Bench Mark Infotech Services IPO closed its subscription period with a massive overall take-up of 97.28x, driven by an aggressive late-day entry from institutional buyers and sustained retail enthusiasm.

Subscription Status

The issue witnessed a dramatic acceleration in demand on Day 3 (29-09-2026), rising from 62.65x at the 15:15 snapshot to a closing figure of 97.28x by 16:15. Qualified Institutional Buyers (QIBs), who had shown limited interest in earlier sessions, entered aggressively in the final hour, pushing their subscription to 80.45 times. Non-Institutional Investors (NII) also displayed exceptional momentum, with the bHNI category reaching 154.91x and sHNI at 99.18x. Retail investors remained the largest contributor by volume, closing at 90.13x.

Intra-day Timeline on 25-09-2026

Retail demand accelerated sharply, jumping +400.0% from 0.08x at 11:15 IST to 0.40x at 17:15 IST. The overall subscription similarly picked up pace, rising +550.0% from 0.04x to 0.26x over the same period.

Category-wise Breakdown

• Retail: 90.13x
• Non-Institutional Buyers (bHNI): 154.91x
• Non-Institutional Buyers (sHNI): 99.18x
• Qualified Institutional Buyers (QIB): 80.45x
• Employees: 0x

Subscription Progression

The table below illustrates the end-of-day subscription multiples from Day 1 through Day 3:

Offer Details

• Company: Bench Mark Infotech Services
• Price Band: ₹104.00 - ₹110.00
• Issue Size: ₹37.44 crore - ₹50.00 crore
• Minimum Bid Quantity: 2400 shares
• Opening Date: 2026-09-25
• Closing Date: 2026-09-29

About the Company

Bench Mark Infotech Services Limited, incorporated in 2007 and headquartered in Kolkata, is an integrated IT and digital infrastructure solutions company. It provides end-to-end technology infrastructure solutions, including LAN/WAN networking, audio-visual systems, surveillance, data centres, AI labs, cybersecurity, and fibre optic services. The company primarily serves 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.

Financial Highlights

The company reported revenue growth at a CAGR of 33.24%, rising from ₹34.10 crore in FY2024 to ₹60.53 crore in FY2026. EBITDA margin stood at 21.97% in FY2026.

Objects of the Issue

• Funding Working Capital Requirements: Up to ₹30.00 crore from Net Proceeds towards funding working capital requirements in Fiscal 2027 and 2028 to support anticipated growth in integrated IT infrastructure project operations.
• General Corporate Purposes: A portion of Net Proceeds, not exceeding fifteen percent of the amount raised or ₹10 Crores, whichever is less, as per SEBI ICDR Regulations.

Risk Factors

• High Customer Concentration: Top 10 customers contributed 94.19% of revenue in FY2026. The single largest customer accounted for up to 60.93% of revenue in FY2025.
• Government Dependence: Government customers accounted for 73.10% of revenue in FY2026. The bid-to-win ratio declined from 41.07% in FY2024 to 30.43% in FY2026.
• Trade Receivables Risk: Trade receivables surged to ₹5,497.96 lakhs as of March 31, 2026, representing 90.83% of revenue from operations. Receivable holding days increased to 280 days in FY2026.
• Negative Operating Cash Flows: The company reported negative cash flows from operating activities of ₹676.52 lakhs in FY2026.
• Geographic Concentration: 80.04% of revenue in FY2026 was derived from just three states: Bihar, Odisha, and West Bengal.

What's Next

Allotment is scheduled for 2026-09-30, with listing expected on 2026-10-05.