iCodex Publishing Solutions Limited IPO Detailed Overview

iCodex Publishing Solutions Limited operates in the software product development space for scholarly publishing. Their products assist in the publication of research papers, academic articles, and studies, catering to researchers, academicians, and scholars. The company’s software covers the entire publishing workflow—from manuscript preparation to print and digital content distribution.

IPO Details and Price Band

iCodex Publishing Solutions is launching a Book Built Issue IPO with a total issue size of ₹42.03 crore. This consists of a fresh issue of ₹34.63 crore (33.96 lakh shares) and an offer for sale of ₹7.39 crore (7.24 lakh shares). The IPO subscription will open on August 11, 2025, and close on August 13, 2025. The shares will be listed on the BSE SME platform with an expected listing date around August 19, 2025.

• IPO Price Band: ₹98 to ₹102 per equity share

• Market Capitalisation: ₹159.50 crore at ₹102 per share

• Lot Size: 1,200 shares

• Minimum Retail Investment: 2 lots (2,400 shares) amounting to ₹2,44,800

Lead Manager, Registrar, and Market Maker

• Book Running Lead Manager: Indcap Advisors Private Limited

• Registrar: Cameo Corporate Services Limited

• Market Maker: Giriraj Stock Broking Private Limited

Grey Market Premium (GMP)

The Grey Market Premium for iCodex Publishing Solutions IPO is ₹0, indicating no speculative trading before listing. The GMP depends on unorganized demand and supply and is provided for educational purposes only.

Financial Performance Highlights

The company has demonstrated strong financial growth over recent years:

• Revenue from Operations:

  • FY2025: ₹22.08 crore

  • FY2024: ₹10.99 crore

  • FY2023: ₹9.72 crore

• EBITDA:

  • FY2025: ₹13.63 crore

  • FY2024: ₹4.85 crore

  • FY2023: ₹2.13 crore

• Profit After Tax (PAT):

  • FY2025: ₹8.96 crore

  • FY2024: ₹4.40 crore

  • FY2023: ₹1.81 crore

Key Financial Ratios

• Pre-issue EPS: ₹7.32

• Post-issue EPS: ₹5.73

• Pre-issue P/E Ratio: 13.93x

• Post-issue P/E Ratio: 17.81x

• Industry P/E Ratio: 38x

• ROCE (FY2024): 59.17%

• ROE (FY2024): 64.81%

• Return on Net Worth (RoNW): 47.02%

Use of IPO Proceeds

The net proceeds will be utilized for:

1. Capital Expenditure:

   • ₹16.70 crore for new office premises purchase

   • ₹1.12 crore for hardware for new office

2. Working Capital Requirements: ₹5.20 crore

3. General Corporate Purposes

IPO Allotment and Listing Timeline

• IPO Opens: 11 August 2025

• IPO Closes: 13 August 2025

• Allotment Date: 14 August 2025

• Listing Date: 19 August 2025 (Tentative)

How to Check IPO Allotment Status

• Visit the registrar’s IPO allotment status portal

• Select iCodex Publishing Solutions Limited IPO from dropdown

• Enter application number, PAN, or DP Client ID

• Submit details to view allotment status

Investment Recommendation

iCodex Publishing Solutions shows steady revenue and profit growth, with strong return ratios indicating efficient management and profitability. However, the IPO’s valuation with a P/E ratio lower than industry average and zero GMP indicates limited short-term listing gains. Therefore, investors seeking quick listing profits may avoid this IPO. Long-term investors should evaluate the company’s growth potential in the niche software publishing segment before investing.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

The Upcoming IPOs in this week and coming weeks are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions.

The Current active IPO are Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast, ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.