Icodex Publishing Solutions IPO

About Icodex Publishing Solutions Ltd IPO

The IPO of Icodex Publishing Solutions Ltd comprises a fresh issue and an offer for sale of up to 31,95,600 and 7,24,800 equity shares, respectively. It’s a 100% book-built issue. The IPO opens on TBA and closes on TBA. The credit of shares to the demat account will take place on TBA. The basis of allotment will take place on TBA and the initiation of refunds will take place on TBA.

Objectives of Icodex Publishing Solutions Ltd IPO

• Capital expenditure for purchase of new office premises and hardware for new office
• Working capital requirements of the company
• General corporate purposes

Industry Outlook

The publishing market size is forecast to increase by USD 19.37 billion at a CAGR of 1.2% between 2023 and 2028. The market is experiencing significant shifts, driven by several key trends. The increasing demand for diversity in content reflects a growing recognition of the importance of representation and inclusivity. The India publishing market is a rapidly growing and lucrative industry. It is estimated to grow at a CAGR of 10.3% during the forecast period 2020-2026.

Company Information

Icodex Publishing Solutions Ltd is engaged in the business of Software Product Development for Scholarly Publishing. The company’s software products help in publication of research papers, studies and academic articles that help researchers, academicians, and scholars in their field of work. It specialises in developing and providing publishing products and software, which support the publishing process, i.e., from manuscript preparation till print and digital content distribution.

Risks of Icodex Publishing Solutions Ltd

• Dependence on Few Customers

The company is highly dependent on few customers for its business and revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations of the company.

• Geographical Concentration

Substantial portion of its revenues is dependent on a Global Publishing Company based out of the United States of America (USA). Any economic slowdown and/or any other factor affecting the economy of the USA may have an adverse impact on its business. Further any change in the Government regulations and policies vis-à-vis supply of services to the USA may have a material adverse effect on its profitability and results of operations.

• Foreign Currency Exchange Risk

The company is exposed to foreign currency exchange risks, which it may not be able to manage effectively. Currency exchange rate fluctuations could adversely affect its financial results. The foreign exchange fluctuation affects the revenues in absolute terms when converted into Indian Rupees. To this extent, the revenues will be higher or lower depending on the depreciation or appreciation of Indian Rupee in foreign currency terms.

Anchor Investor Bidding Date TBA

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Cameo Corporate Services Ltd
• Book Running Lead Manager: Indcap Advisors Private Ltd

Business Model

Specialising in developing and providing publishing products and software, Icodex also provides business process management services that support the publishing process with activities like quality assurance checks, editorial services and back-end support to its global publishing client.

It also provides IT support services which includes installation of all kinds of hardware and peripherals and back-end support. Its business vertical includes:

• Software product development
• Business process management for the publishing industry
• Application support and IT management

Company Growth Trajectory

Icodex Publishing Solutions Ltd’s revenue from operations grew from ₹8.1776 crores in FY 22 to ₹10.4007 crores in FY 24. Its EBITDA margin grew from 21.47% in FY 22 to 40.97% in FY 24. Its PAT margin grew from 15.67% in FY 22 to 40.02% in FY 24. The company’s experienced management team coupled with a fast-track development approach and strong relationships with existing customers have played a vital role in its growth over the years.

Market Position

Incorporated in 2018 with the focus to provide software products to the scholarly and academic publishing industry, Icodex Publishing Solutions Ltd has a thorough understanding of the publishing industry ecosystem. It operates as a software service provider for a Global Publishing Company headquartered in the United States (US) and it's an ISO/IEC 27001:2013 certified company for Information Security Management Systems.

How to Check the Allotment Status of the Icodex Publishing Solutions Ltd?

1. Visit the Registrar’s Website

Visit the website of Cameo Corporate Services and click on any one of the links under IPO Status Links. Choose the Name of the Company from the dropdown. Enter your PAN number, Application number or DP Client ID. Enter Captcha and click on Submit to know the allotment status.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Choose the Issue Type
• Select the Issue Name from dropdown
• Put in either your application number or PAN number
• Check the box ‘I’m not a robot’
• Click on ‘Search’ to know allotment status

How to Apply for Icodex Publishing Solutions Ltd?

• Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI