Bench Mark Infotech Services IPO Day 2: Subscribed 0.69x; Retail demand rises to 1.11x
- Bench Mark Infotech Services IPO subscribed 0.69x by Day 2 close
- Retail category leads with 1.11x subscription
- QIB interest remains absent at 0.00x
- Issue closes on September 29, 2026
*this image is generated using AI for illustrative purposes only.
Bench Mark Infotech Services IPO recorded a cumulative subscription of 0.69x by the end of Day 2, with Retail investors leading the charge at 1.11x. Qualified Institutional Buyers (QIB) registered no bids, maintaining a 0.00x subscription rate throughout the period.
Subscription Status
The issue opened on September 25, 2026, and closed its second trading day on September 28, 2026. The overall subscription level improved from 0.26x on Day 1 to 0.69x on Day 2. This uptick was primarily fueled by strong Retail participation, which crossed the 1x mark for the first time in this issue. Non-Institutional Investors (NII) also saw moderate growth but remained under-subscribed.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.00x | 0.23x | 0.29x | 0.40x | 0.26x |
| Day 2 | 28-09-2026 | 0.00x | 0.56x | 0.65x | 1.11x | 0.69x |
Category-wise Breakdown
Retail investors demonstrated the strongest appetite for the issue, subscribing to 1.11x of their reserved quota by the end of Day 2. Among Non-Institutional Investors, big High Net-worth Individuals (bHNI) subscribed to 0.56x, while small High Net-worth Individuals (sHNI) subscribed to 0.65x. Institutional interest remains absent, with QIBs registering a 0.00x subscription rate for both days observed so far.
Intra-day Timeline on 28-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.50x | 0.94x | 0.60x |
| 12:15 | 0.00x | 0.56x | 1.11x | 0.69x |
Offer Details
The Bench Mark Infotech Services IPO has a price band of ₹104.00000 - ₹110.00000 per share. The total issue size ranges from ₹374400 crore to ₹500000 crore. The minimum bid quantity is set at 2400 shares. The issue opened on September 25, 2026, at 10:00:00 IST and will close on September 29, 2026, at 16:00:00 IST.
About the Company
Bench Mark Infotech Services Limited, incorporated in 2007 and headquartered in Kolkata, is an integrated IT and digital infrastructure solutions company with over 19 years of experience. The company provides end-to-end technology 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, operating under an order-driven, tender-based project execution model.
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.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 60.53 | 50.04 | 34.10 |
| Total Revenue | 63.99 | 50.80 | 34.76 |
| Profit Before Tax | 13.64 | 7.94 | 2.06 |
| Total Profit | 10.22 | 5.83 | 1.48 |
| Total Assets | 74.05 | 60.39 | 39.33 |
| Total Equity | 26.55 | 16.33 | 10.50 |
Objects of the Issue
- Funding Working Capital Requirements: The company proposes to utilise up to ₹30.00 crores from the Net Proceeds towards funding its working capital requirements in Fiscal 2027 and 2028, to support anticipated growth in integrated IT infrastructure project operations.
- General Corporate Purposes: A portion of the Net Proceeds is intended to be utilized for general corporate purposes, not exceeding fifteen percent of the amount raised or ₹10 Crores, whichever is less, as per SEBI ICDR Regulations.
Risk Factors
- High Customer Concentration Risk: The top 10 customers contributed 94.19% of total revenue from operations in FY2026. The single largest customer accounted for up to 60.93% of revenue in FY2025. The company lacks long-term exclusive arrangements, making it vulnerable to loss of key relationships.
- Dependence on Government/PSU Contracts: Government customers accounted for 73.10% of revenue in FY2026. Contracts are awarded through competitive tendering, and the bid-to-win ratio declined from 41.07% in FY2024 to 30.43% in FY2026.
- Significant Trade Receivables: 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 from 239 days in FY2024.
- Negative Operating Cash Flows: The company reported negative cash flows from operating activities of ₹676.52 lakhs in FY2026, compared to positive cash flows in previous years.
- Geographic Revenue Concentration: The company derives 80.04% of its revenue from just three states — Bihar, Odisha, and West Bengal — in FY2026.
What's Next
The allotment date for the Bench Mark Infotech Services IPO is scheduled for September 30, 2026. The listing date is set for October 5, 2026.
How might the persistent zero subscription from Qualified Institutional Buyers (QIBs) impact the stock's price stability and liquidity following its October 5 listing?
Given the significant negative operating cash flows and rising trade receivables, how will the company manage working capital pressures if IPO proceeds fall short due to under-subscription?
What strategies is Bench Mark Infotech planning to implement to mitigate the high customer concentration risk and declining bid-to-win ratio in government tenders?
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