The company’s Rs 42.03 crore IPO received strong demand from institutional and retail investors during its subscription window from August 11–13. The issue was subscribed 3.95 times overall, led by Qualified Institutional Buyers (QIBs) who bid 33.08 times their quota. The retail portion was booked 4.67 times, while Non-Institutional Investors (NIIs) subscribed 1.58 times.
IPO structure
The issue comprised a fresh issue of Rs 34.64 crore and an offer for sale of Rs 7.39 crore, aggregating to 41.2 lakh equity shares. Investors applied in lots of 1,200 shares.Proceeds from the IPO will be used for purchasing new office premises (Rs 16.7 crore), hardware requirements (Rs 1.12 crore), and working capital needs (Rs 5.2 crore), besides general corporate purposes.
Company profile
Founded in 2018, Icodex Publishing Solutions provides software products and business process management services for the scholarly publishing industry. Its offerings include automation tools, AI-driven quality checks, ERP solutions, and end-to-end support for research publishing, including editorial and distribution services.As of January 2025, the company had 116 employees and catered to global publishing clients.
Financials
Icodex reported a sharp rise in performance in FY25, with revenue doubling to Rs 22.08 crore from Rs 10.99 crore in FY24. Profit after tax surged to Rs 8.96 crore, compared with Rs 4.40 crore in the previous year. EBITDA margins also improved significantly to 61.4% in FY25.
Despite strong subscription figures and robust FY25 numbers, analysts remain cautious about the sustainability of its earnings given the sudden boost in profits. With the GMP at 0%, the stock is expected to see a muted listing, with near-term sentiment depending on investor appetite for SME tech listings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
