Kwick Forensic Solutions IPO Day 1: Subscription status, review

Kwick Forensic Solutions IPO Day 1: Subscription status, review — here's what you need to know

2 min read | Published on 27 Aug 2026, 11:21 AM |Updated on 27 Aug 2026, 02:21 PM

Reviewed by

Ritika DScanX News Team

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Key Highlights

Kwick Forensic Solutions IPO opened on August 27, 2026, with a price band of ₹85.00000 - ₹90.00000.
The issue was subscribed 4.48x overall on Day 1, led by Retail investors at 8.13x.
QIBs have not placed any bids as of the latest update.
The company reported revenue of ₹105.71 crores and PAT of ₹13.51 crores in FY2026.
Key risks include geographic concentration in Bihar and Gujarat and high dependence on government clients.

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

Kwick Forensic Solutions IPO opened for subscription on August 27, 2026. The forensic science firm’s public issue garnered a total subscription of 4.48x on Day 1, driven primarily by strong interest from Retail investors who booked an 8.13x multiple.

Subscription Status

The IPO is currently oversubscribed at 4.48x overall. Retail investors are the clear leaders, ticking up significantly from morning levels, while Qualified Institutional Buyers (QIB) have yet to place bids. Non-Institutional Buyers (bHNI) also saw a jump, moving from 1.09x to 2.94x.

Category	Subscription Multiple
QIB	0.00x
NII (bHNI)	2.94x
NII (sHNI)	1.44x
Retail	8.13x
Total	4.48x

Intra-day timeline on 27-08-2026

Time (IST)	QIB	NII (bHNI)	Retail	Total
11:15	0.00x	1.09x	2.17x	1.21x
12:15	0.00x	1.73x	4.49x	2.45x
13:15	0.00x	2.32x	6.29x	3.46x
14:15	0.00x	2.94x	8.13x	4.48x

Momentum highlights

QIB: 0.00x → 0.00x (Δ +0.00x)
NII (bHNI): 1.09x → 2.94x (Δ +1.85x (+169.7%))
Retail: 2.17x → 8.13x (Δ +5.96x (+274.7%))
Total: 1.21x → 4.48x (Δ +3.27x (+270.2%))

About the Company

Kwick Forensic Solutions Limited was incorporated in 2005. Initially focused on software development for the construction sector, the company expanded into forensic sciences from FY2015. It provides end-to-end products, solutions, tools, and technologies for forensic sciences, fingerprint science, cyber/digital forensics, social-media analytics, and big-data analytics. 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.

Metric (₹ crores)	FY2024	FY2025	FY2026
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

Revenue from operations grew from ₹30.18 crores in FY2024 to ₹105.71 crores in FY2026. Total profit increased from ₹2.83 crores to ₹13.51 crores in the same period.

Objects of the Issue

Funding Working Capital: ₹31.42 crores to fund working capital requirements including trade receivables, inventory, and vendor advances.
General Corporate Purposes: Amount not exceeding fifteen percent of the amount being raised or ten crores, whichever is less, for business development and marketing.

Risk Factors

Geographic Concentration: Revenue is significantly concentrated in Bihar (9.02% in FY2026) and Gujarat (29.39% in FY2026).
Customer Concentration: 58.04% of revenue comes from top 5 customers and 77.64% from top 10 customers in FY2026.
Government Dependence: 55.22% of revenue is derived from government entities in FY2026, exposing the firm to policy and payment delays.

Offer Details

Price Band: ₹85.00000 - ₹90.00000
Issue Size: 272000 - 500000
Min Bid Qty: 3200
Open Date: 2026-08-27 10:00:00
Close Date: 2026-08-31 16:00:00

Will the complete lack of Qualified Institutional Buyer (QIB) participation on Day 1 signal potential volatility or a muted listing price despite strong retail demand?

How might the company's heavy reliance on government entities (55% of revenue) impact its cash flow stability and working capital utilization post-IPO?

Given the significant customer concentration (77% from top 10 clients), what strategies will Kwick Forensic Solutions employ to diversify its client base and reduce dependency risks?