Icodex Publishing Solutions Limited IPO
Icodex Publishing Solutions Limited IPO
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Icodex Publishing Solutions Limited's successfully transitioned to public market status with its listing on BSE on 19-08-2025. The IPO mobilized 41,20,800 Shares in cumulative capital, including 33,96,000 Shares for corporate expansion and ₹7.39 Cr for shareholder liquidity management.
The public offering was conducted within the price parameters of ₹98 to ₹102, with minimum investment lots of 1200 shares. subscription activity between 11-08-2025 and 13-08-2025 demonstrated market reception to the company's valuation and growth narrative.
The allotment process concluded on 14-08-2025, finalizing share distribution to successful bidders. The listing represents a transformational event, providing the company with enhanced market visibility, regulatory compliance framework, and access to diversified investor capital.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Icodex Publishing IPO About Company
Icodex Publishing Solutions Limited, established in 2018, specializes in software product development for the scholarly publishing industry. The company creates tools that support the entire publishing workflow—from preparing manuscripts to distributing content in print and digital formats. It also offers business process management services such as editorial support, quality checks, and IT solutions like infrastructure and server management. Their services cater to global clients and cover three main segments: software development for publishing and other industries, backend publishing support including AI-powered quality assurance and editorial tasks, and IT support for system setup and maintenance. As of January 31, 2025, the company employs 116 people.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Icodex Publishing IPO Strength Factors
- Expertise: Specialized in academic publishing and automation software.
- Leadership: Skilled team with strong industry experience.
- Client Relationships: Trusted by publishing clients worldwide.
Icodex Publishing IPO Risk Factors
- Customer Dependence: Relies heavily on a few major clients, including a leading U.S. publisher.
- Market & Policy Risk: Strongly affected by U.S. economic trends and rule changes.
- Contract Risk: Agreements have termination clauses that may reduce revenue if ended.
Icodex Publishing IPO Lead Manager(s)
- Indcap Advisors Private Limited
Icodex Publishing IPO Promoter(s)
- Kamalakkannan Govindaraj
- Chetan Shankaralal Soni
Icodex Publishing IPO FAQs
Icodex Publishing Solutions Limited IPO subscribed 4 times. The public issue subscribed 4.67 times in the retail category,33.08times in QIB, and 1.7 times in the HNI (10+) category byNovember 21, 2025 11:25:48 AM (Day 21).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Icodex Publishing IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Icodex Publishing IPO FAQs
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