Icodex Publishing Solutions came to market through an SME IPO that opened on 11 August 2025 and closed on 13 August 2025, and the shares listed on 19 August 2025 on BSE SME. The price band was ₹98 to ₹102 per share and one lot was 1200 shares, so the minimum application was ₹1,22,400. The issue size was ₹42.03 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Cameo Corporate Services Limited was the registrar to the issue, and Indcap Advisors Pvt. Ltd was the lead manager.
As of 13 August 2025.
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Established in 2018, Icodex Publishing Solutions Limited is a Software Product Development company for Scholarly Publishing. The company designs software products that aid in publishing scholarly articles and research papers, catering to the process from manuscript preparation through print and electronic content dissemination. The company provides Business Process Management services such as back-end support, editorial services, and quality assurance to aid global publishing customers through the publishing process.
The firm provides Business Process Management services such as quality checks, editorial assistance, and IT services such as hardware installation and back-end support, helping international publishing clients through the way. The company employed 116 people as of January 31, 2025.
As described in the offer document.
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Kamalakkannan Govindaraj, Chetan Shankaralal Soni.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Icodex Publishing Solutions IPO was a ₹42.03 crore book-built issue, comprising a fresh issue of ₹32.53 crore and an offer for sale of ₹7.39 crore. It was priced at ₹98–₹102 per share with a lot size of 1,200 shares; the minimum retail application was 2,400 shares (₹2,44,800). The IPO was open from August 11 to August 13, 2025 and was subscribed 0.41x.
Shares listed on BSE SME on August 19, 2025 at ₹81.60, a 20.0% discount to the issue price of ₹102. Cameo Corporate Services Limited is the registrar. Indcap Advisors Pvt. Ltd is the book running lead manager.
The price band of Icodex Publishing Solutions IPO is ₹98 to ₹102 per share.
The lot size of Icodex Publishing Solutions IPO is 1200 shares.
The minimum investment for Icodex Publishing Solutions IPO is approximately ₹2,44,800 based on the upper price band.
The allotment date of Icodex Publishing Solutions IPO is Aug 14, 2025.
You can check Icodex Publishing Solutions IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Icodex Publishing Solutions IPO allotment status on Rupix for quick and easy access.
₹98 to ₹102 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1200 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,22,400. After listing, SME shares also trade in lots rather than one share at a time.
₹1,22,400, for one lot of 1200 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 11 August 2025 and closed on 13 August 2025.
The basis of allotment was published on 14 August 2025 by Cameo Corporate Services Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 19 August 2025 on BSE SME.
The issue size was ₹42.03 crore. The fresh issue was 31,89,600 shares (aggregating up to ₹32.53 crore). The offer for sale was 7,24,800 shares (aggregating up to ₹7.39 crore).