Bench Mark Infotech Services IPO is open on Day 1 (25 September 2026) with total subscription at 0.07x, driven entirely by retail investors who have bid up to 0.15x of their reserved portion. QIB and NII segments remain at 0.00x.

Subscription Status

By 12:15 IST on Day 1, the IPO had reached an overall subscription of 0.07x. Retail investors were the sole active category, with their subscription ticking up from 0.08x at 11:15 IST to 0.15x by 12:15 IST — a jump of +87.5% within the morning session. Institutional and high-net-worth segments remained at 0.00x as the issue progressed through its opening day.

Category-wise Breakdown

Retail investors are the only category showing activity on Day 1, with a subscription of 0.15x at the latest update. QIB, bHNI, and sHNI segments all stand at 0.00x, indicating that institutional and non-institutional demand had not materialised through the morning session.

Intra-day Timeline on 25-09-2026

Retail demand jumped +87.5% between 11:15 and 12:15 IST, moving from 0.08x to 0.15x. The overall total similarly picked up pace, rising +75.0% from 0.04x to 0.07x over the same period.

Offer Details

About the Company

Bench Mark Infotech Services Limited was incorporated in 2007 and is headquartered in Kolkata, West Bengal. The company provides end-to-end IT and digital infrastructure solutions — including LAN/WAN networking, audio-visual systems, surveillance, data centre, AI lab, cybersecurity, and fibre optic services — primarily to government departments, PSUs, and institutional clients across India. It is empanelled with BSNL as a National Level System Integrator and with RailTel as a Business Partner. The company operates under an order-driven, tender-based project execution model. It is led by Managing Director Vineet Kumar Gupta, supported by Director Juli Gupta.

Financial Highlights

Revenue from operations grew at a CAGR of 33.24% from ₹3,409.51 lakhs in FY2024 to ₹6,052.76 lakhs in FY2026, with an EBITDA margin of 21.97% in FY2026. However, operating cash flow turned negative at ₹-6.77 crore in FY2026.

Objects of the Issue

• Funding Working Capital Requirements: Up to ₹30.00 crore from net proceeds is proposed to fund working capital requirements in FY2027 and FY2028 to support growth in integrated IT infrastructure project operations.
• General Corporate Purposes: A portion of net proceeds is intended for general corporate purposes, not exceeding fifteen percent of the amount raised or ₹10 crore, whichever is less, as per SEBI ICDR Regulations.

Risk Factors

• High Customer Concentration: The top 10 customers contribute 94.19%, 89.08%, and 91.87% of total revenue from operations in FY2026, FY2025, and FY2024 respectively. The single largest customer accounted for up to 60.93% of revenue in FY2025. There are no long-term or exclusive arrangements with any customers.
• Dependence on Government/PSU Contracts: Government customers accounted for 73.10%, 95.01%, and 92.91% of revenue in FY2026, FY2025, and FY2024 respectively. The bid-to-win ratio declined from 41.07% in FY2024 to 30.43% in FY2026.
• Significant Trade Receivables: Trade receivables stood at ₹5,497.96 lakhs as of 31 March 2026, representing 90.83% of revenue from operations, with receivable holding days at 280 days in FY2026. Of these, ₹1,017.21 lakhs have been outstanding for more than one year.
• Negative Operating Cash Flows: The company reported negative operating cash flows of ₹676.52 lakhs in FY2026, compared to positive flows of ₹653.91 lakhs and ₹486.62 lakhs in FY2025 and FY2024 respectively.
• Geographic Revenue Concentration: 80.04%, 85.39%, and 64.00% of revenue from operations came from Bihar, Odisha, and West Bengal in FY2026, FY2025, and FY2024 respectively.
• Historical Statutory Non-Compliances: The company has identified multiple historical non-compliances under the Companies Act, 2013, including delayed MSME payments resulting in ₹17.93 lakhs in penal interest and ₹388.40 lakhs disallowed under Section 43B(h) of the Income Tax Act.

What's Next

The IPO remains open until 29 September 2026. Allotment is scheduled for 30 September 2026, with listing on 5 October 2026.