Icodex Publishing Solutions IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Aug 11 to Aug 13 2025
Price Band
₹102
Current GMP
₹81.6(-20%)
Subscription
3.95 times
IPO Details
| IPO Date | August 11, 2025 to August 13, 2025 |
| Listing Date | August 19, 2025 |
| Face Value | ₹10 per share |
| Issue Price | ₹102 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 41,20,800 shares (aggregating up to ₹42.03 Cr) |
| Reserved for Market Maker | 2,06,400 shares (aggregating up to ₹2.11 Cr)Giriraj Stock Broking Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 31,89,600 shares (aggregating up to ₹32.53 Cr) |
| Offer for Sale | 7,24,800 shares of ₹10 (aggregating up to ₹7.39 Cr) |
| Net Offered to Public | 39,14,400 shares (aggregating up to ₹39.93 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,22,41,020 shares |
| Share Holding Post Issue | 1,56,37,020 shares |
IPO Date
August 11, 2025 to August 13, 2025
Listing Date
August 19, 2025
Face Value
₹10 per share
Issue Price
₹102 per share
Lot Size
1,200 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
41,20,800 shares (aggregating up to ₹42.03 Cr)
Reserved for Market Maker
2,06,400 shares (aggregating up to ₹2.11 Cr)Giriraj Stock Broking Pvt.Ltd.
Fresh Issue (Ex Market Maker)
31,89,600 shares (aggregating up to ₹32.53 Cr)
Offer for Sale
7,24,800 shares of ₹10 (aggregating up to ₹7.39 Cr)
Net Offered to Public
39,14,400 shares (aggregating up to ₹39.93 Cr)
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Share Holding Pre Issue
1,22,41,020 shares
Share Holding Post Issue
1,56,37,020 shares
IPO Subscription Details
| Market Maker | 1 |
| QIB (Ex Anchor) | 33.08 |
| Non-Institutional Buyers*** | 1.58 |
| bNII (bids above ₹10L) | 1.84 |
| sNII (bids below ₹10L) | 1.68 |
| Individual Investors (IND category bidding for 2 Lots) | 4.67 |
| Total ** | 3.95 |
Market Maker
1
QIB (Ex Anchor)
33.08
Non-Institutional Buyers***
1.58
bNII (bids above ₹10L)
1.84
sNII (bids below ₹10L)
1.68
Individual Investors (IND category bidding for 2 Lots)
4.67
Total **
3.95
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Day 1 Aug 11, 2025 | 1.00 | 0.45 | 0.75 | 0.09 | 0.33 | 0.41 |
| Day 2 Aug 12, 2025 | 1.00 | 0.64 | 0.98 | 0.28 | 1.13 | 0.89 |
| Day 3 Aug 13, 2025 | 33.08 | 1.58 | 1.84 | 1.68 | 4.67 | 3.95 |
DayDay 1
Aug 11, 2025
QIB (Ex Anchor)1.00
NII*0.45
NII (> ₹10L)0.75
NII (< ₹10L)0.09
Individual Investors0.33
Total0.41
DayDay 2
Aug 12, 2025
QIB (Ex Anchor)1.00
NII*0.64
NII (> ₹10L)0.98
NII (< ₹10L)0.28
Individual Investors1.13
Total0.89
DayDay 3
Aug 13, 2025
QIB (Ex Anchor)33.08
NII*1.58
NII (> ₹10L)1.84
NII (< ₹10L)1.68
Individual Investors4.67
Total3.95
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 12-08-2025 | 102.00 | 14(13.73%) | 116 |
| 11-08-2025 | 102.00 | 14(13.73%) | 116 |
| 10-08-2025 | 102.00 | 14(13.73%) | 116 |
| 09-08-2025 | 102.00 | 2(1.96%) | 104 |
| 08-08-2025 | 102.00 | 2(1.96%) | 104 |
| 07-08-2025 | 102.00 | 0(0.00%) | 102 |
| 06-08-2025 | 102.00 | 0(0.00%) | 102 |
Date12-08-2025
Price102.00
GMP14(13.73%)
Estimate List Price116
Date11-08-2025
Price102.00
GMP14(13.73%)
Estimate List Price116
Date10-08-2025
Price102.00
GMP14(13.73%)
Estimate List Price116
Date09-08-2025
Price102.00
GMP2(1.96%)
Estimate List Price104
Date08-08-2025
Price102.00
GMP2(1.96%)
Estimate List Price104
Date07-08-2025
Price102.00
GMP0(0.00%)
Estimate List Price102
Date06-08-2025
Price102.00
GMP0(0.00%)
Estimate List Price102
IPO Important Dates
| IPO Open Date | Mon, Aug 11, 2025 |
| IPO Close Date | Wed, Aug 13, 2025 |
| Tentative Allotment | Thu, Aug 14, 2025 |
| Initiation of Refunds | Mon, Aug 18, 2025 |
| Credit of Shares to Demat | Mon, Aug 18, 2025 |
| Tentative Listing Date | Tue, Aug 19, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 13, 2025 |
IPO Open Date
Mon, Aug 11, 2025
IPO Close Date
Wed, Aug 13, 2025
Tentative Allotment
Thu, Aug 14, 2025
Initiation of Refunds
Mon, Aug 18, 2025
Credit of Shares to Demat
Mon, Aug 18, 2025
Tentative Listing Date
Tue, Aug 19, 2025
Cut-off time for UPI mandate confirmation
5 PM on August 13, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,44,800 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (Min) | 3 | 3,600 | ₹3,67,200 |
| S-HNI (Max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (Min) | 9 | 10,800 | ₹11,01,600 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,400
Amount₹2,44,800
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,400
Amount₹2,44,800
ApplicationS-HNI (Min)
Lots3
Shares3,600
Amount₹3,67,200
ApplicationS-HNI (Max)
Lots8
Shares9,600
Amount₹9,79,200
ApplicationB-HNI (Min)
Lots9
Shares10,800
Amount₹11,01,600
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 24.75 | 10.67 | 5.85 |
| Total Income | 22.08 | 10.99 | 9.72 |
| Profit After Tax | 8.96 | 4.40 | 1.81 |
| EBITDA | 13.43 | 4.26 | 1.95 |
| Net Worth | 19.05 | 8.59 | 4.19 |
| Reserves and Surplus | 6.81 | 8.59 | 4.19 |
| Total Borrowing | 2.99 | 0.88 | 0.02 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 202524.75
31 Mar 202410.67
31 Mar 20235.85
Period EndedTotal Income
31 Mar 202522.08
31 Mar 202410.99
31 Mar 20239.72
Period EndedProfit After Tax
31 Mar 20258.96
31 Mar 20244.40
31 Mar 20231.81
Period EndedEBITDA
31 Mar 202513.43
31 Mar 20244.26
31 Mar 20231.95
Period EndedNet Worth
31 Mar 202519.05
31 Mar 20248.59
31 Mar 20234.19
Period EndedReserves and Surplus
31 Mar 20256.81
31 Mar 20248.59
31 Mar 20234.19
Period EndedTotal Borrowing
31 Mar 20252.99
31 Mar 20240.88
31 Mar 20230.02
Peers Comparison
| Company Name | P/E (x) | Financial statements |
|---|---|---|
| Icodex Publishing Solutions Limited | Consolidated | |
| MPS Limited | 38.02 | Consolidated |
Company NameIcodex Publishing Solutions Limited
P/E (x)
Financial statementsConsolidated
Company NameMPS Limited
P/E (x)38.02
Financial statementsConsolidated
IPO Reservation
| Market Maker Shares Offered | 2,06,400 (5.01%) |
| QIB Shares Offered | 1,08,000 (2.62%) |
| NII (HNI) Shares Offered | 19,03,200 (46.19%) |
| − bNII > ₹10L | 12,68,400 (30.78%) |
| − sNII < ₹10L | 6,34,800 (15.40%) |
| Retail Shares Offered | 19,03,200 (46.19%) |
| Total Shares Offered | 41,20,800 (100.00%) |
Market Maker Shares Offered
2,06,400 (5.01%)
QIB Shares Offered
1,08,000 (2.62%)
NII (HNI) Shares Offered
19,03,200 (46.19%)
− bNII > ₹10L
12,68,400 (30.78%)
− sNII < ₹10L
6,34,800 (15.40%)
Retail Shares Offered
19,03,200 (46.19%)
Total Shares Offered
41,20,800 (100.00%)
Information about company
Incorporated in 2018, Icodex Publishing Solutions Limited is engaged in the business of Software Product Development for Scholarly Publishing.
The company develops software products that assist in publishing research papers and academic articles, supporting the entire process from manuscript preparation to print and digital content distribution.
The company offers Business Process Management services, including quality assurance, editorial services, and back-end support, to assist global publishing clients throughout the publishing process.
The company offers Business Process Management services, including quality checks, editorial support, and IT services like hardware installation and back-end support, assisting global publishing clients throughout the process.
Business Segment:
Software Product Development - Publishing & Other Industries: The company provides Software-as-a-Service for the publishing industry, offering automation tools, ERP management, and tailored software solutions to streamline the publishing process for authors, publishers, and peer reviewers.
Business Process Management for the Publishing Industry: The company provides backend support services for publishing, including AI-driven quality assurance checks, business process management, print distribution, invoice processing, and editorial services for content preparation and publication.
Application Support and IT Management: Under this segment the company provides technical support and IT services, including infrastructure management, server management, and setup/configuration of IT systems for clients.
As of January 31, 2025, The company had 116 employees.
Competitive Strengths:
Domain Expertise
Experienced Management and Leadership Team.
Strong relationship with existing customers.
End-to-end publishing solution provider in the publishing ecosystem.
Technology Focussed Business Model.
Objectives of IPO
The Company Icodex Publishing Solutions IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Purchase of new office premises
16.70
2
Purchase of hardware for new office
1.12
3
Working capital requirement
5.20
4
General Corporate Purpose
Disclaimer
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