iCodex Publishing Solutions Limited is an emerging software product company specializing in Scholarly Publishing solutions. Their innovative software supports the entire publishing process for research papers, academic articles, and studies — assisting researchers, academicians, and scholars from manuscript preparation to print and digital content distribution. iCodex’s products are designed to streamline the complex publishing workflow, contributing significantly to the academic publishing ecosystem.

The company is launching a Book Built Issue IPO worth ₹42.03 Crores. This comprises a fresh issue of 33.96 Lakh shares valued at ₹34.63 Crores and an offer for sale of 7.24 Lakh shares amounting to ₹7.39 Crores. The IPO subscription opens on August 11, 2025, and closes on August 13, 2025. The allotment date is set for August 14, 2025, with shares expected to be listed on the BSE SME platform around August 19, 2025.

The IPO price band is fixed between ₹98 and ₹102 per equity share. At the upper price band of ₹102, iCodex’s market capitalization will be approximately ₹159.50 Crores. The lot size is 1,200 shares, with retail investors required to subscribe for a minimum of 2 lots (2,400 shares), amounting to a minimum investment of ₹2,44,800.

Indcap Advisors Private Limited is the book running lead manager, while Cameo Corporate Services Limited serves as the registrar. The market maker for the IPO is Giriraj Stock Broking Private Limited.

The Grey Market Premium (GMP) stands at ₹13, signaling an expected listing gain of around 12.31%. Investors should note that GMP is an unofficial indicator based on unregulated market demand and supply, so it should be treated as informational only.

The company’s leadership includes Kamalakkannan Govindaraj, with over 20 years of experience in the publishing industry, and Chetan Shankarlal Soni, who brings over 20 years of expertise in technology and publishing sectors. Their combined experience strengthens the company’s competitive edge in the scholarly publishing domain.

Financially, iCodex Publishing Solutions shows consistent growth. Revenues for the fiscal years ended March 31, 2025, 2024, and 2023 were ₹2,207.88 Lakh, ₹1,098.62 Lakh, and ₹971.76 Lakh, respectively. EBITDA improved substantially from ₹212.90 Lakh in 2023 to ₹1,363.13 Lakh in 2025. The Profit after Tax rose steadily to ₹895.62 Lakh in 2025 from ₹181.18 Lakh in 2023.

Key performance metrics include a pre-issue EPS of ₹7.32 and post-issue EPS of ₹5.73 for FY24. The pre-issue P/E ratio is 13.93x, and post-issue P/E ratio is 17.81x, compared to the industry average of 38x. The company’s Return on Capital Employed (ROCE) stands at 59.17%, Return on Equity (ROE) at 64.81%, and Return on Net Worth (RoNW) at 47.02%, reflecting strong operational efficiency and profitability.

The IPO proceeds will primarily be used for capital expenditure, including the purchase of new office premises (₹1,669.64 Lakh), hardware acquisition (₹111.79 Lakh), working capital requirements (₹520.00 Lakh), and general corporate purposes.

Given the robust financial track record and attractive GMP, the IPO may appeal to investors with moderate risk appetite seeking exposure to the niche academic publishing software sector. However, as with any investment, careful consideration of market conditions and risks is advised.

The Upcoming IPOs in this week and coming weeks are Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions, Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast.

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