Bench Mark Infotech Services IPO Day 3: Subscribed 9.54x; Retail surges to 14.41x
- Bench Mark Infotech Services IPO closed Day 3 with a total subscription of 9.54x.
- Retail investors led the demand with a subscription rate of 14.41x.
- Non-Institutional Investors (NII) subscribed to 10.12x (bHNI) and 11.27x (sHNI).
- Qualified Institutional Buyers (QIBs) did not participate, maintaining a 0x subscription.
*this image is generated using AI for illustrative purposes only.
Bench Mark Infotech Services IPO closed Day 3 with a total subscription of 9.54x, driven by a sharp surge in retail participation which reached 14.41x, while institutional interest remained absent.
Subscription Status
The issue witnessed explosive growth in retail and non-institutional demand on the final day. The overall subscription jumped from 1.36x on Day 2 to 9.54x by the close of Day 3. Retail investors emerged as the primary drivers, subscribing to 14.41 times the offered shares. Non-Institutional Investors (NII) also showed strong momentum, with high-net-worth individuals (bHNI) subscribing to 10.12x and small HNI (sHNI) to 11.27x. Qualified Institutional Buyers (QIBs) did not participate in the issue, maintaining a 0x subscription throughout the three-day window.
Intra-day Timeline
The following table details the subscription progression on Day 3 (29-09-2026):
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 5.04x | 8.69x | 5.54x |
| 12:15 | 0.00x | 10.12x | 14.41x | 9.54x |
Note: Data reflects the latest snapshot available for the day.
Category-wise Breakdown
- Retail: 14.41x
- Non-Institutional Buyers (sHNI): 11.27x
- Non-Institutional Buyers (bHNI): 10.12x
- Qualified Institutional Buyers (QIB): 0x
- 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 | 0.00x | 10.12x | 11.27x | 14.41x | 9.54x |
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.
How might the complete absence of QIB participation influence Bench Mark Infotech's post-listing stock volatility and institutional coverage?
What strategies will the company implement to mitigate the risk of its 280-day trade receivable cycle and negative operating cash flows once IPO proceeds are deployed?
Given the 94% customer concentration and heavy reliance on government contracts, how will the company diversify its client base to stabilize future revenue streams?
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