IPO Details
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IPO Size
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Schedule of Icodex Publishing Solutions IPO
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End date
Allotment of bids
Refund Initiation
Listing on exchange
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
Icodex Publishing Solutions Ltd IPO Valuation
Icodex Publishing Solutions Ltd IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the offer |
Non-institutional Investors | Not less than 15% of the offer |
Retail Investors | Not less than 35% of the offer |
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.
Icodex Publishing Solutions Ltd Strengths
Domain Expertise
Icodex Publishing has a thorough understanding of the publishing industry ecosystem and its products are designed in a manner that addresses the concerns of the stakeholders. The company’s employees are from technical backgrounds who design its products with a deep understanding of researchers' needs, ensuring tools that effectively support their publishing journey.
Strong Relationship with Existing Customers
The company has been generating revenue from its existing Client - Global Publishing Company since the early days of its incorporation and work from them has grown from simple work to broader project management and editorial relationships and beyond content to IT/technology products and services as well as order management and customer service.
End to End Publishing Solution Provider in the Publishing Ecosystem
The company’s end-to-end publishing workflow solutions are a significant strength, ensuring a seamless, efficient, and integrated publishing experience. By providing a comprehensive suite of services that span the entire publishing lifecycle — from manuscript submission to final publication — it enables publishers to manage their workflow effortlessly.
Technology Focussed Business Model
The company prioritises superior quality by employing the latest technology and a fast-track development approach. Its use of agile methodologies and cutting-edge technology ensures efficient execution and adaptability. This dedication has led to its products being rated well by researchers during the last three years in author satisfaction surveys.
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.
All Financial Information about Icodex Publishing Solutions
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company | Revenue (in ₹ crores) | EBITDA Margin (in %) | P/E Ratio |
|---|---|---|---|
Icodex Publishing Solutions Ltd | 10.8436 | 57.10 | NA |
MPS Ltd | 358.42 | 26.38 | 42.08 |
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.
Icodex Publishing Solutions Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 10.9862 | 9.7176 | 8.2175 |
Profit Before Tax (in ₹ crores) | 4.4456 | 1.8421 | 1.6579 |
Profit After Tax (in ₹ crores) | 4.3970 | 1.8118 | 1.2874 |
EPS in ₹ | 3.66 | 1.51 | 1.07 |
Icodex Publishing Solutions Ltd Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 4.4456 | 1.8421 | 1.6579 |
Net Cash Generated From / (Used in) Operating Activities (in ₹ crores) | 3.8191 | 1.2734 | 1.2381 |
Net Cash Generated From / (Used in) Investing Activities (in ₹ crores) | (3.2612) | (1.0960) | (0.4864) |
Net Cash Generated From / (Used in) Financing Activities (in ₹ crores) | 0.8182 | 0.0107 | NA |
Cash and Cash Equivalents at the End (in ₹ crores) | 3.0571 | 1.6808 | 1.4927 |
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
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Icodex Publishing Solutions IPO FAQs
What is the Icodex Publishing Solutions Ltd IPO?
The IPO of Icodex Publishing Solutions Ltd comprises a fresh issue and an offer for sale. Fresh issue consists of up to 31,95,600 equity shares and offer for sale consists of up to 7,24,800 equity shares.
When will the IPO of Icodex Publishing Solutions Ltd go live?
The exact dates of the IPO are yet to be announced.
Who is the Chairman and MD of Icodex Publishing Solutions Ltd?
Kamalakkannan Govindaraj is the chairman and MD of Icodex Publishing Solutions Ltd.
From where can I read more about the IPO of Icodex Publishing Solutions Ltd?
You can read more about the IPO of Icodex Publishing Solutions Ltd from the company’s draft red herring prospectus here.
