Icodex Publishing IPO
Icodex Publishing Solutions Ltd
₹1,17,600 /1200 sharesMinimum Investment
Icodex Publishing IPO Listing Details
Listed On | Issue Price | Listing Price | Listing Gains |
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-- | ₹102.00 | ₹81.60 | -₹20.40 (20.00%) |
Icodex Publishing IPO Details
Bidding Dates | Min. Investment | Lot Size | Price Range |
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11 Aug ‘25 - 13 Aug ‘25 | ₹2,35,200 | 1,200 | ₹98 - ₹102 |
Qualified Institutional Buyers | 33.08x |
Non-Institutional Investor | 1.63x |
Retail Individual Investor | 4.24x |
Total | 3.58x |
Icodex Publishing Solutions is a software product developer for the scholarly and academic publishing industry. The company provides software tools that support the publishing process from manuscript submission to final distribution in both print and digital formats. These tools are used by authors, publishers, and peer reviewers to streamline workflows and reduce time in the publication of research papers and academic content.
In addition to software-as-a-service (SaaS) offerings for the publishing sector, Icodex develops enterprise resource planning (ERP) systems and customised software solutions for other industries. The company also provides business process management services, including quality assurance checks, editorial support, print and distribution logistics, and invoice processing.
Icodex further supports its clients through information technology (IT) and infrastructure management services, including server management and system configuration.
The company operates from India and serves a global publishing client headquartered in the United States.;
Managing director
Mr Kamalakkannan Govindaraj
Parent organisation
Icodex Publishing Solutions Ltd
Strengths & Financials of Icodex Publishing
Icodex Publishing Solutions claims to have developed a niche expertise in the academic and scholarly publishing domain.
The company claims to have a long-standing relationship with a global publishing client, from whom it has generated revenue since inception. The company further claims that over time, this engagement has expanded beyond basic services to include project management, editorial support, IT products, and order management functions.
Icodex Publishing Solutions positions itself as an end-to-end publishing solution provider. It claims to offer a full suite of services that cover the entire publication process, from manuscript submission to digital and print distribution, enabled by its proprietary hypertext markup language (HTML) based publishing platform.
The company claims to follow a technology-led business model, using agile methodologies and modern development practices. The company further claims its products have reportedly received positive feedback in author satisfaction surveys conducted over the past three years.
The company is ISO/IEC 27001:2013 certified for information security management systems.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 9.54 crore in FY23 to Rs 10.40 crore in FY24 and Rs 21.88 crore in FY25. PAT increased from Rs 1.81 crore in FY23 to Rs 4.40 crore in FY24 and Rs 8.96 crore in FY25.
A significant portion of the company’s revenue is derived from its top customer, a global publishing company based in the US. It accounted for Rs 9.12 crore (41.70 percent) of the company’s revenue in FY25, Rs 10.40 crore (100 percent) in FY24, and Rs 9.54 crore (100 percent) in FY23. Any failure to retain this key customer, expand the customer base, or a loss of business from this client can seriously hurt the company’s business and financial standing. Additionally, as there are no exclusive agreements in place with this client, the company’s future revenues remain vulnerable to shifts in the client's requirements or preferences.
The company has previously experienced delays in filing tax deducted at source (TDS) and Goods and Services Tax (GST) returns, some exceeding 100 days. Any recurrence of such delays or non-compliance could negatively impact its operations and finances.
Icodex Publishing Solutions earns a portion of its revenue in foreign currencies, making its business highly sensitive to currency exchange rate fluctuations. Furthermore, the company has not entered into any hedging arrangements. Any adverse movements in exchange rates could lead to material impacts on the company’s revenue and profitability.
The company is involved in certain ongoing legal proceedings, including tax cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company’s primary cost structure revolves around the salaries and benefits of its employees, particularly its operations staff. Historically, lower salaries in India compared to Western markets have provided a competitive advantage, but with India’s rapid economic growth and increased competition for skilled professionals, salary levels are rising. If this trend continues, it may erode the company’s competitive advantage and result in reduced profit margins, especially if the company is unable to pass on these increased costs to customers or improve productivity accordingly.
As of FY25, the company had trade receivables of Rs 4.94 crore, an increase from Rs 1.37 crore in FY24 and Rs 1.81 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of June 30, 2025, the company had outstanding financial indebtedness of Rs 3.95 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Icodex Publishing Financials
*All values are in Rs. Cr
Application Details of Icodex Publishing IPO
Apply as | Price band | Apply upto |
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Regular | ₹98 - 102 | ₹2 - 5 Lakh |
High Networth Individual | ₹98 - 102 | ₹2 - 5 Lakh |
For Icodex Publishing IPO, eligible investors can apply as Regular.