NewsKwick Forensic Solutions IPO Day 3: Issue subscribed 112.55x so far. Check issue details and key datesKwick Forensic Solutions IPO Day 3: Issue subscribed 112.55x so far. Check issue details and key dates
- Kwick Forensic Solutions IPO subscribed 112.55x by end of Day 3.
- Retail category led with 161.32x subscription; QIBs at 14.10x.
- Massive intraday surge: Total jumped +446.9% in first hour of Day 3.
- Allotment date: 2026-09-01; Listing date: 2026-09-03.
- Issue size: ₹27.20 lakh - ₹50.00 lakh; Price band: ₹85 - ₹90.
*this image is generated using AI for illustrative purposes only.
Kwick Forensic Solutions IPO surged to 112.55x subscription on Day 3, driven by a massive Retail jump to 161.32x and QIB entry at 14.10x. The issue closed well above fully subscribed status.
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 | 14.10x | 103.28x | 142.77x | 161.32x | 112.55x |
Category-wise Breakdown
The subscription momentum was driven primarily by individual investors. The Retail category saw the highest interest, subscribing to the offer 161.32 times. Non-Institutional Buyers (NII) also showed strong participation, with bHNI at 103.28x and sHNI at 142.77x. Notably, Qualified Institutional Buyers (QIB) entered late in the day, subscribing 14.10 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 |
The issue raced ahead in the first hour of trading on Day 3. QIBs jumped from 0.00x to 14.10x, while NII (bHNI) surged +566.8% and Retail jumped +349.2%. The total subscription ticked up by +446.9% within an hour, 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 late entry of QIBs at 14.10x impact the listing price premium compared to IPOs with consistent institutional interest throughout the subscription period?
Given the heavy reliance on government contracts (55.22% of revenue), how vulnerable is Kwick Forensic's post-listing growth to potential delays in state budget allocations in Bihar and Gujarat?
Will the high retail subscription of 161.32x lead to a significant basis of allotment reduction for individual investors, and how does this compare to recent forensic or niche-tech IPOs?
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