Bench Mark Infotech Services IPO Day 2: Subscribed 1.36x; Retail demand hits 2.12x
- Bench Mark Infotech Services IPO subscribed 1.36x on Day 2
- Retail investors led demand with a 2.12x subscription rate
- QIBs remained absent with 0.00x subscription
- Issue closes on September 29, 2026
*this image is generated using AI for illustrative purposes only.
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 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 |
| 13:15 | 0.00x | 0.71x | 1.30x | 0.81x |
| 14:15 | 0.00x | 0.77x | 1.44x | 0.89x |
| 15:15 | 0.00x | 0.97x | 1.64x | 1.02x |
| 16:15 | 0.00x | 0.99x | 1.78x | 1.14x |
| 17:15 | 0.00x | 1.25x | 2.12x | 1.36x |
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:
| 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 | 1.25x | 1.52x | 2.12x | 1.36x |
| Day 3 | 29-09-2026 | 80.45x | 154.91x | 99.18x | 90.13x | 97.28x |
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.
| Metric (₹ Crore) | 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 |
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.
Will the continued absence of QIB bids on the final day signal a lack of institutional confidence that could dampen the listing price on October 5?
How might the company address its critical trade receivable cycle of 280 days to mitigate the negative operating cash flows reported in FY2026?
Given the 94% customer concentration risk, what specific strategies will Bench Mark Infotech implement post-listing to diversify its revenue base beyond government tenders?
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