BSE SME Icodex Publishing Solutions faces rough debut

Shares of Icodex Publishing Solutions was trading at Rs 77.55 on the BSE, a discount of 23.97% compared with the issue price of Rs 102.

The scrip was listed at Rs 81.60, a discount of 20% compared with the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 81.60 and a low of Rs 77.55. About 1.33 lakh shares of the company changed hands at the counter.

Icodex Publishing Solutions' IPO was subscribed 3.80%. The issue opened for bidding on 11 August 2025 and it closed on 13 August 2025. The price band of the IPO was set at Rs 98 to 102 per share.

The IPO comprised 41,20,800 equity shares, including a fresh issue of 33,96,000 equity shares and offer for sale (OFS) of 7,24,800 equity shares.

The company intends to utilize the net proceeds for purchase of new office space, purchase of hardware for new office, working capital purposes and general corporate purposes.

Icodex Publishing Solutions is engaged in software product development for scholarly publishing. Its software products assist in the publication of research papers, studies, and academic articles, helping researchers, academicians, and scholars in their respective fields. The company specializes in developing and providing publishing products and software that support the entire publishing process, from manuscript preparation to print and digital content distribution. As of 31 January 2025, the company had total 116 permanent employees.

The company recorded revenue from operations of Rs 21.88 crore and net profit of Rs 8.96 crore for the period ended 31 March 2025.

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