Icodex Publishing Solutions IPO is a book-built issue worth ₹42.03 crore. The IPO comprises a fresh issue of 33.96 lakh equity shares aggregating to ₹34.64 crore and an offer for sale of 7.25 lakh equity shares aggregating to ₹7.39 crore. The IPO opens for subscription on August 11, 2025, and closes on August 13, 2025. The allotment is expected to be finalised on August 14, 2025, with tentative listing on BSE SME scheduled for August 19, 2025.
The IPO is priced in a band of ₹98 – ₹102 per share. Retail investors must apply for a minimum of 2 lots comprising 2,400 shares, requiring an investment of ₹2,35,200 at the cutoff price. HNI investors must apply for a minimum of 3 lots (3,600 shares), amounting to ₹3,67,200.
Indcap Advisors Pvt. Ltd. is the book-running lead manager to the issue, and Cameo Corporate Services Limited is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Icodex Publishing Solutions IPO RHP.
Industry Outlook
- Icodex Publishing Solutions Limited was originally incorporated as Icodex Publishing Solutions Private Limited on 28 May 2018 under the Companies Act, 2013. The company was subsequently converted into a public limited entity and renamed Icodex Publishing Solutions Limited on 20 August 2024.
- The company is engaged in the development of software products tailored for the scholarly and academic publishing industry. Its offerings facilitate the end-to-end publishing process, including manuscript preparation, editorial workflows, quality assurance, and digital content distribution. These solutions are designed to support researchers, academicians, and scientific communities in disseminating their work efficiently and accurately.
- In addition to software development, Icodex provides Business Process Management (BPM) services, offering editorial support, backend operations, and quality checks for global publishing clients. The company also delivers IT support services, including hardware installation and maintenance, further enhancing its operational capabilities.
- Headquartered in Pune, Maharashtra, Icodex operates from a co-working space and is in the process of acquiring dedicated office premises to support its expansion. The company’s growth strategy is centred on technological innovation, service excellence, and strategic infrastructure investment.
Icodex Publishing Solutions IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Establish a permanent operational base by acquiring new office premises in Pune, Maharashtra. This strategic investment aims to transition from a co-working environment to a dedicated facility, enhancing infrastructure stability and supporting long-term growth.
- Upgrade technological infrastructure through the purchase of advanced hardware and IT systems for the new office. These upgrades will improve operational efficiency and support the company’s software development and publishing support services.
- Strengthen working capital reserves to ensure smooth day-to-day operations, manage receivables, and maintain service quality for its global publishing clientele. This will also enable the company to respond swiftly to emerging business opportunities.
- Support general corporate purposes, including administrative overheads, brand development, and strategic initiatives aimed at reinforcing the company’s market presence and operational resilience.
About Icodex Publishing Solutions Limited
Icodex Publishing Solutions Limited was originally incorporated as Icodex Publishing Solutions Private Limited on 28 May 2018 under the Companies Act, 2013. The company was subsequently converted into a public limited company and renamed Icodex Publishing Solutions Limited on 20 August 2024.
The company is engaged in the development of software products specifically designed for the scholarly and academic publishing industry. Its solutions support the entire publishing lifecycle, from manuscript preparation to print and digital content distribution, serving researchers, academicians, and scientific communities worldwide.
In addition to software development, Icodex provides Business Process Management (BPM) services, including editorial support, quality assurance checks, and backend operations for global publishing clients. The company also offers IT support services, such as hardware installation and maintenance, further enhancing its operational capabilities.
Headquartered in Pune, Maharashtra, Icodex currently operates from a co-working space and plans to acquire dedicated office premises to support its expansion. The company’s growth strategy is driven by technological innovation, service excellence, and infrastructure investment.
How To Check the Allotment Status of the Icodex Publishing Solutions IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Icodex Publishing Solutions IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Icodex Publishing Solutions IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Icodex Publishing Solutions IPO
Registered office: 102, First Floor, Suman Business Park, Kalyani Nagar, Viman Nagar, Pune – 411014, Maharashtra, India.
Phone: +91 88569 07928
E-mail: cs@icodexsolutions.com
Know before investing
Strengths
8Focused on scholarly and academic publishing, serving a niche yet globally relevant market.
Offers comprehensive software products covering manuscript preparation to digital distribution.
Long-standing relationship with a major international publishing company ensures revenue stability.
Consistent increase in revenue and profit after tax over the last three financial years.
Demonstrates robust capital structure and shareholder value creation.
Diversifying into hardware and backend support for domestic clients enhances growth potential.
Planned acquisition of office space and hardware to support operational scalability.
Well-placed to benefit from rising demand for digital academic content and publishing automation.
Risks
8Historically reliant on a single global publishing client for 100% of revenue, posing a significant business continuity risk.
Earnings are vulnerable to currency fluctuations due to international billing, with no active hedging strategy in place.
The company’s logo is not trademarked, increasing the risk of brand misuse or infringement.
Operates from a co-working space; lack of owned premises may affect operational stability and client perception.
Instances of delayed statutory filings (GST and TDS) could attract penalties or reputational damage.
Fund utilisation is not externally appraised, increasing the risk of inefficient capital deployment.
High reliance on proprietary software and IT systems; any disruption or cyber breach could impact service delivery.
Business is narrowly focused on academic publishing, which may limit resilience against sector-specific downturns.
