iCodex Publishing Solutions IPO subscribed 3.8 times ahead of allotment on August 14

The Indian IPO market has been buzzing with multiple small and medium enterprises (SME) tapping the equity markets to raise funds, and iCodex Publishing Solutions Limited is the latest to join the race. The company, engaged in software product development for scholarly publishing, has successfully concluded its book-built IPO, which was open for subscription between August 11 and August 13, 2025.

By the end of the subscription window, the IPO saw robust demand, with investors subscribing the issue 3.80 times overall. This strong response reflects market confidence in the company’s business model and future growth potential. The allotment date is set for August 14, 2025, and shares are expected to list on the BSE SME platform on August 19, 2025.

In this article, we will cover all the crucial details of the iCodex Publishing Solutions IPO, including subscription status, Grey Market Premium (GMP) trends, allotment process, financial highlights, and the key objectives of the issue.

Company Overview

iCodex Publishing Solutions is a technology-driven company that provides software products and solutions for academic and scholarly publishing. The firm plays a pivotal role in helping researchers, academicians, and scholars by offering end-to-end publishing support—starting from manuscript preparation to print and digital content distribution.

The company’s niche expertise lies in developing workflow-based publishing software products that support critical publishing processes. With the rise in academic research, global demand for scholarly content, and digitisation, the company has significant growth opportunities.

IPO Details

The IPO was structured as a Book Built Issue amounting to ₹42.03 crore, comprising both a Fresh Issue and an Offer for Sale (OFS).

• Fresh Issue: 33.96 lakh shares worth ₹34.63 crore

• Offer for Sale (OFS): 7.24 lakh shares worth ₹7.39 crore

The price band for the issue was fixed at ₹98 to ₹102 per equity share. The lot size for retail investors was 1,200 shares, with a minimum application size of 2 lots (2,400 shares), amounting to ₹2,44,800 at the upper price band.

At the upper band of ₹102, the market capitalisation of iCodex Publishing Solutions would stand at around ₹159.50 crore.

• Lead Manager: Indcap Advisors Private Limited

• Registrar: Cameo Corporate Services Limited

• Market Maker: Giriraj Stock Broking Private Limited

Subscription Status

The IPO witnessed significant interest across investor categories. As of 7:00 PM on August 13, 2025, the final day of subscription, the IPO was subscribed 3.80 times overall.

This oversubscription reflects positive sentiment from both institutional and retail investors, with many betting on the long-term prospects of the publishing software sector.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) of iCodex Publishing Solutions IPO stood at ₹13 as of August 8, 2025. This implies an expected listing price of around ₹115 per share, representing a 12.31% premium over the upper price band of ₹102.

However, it is crucial for investors to understand that GMP is unofficial and unregulated. It is purely driven by demand and supply in the unorganised market and is not a reliable indicator of actual listing performance. Hence, investors should view GMP trends only for educational and informational purposes.

IPO Allotment Date and Process

The allotment date for the iCodex Publishing Solutions IPO is August 14, 2025. The allotment process will determine which applicants have received shares and in what quantity.

Here’s how investors can check their allotment status online:

1. Visit the registrar’s website (Cameo Corporate Services Limited).

2. Select iCodex Publishing Solutions Limited IPO from the dropdown menu.

3. Enter application number, PAN, or DP Client ID.

4. Submit the details to view your allotment status.

This information will be live from August 14 onwards.

Listing Date

The shares of iCodex Publishing Solutions are scheduled to be listed on the BSE SME platform on August 19, 2025. The final listing price will depend on market demand, investor sentiment, and overall IPO market conditions.

Objectives of the IPO

The net proceeds from the IPO will be utilised for:

1. Capital Expenditure

   • ₹1,669.64 lakh for purchase of new office premises

   • ₹111.79 lakh for purchase of hardware for the new office

2. Working Capital Requirements

   • ₹520.00 lakh allocated to strengthen working capital

3. General Corporate Purposes

   • To support business expansion and operational needs

Financial Performance

The company’s financial performance has been stable, driven by growing demand for publishing solutions. By raising funds through this IPO, iCodex aims to expand infrastructure, enhance capacity, and meet increasing working capital needs.

With rising global academic research output and the growing adoption of digital publishing platforms, iCodex is well-positioned to capitalise on industry opportunities.

Risks and Considerations

While the IPO has attracted healthy subscription, investors must also consider potential risks:

• Being an SME listing, liquidity in the stock post-listing may be lower compared to mainboard IPOs.

• Heavy reliance on academic publishing industry, which is niche but also competitive.

• Grey Market Premium is unofficial and should not be the sole basis for investment decisions.

Conclusion

The iCodex Publishing Solutions IPO has drawn strong investor interest, with 3.80 times subscription. The GMP of ₹13 suggests a positive listing, although final performance will depend on market dynamics.

With the allotment date set for August 14, 2025 and the listing expected on August 19, 2025, investors will soon know the actual market response. For long-term investors, the company’s focus on scholarly publishing software solutions could prove beneficial in a growing niche industry.

The Upcoming IPOs in this week and coming weeks are Mangal Electrical Industries, LGT Business Connextions, Vikram Solar, Gem Aromatics, Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure.

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