Kwick Forensic IPO Day 2 Live: Retail jumps 15.5% to 22.7x; Total hits 12.24x

Kwick Forensic IPO Day 2 Live: Retail jumps 15.5% to 22.7x; Total hits 12.24x - Check details

2 min read | Published on 28 Aug 2026, 11:20 AM |Updated on 28 Aug 2026, 12:22 PM

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Ritika DScanX News Team

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Key Highlights

Kwick Forensic IPO total subscription reached 12.24x on Day 2.
Retail category surged 15.5% to 22.70x, driving the overall growth.
QIB segment remains unsubscribed at 0.00x.
NII (bHNI) dropped significantly to 0.18x, while sHNI rose to 6.10x.
IPO closes on 2026-08-31 with listing scheduled for 2026-09-03.

*this image is generated using AI for illustrative purposes only.

Kwick Forensic Solutions IPO total subscription ticked up to 12.24x on Day 2, driven by a sharp 15.5% jump in retail interest. While the QIB segment remained flat at 0x, retail investors pushed their subscription from 19.65x to 22.70x by midday.

Subscription Status

The IPO is racing ahead in the retail category, which continues to dominate the momentum. On Day 2 (28-08-2026), the total subscription increased from 11.20x at 11:15 AM to 12.24x by 12:15 PM. This surge was primarily fueled by retail applications, which jumped +3.05x (+15.5%) in just one hour. In contrast, the NII (bHNI) segment saw a significant correction, dropping from 8.35x to 0.18x (-97.8%), while NII (sHNI) rose to 6.10x. The QIB segment remained completely inactive at 0.00x throughout the day.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	27-08-2026	0.00x	5.15x	2.58x	12.44x	6.96x
Day 2	28-08-2026	0.00x	0.18x	6.10x	22.70x	12.24x

Intra-day timeline on 28-08-2026

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	8.35x	19.65x	11.20x
12:15	0.00x	0.18x	22.70x	12.24x

About the Company

Kwick Forensic Solutions Limited was incorporated in 2005 and initially focused on software development for the construction sector. From FY2015, it expanded into forensic sciences, providing end-to-end products and technologies for fingerprint science, cyber/digital forensics, and big-data analytics. The company serves government and private sector customers, including police departments and forensic laboratories across India. Key management includes Director Mr. Shammer Saralal Shah and CEO Mr. Neeraj Bakulesh Jhaveri.

Financial Highlights

The company has shown significant revenue growth over the last three years. Revenue from operations rose from ₹30.18 crores in FY2024 to ₹105.71 crores in FY2026. Total profit also increased from ₹2.83 crores to ₹13.51 crores during the same period. Total equity grew from ₹9.86 crores in FY2024 to ₹41.41 crores in FY2026.

Particulars	FY2024	FY2025	FY2026
Revenue from Operations (₹ crores)	30.18	65.03	105.71
Total Profit (₹ crores)	2.83	8.56	13.51
Total Equity (₹ crores)	9.86	27.90	41.41

Objects of the Issue

Funding the Working Capital requirement of the company: ₹31.42 crores
General Corporate Purposes: Amount will not exceed fifteen percent of the amount being raised or ten crores, whichever is less.

Risk Factors

Geographic Revenue Concentration in Bihar and Gujarat: Adverse developments in these key states could disproportionately affect business performance.
Customer Concentration Risk: Loss of significant customers could severely impact revenue, as 58.04% comes from top 5 customers.
Heavy Dependence on Government Entities: 55.22% of revenue is derived from government entities, exposing the firm to policy changes and payment delays.

Key Dates

Issue Open Date: 2026-08-27
Issue Close Date: 2026-08-31
Allotment Date: 2026-09-01
Listing Date: 2026-09-03

Will the complete lack of QIB interest signal potential listing price volatility or a lack of institutional confidence in Kwick's growth trajectory?

How might the significant correction in the bHNI segment impact the overall subscription momentum on the final day of the IPO?

Given the heavy reliance on government contracts, how could upcoming policy changes in Bihar and Gujarat affect Kwick's future revenue stability post-listing?