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.
| Purpose | Amount (₹ Cr) |
|---|---|
| 1 Purchase of new office premises | ₹17 |
| 2 Purchase of hardware for new office | ₹1 |
| 3 Working capital requirement | ₹5 |
| 4 General Corporate Purpose | ₹6 |
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Total Assets | 25 | 11 | 6 |
| Revenue | 22 | 11 | 10 |
| PAT | 9 | 4 | 2 |
| EBITDA | 13 | 4 | 2 |
| Net Worth | 19 | 9 | 4 |
| Reserves | 7 | 9 | 4 |
| Total Borrowing | 3 | 1 | 0 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 108,000 (3%) | — |
| NII / HNI | — | 1,903,200 (46%) | — |
| Retail (RII) | — | 1,903,200 (46%) | — |
| Market Maker | — | 206,400 (5%) | — |
| Total | — | 4,120,800 (100%) | — |
* Amount calculated at upper price band (₹102) · ** Total includes all investor categories
- 1 Initiation of Refund 18 Sep 2025
- 2 Credit of Shares to Demat 18 Aug 2025
- Retail allocation is strong at 46% of the total offering.
- HNI/NII demand is strong at 46%.
- Institutional (QIB) interest is moderate at 3%.
- The IPO P/E of 18x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹7 compares to post-issue EPS of ₹6 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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