Icodex Publishing Solutions Limited ( BSE SME IPO ) Analysis - IPO Details - IPO Date: 11 – 13 August 2025 Price Band: ₹98 – ₹102 Lot Size: 1,200 shares Face Value: ₹10 IPO Size: ₹42 crore Fresh Issue – ₹34.63 crore OFS – ₹7.39 crore Company Overview - Incorporation Year: 2018 Industry Focus - Scholarly & academic publishing software Core Business - Development of publishing #software & #SaaS solutions for #researchers, #academicians, and publishers. Product Scope - End-to-end publishing cycle – manuscript preparation to print/digital distribution. Additional Services - Business Process Management ( BPM ) & IT Support Services. Key Products & Solutions - #iCAPP – Cloud-based automated publishing workflow solution. #PaperPerfect – Manuscript writing & improvement tool. #eAssistant – Journal-specific manuscript assessment. #iProof – Online collaborative editing & review platform. #FlexyPage – HTML-based layout & PDF production system. #iCE – Word to XML conversion with automated editing. #iLang – AI language improvement platform. #iRef – Automated reference verification & formatting. #PDH – Product & production specification tracking hub. #iPublish – #Cloud-based digital content management & distribution. #ieBooks – Book digitization for #Kindle, Mobi, iBook formats. Business Verticals - Software Product Development – For publishing & other industries. SaaS Solutions – Primarily for global publishing companies. BPM Services – Quality assurance, editorial support, and backend operations. IT Services – Infrastructure & server management, hardware setup. Financial Performance ( Crore ) - Net Worth - FY25 – ₹19 FY24 – ₹8 FY23 – ₹4 Revenue from Operations - FY25 – ₹21 FY24 – ₹10 FY23 – ₹9 PAT - FY25 – ₹8.96 , Margin - FY24 – ₹4.40 , Margin - FY23 – ₹1.81 , Margin - EPS - FY25 – ₹7.32 FY24 – ₹3.66 FY23 – ₹1.51 RoNW - FY25 – 47.02% FY24 – 51.19% FY23 – 43.21% Total Borrowings – FY25: ₹2.99 FY24: ₹0.88 FY23: ₹0.02 Revenue Bifurcation ( FY25 ) - Software Product Development - ₹3.78 crore ( 17% ) BPM Services - ₹5.34 crore ( 24% ) Application Support & IT Management - ₹12.76 crore ( 58% ) Pros / Strengths - Proprietary publishing platforms & AI-driven solutions. Comprehensive product suite covering the entire publishing process. High automation → reduced cost & faster turnaround. Diversified service portfolio – software, BPM, and IT services. Strong growth in revenue & profitability over last 3 years. ISO/IEC 27001:2013 certified – strong information security standards. Cons / Risks - High Customer Dependence – Top 1 client = 41% of FY25 revenue. Past Single Client Dependence – Until FY24, 100% revenue from one USA-based client. Top 5 Customers – FY25: 99% of revenue. Geographic Concentration – Significant revenue from #USA. Economic Dependency Risk – US economic slowdown could impact earnings. Regulatory Risk – Potential restrictions on offshore outsourcing in USA. Political Risk – Changes in policies of client countries may affect business flow. I am Not Sebi Registered ...Views are Personal . DYDD Apply Or Avoid Decision Upto 13 August ,,, 2 P.M #Icodex #Smeipo #Ipoalert

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