Icodex Publishing Solutions, a software and business process management service provider for the scholarly publishing industry, made its market debut on the BSE SME platform today. The company's shares began trading at the issue price of Rs 102 per share, aligning with the zero grey market premium observed prior to the listing.

IPO Performance

The initial public offering (IPO) of Icodex Publishing Solutions, which aimed to raise Rs 42.03 crore, witnessed a robust response from investors:

• Overall subscription: 3.95 times
• Qualified Institutional Buyers (QIBs): 33.08 times oversubscribed
• Retail investors: 4.67 times oversubscribed

The IPO comprised a fresh issue of Rs 34.64 crore and an offer for sale of Rs 7.39 crore.

Company Overview

Founded in 2018, Icodex Publishing Solutions specializes in providing software products and business process management services tailored for the scholarly publishing industry. The company currently employs 116 professionals.

Financial Performance

Icodex Publishing Solutions has demonstrated strong financial growth:

IPO Proceeds Utilization

The company plans to utilize the funds raised from the IPO for:

1. Establishing new office premises
2. Meeting hardware requirements
3. Fulfilling working capital needs

The listing of Icodex Publishing Solutions on the BSE SME platform marks a significant milestone for the company, providing it with access to capital markets to support its growth initiatives in the scholarly publishing industry.

Icodex Publishing Solutions, a software development and business process management company for the publishing industry, has opened its Initial Public Offering (IPO) to raise Rs 42.03 crore. The IPO, which will be listed on the BSE SME platform, has reportedly garnered a 2% grey market premium.

IPO Details

The three-day public issue comprises two components:

1. Fresh equity: 33.96 lakh shares worth Rs 34.64 crore
2. Offer for Sale (OFS): 7.25 lakh shares valued at Rs 7.39 crore

The company has set the price band for the IPO at Rs 98-102 per share, with a minimum bid lot of 2,400 shares.

About Icodex Publishing Solutions

Icodex Publishing Solutions specializes in developing software products and providing business process management services for the publishing industry. The company's offerings include:

• SaaS-based automation tools
• AI-driven quality checks
• Editorial services

Currently, the company employs a workforce of 116 people.

Utilization of IPO Proceeds

The funds raised through this IPO will be allocated as follows:

Market Sentiment

The IPO has reportedly opened with a 2% grey market premium, indicating some positive sentiment among investors. However, it's important to note that grey market premiums are unofficial and subject to change.

Investors and market watchers will be keeping a close eye on this IPO, particularly given Icodex Publishing Solutions' focus on the niche publishing industry and its emphasis on SaaS and AI-driven solutions. As always, potential investors are advised to carefully review the company's prospectus and consult with financial advisors before making investment decisions.