Kwick Forensic Solutions IPO: Check Price Band, Timeline & Key Details
- Kwick Forensic Solutions files DRHP for SME IPO to raise ₹31.42 crore via fresh issue.
- Revenue grew from ₹30.18 Cr in FY2024 to ₹105.71 Cr in FY2026; PAT rose to ₹13.51 Cr.
- IPO opens on 27-Aug-2026 and closes on 31-Aug-2026; listing scheduled for 03-Sep-2026.
- Proceeds will fund working capital needs driven by extended receivable cycles from government clients.
- Key risks include high customer concentration (77.64% from top 10) and geographic reliance on Gujarat and Bihar.
*this image is generated using AI for illustrative purposes only.
Kwick Forensic Solutions IPO closed with a total subscription of 154.97x, driven by a massive Retail surge to 225.94x. The issue raced ahead in the final hours, with QIBs entering late at 15.03x after remaining flat for two days.
Final Subscription Status
| 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 | 15.49x | 10.56x | 35.91x | 20.58x |
| Day 3 | 31-08-2026 | 15.03x | 145.29x | 190.50x | 225.94x | 154.97x |
Category-wise Breakdown
The subscription momentum was driven primarily by individual investors. The Retail category saw the highest interest, subscribing to the offer 225.94 times. Non-Institutional Buyers (NII) also showed strong participation, with bHNI at 145.29x and sHNI at 190.50x. Notably, Qualified Institutional Buyers (QIB) entered late in the day, subscribing 15.03 times after remaining at 0x for the first two days.
Intra-day Timeline (31-08-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 15.49x | 35.91x | 20.58x |
| 12:15 | 14.10x | 103.28x | 161.32x | 112.55x |
| 13:15 | 15.03x | 139.99x | 211.07x | 147.11x |
| 14:15 | 15.03x | 142.54x | 216.72x | 150.17x |
| 15:15 | 15.03x | 145.29x | 225.94x | 154.97x |
| 16:15 | 15.03x | 145.29x | 225.94x | 154.97x |
| 17:15 | 15.03x | 145.29x | 225.94x | 154.97x |
The issue raced ahead in the first hour of trading on Day 3. QIBs jumped from 0.00x to 15.03x, while NII (bHNI) surged +838.0% and Retail jumped +529.2%. The total subscription ticked up by +653.0% within the day, crossing the 100x mark rapidly.
About the Company
Kwick Forensic Solutions Limited, incorporated in 2005, provides end-to-end forensic science products and solutions. The company serves government and private sector clients, including police departments and forensic laboratories, across India. Key segments include Forensic Science & Physical Evidence Solutions, Mobile CSI Vehicles, Cyber & Digital Forensics, and DNA Forensics.
Financial Highlights
| Particulars | FY2024 (₹ crores) | FY2025 (₹ crores) | FY2026 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 30.18 | 65.03 | 105.71 |
| Total Profit (PAT) | 2.83 | 8.56 | 13.51 |
| Total Equity | 9.86 | 27.90 | 41.41 |
The company demonstrated strong growth in revenue and profit over the last three years. Revenue from operations increased from ₹30.18 crores in FY2024 to ₹105.71 crores in FY2026. Similarly, total profit rose from ₹2.83 crores to ₹13.51 crores during the same period.
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: Operations are exposed to local risks in these key states.
- Customer Concentration Risk: 58.04% of revenue comes from top 5 customers, mostly without long-term agreements.
- Heavy Dependence on Government Entities: 55.22% of revenue is derived from government entities in FY2026.
What's Next
Allotment is scheduled for 2026-09-01. The shares are expected to list on 2026-09-03. The basis of allotment will be determined after the final subscription figures are locked in.
How might the company mitigate the risk of payment delays from government clients, which constitute over 55% of its revenue?
What strategies will Kwick Forensic employ to reduce its heavy reliance on the top 10 customers, who contributed nearly 78% of FY2026 revenue?
Given the lack of direct listed peers, what valuation benchmarks or comparable transaction metrics are analysts likely to use to assess the IPO's price band?
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