market-making commitment provides post-listing liquidity support(p.242)
Threats
- • Customer service agreements contain short termination clauses(p.33)
- • Foreign exchange volatility impacts revenues(p.33)
- • USA economic slowdown risk affecting major customer(p.32)
- • Political and regulatory restrictions on offshore outsourcing(p.33)
- • Intense competition in publishing solutions market(p.43)
- • Increasing salaries in India reducing competitive advantage(p.43)
- • High attrition risk in skilled labor market(p.34)
- • Cyber security and data breach risks(p.44)
- • Natural calamities could harm Indian economy and business(p.53)
- • Terrorist attacks and civil unrest could disrupt markets and operations(p.53)
- • Uncertainty in tax law changes and regulatory environment(p.53)
- • Implementation of new labour codes could increase employee costs(p.54)
- • Global economic and political instability could harm stock price(p.54)
- • Changes in political liberalization policies could affect business(p.54)
- • Downgrading of India's sovereign rating could restrict financing access(p.54)
- • Climate change regulations could increase operational costs(p.54)
- • Exchange controls restrict foreign capital raising capacity(p.55)
- • Global financial instability could increase market volatility(p.55)
- • Global trade uncertainty and tariff volatility reducing international market predictability(p.111)
- • Intense competition from established players in publishing software and services(p.138)
- • Decreasing market share of traditional publishing due to digital media competition(p.123)
- • Copyright and piracy issues pose major roadblocks to publishing industry(p.126)
- • Asia-Pacific growth projected to slow to 3.9-4.0% in 2025-2026 from 4.6% in 2024(p.113)
- • Loss or reduction in business from primary Global Publishing Company would be catastrophic(p.135)
- • Foreign exchange risk from significant export revenue exposure(p.225)
- • High competition in IT services industry with low entry barriers(p.232)
- • Dependence on key personnel for product development and client relations(p.225)
- • Regulatory changes affecting tax benefits and business operations(p.225)
- • Global economic and geopolitical uncertainties affecting client spending(p.225)
- • SME exchange listing restricts institutional investor reach vs. main board(p.241)
- • Regulatory migration obligations if growth targets are met(p.260)
- • Dependency on market-maker for post-listing liquidity continuity(p.242)
- • Foreign investment subject to government approval for sensitive countries(p.286)
- • NRI/OCI holding caps limiting diaspora participation growth(p.272)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kamalakkannan Govindaraj | Promoter | 43.82% | — |
| Chetan Shankarlal Soni | Promoter | 43.82% | — |
| Kamalakkannan Govindaraj | Promoter | 43.82% | — |
| Chetan Shankarlal Soni | Promoter | 43.82% | — |
| Kamalakkannan Govindaraj | Promoter | 43.82% | — |
| Chetan Shankarlal Soni | Promoter | 43.82% | — |
| Kamalakkannan Govindaraj | Promoter | 43.82% | — |
| Chetan Shankarlal Soni | Promoter | 43.82% | — |
Leadership
Kamalakkannan Govindaraj · Managing Director & Chairman
Chetan Shankarlal Soni · Whole Time Director
Vaibhav Ashok Rupnar · Chief Financial Officer
Mohini Ajay Talhar · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Icodex Publishing Solutions IPO FAQs
What is the lot size of Icodex Publishing Solutions IPO?
The minimum lot size of Icodex Publishing Solutions IPO is 1,200 shares. One lot costs ₹1,22,400 at the cut-off price.
When does Icodex Publishing Solutions IPO open and close?
Icodex Publishing Solutions IPO opened for subscription on 11 Aug 2025 and closed on 13 Aug 2025.
What is the listing date of Icodex Publishing Solutions IPO?
Icodex Publishing Solutions IPO listed on 19 Aug 2025.