S K Offset IPO Day 2 subscription data reveals a continued lack of market traction, with overall demand touching only 0.13x. Qualified Institutional Buyers (QIBs) remain steady at 0.50x, while Retail investors saw a marginal uptick to 0.04x.

Subscription Status

The cumulative subscription figures for S K Offset reflect a cautious investor response through the first two days. QIB interest has remained flat at 0.50x from Day 1 to Day 2, indicating no new institutional inflows. Retail demand saw a minor increase from 0.02x to 0.04x, while Non-Institutional Investors and Employees show zero uptake so far.

Category-wise Breakdown

As of the Day 2 snapshot, the subscription landscape is dominated by institutional interest, albeit at a low level. QIBs are the sole category showing any significant subscription, albeit less than half of their quota. The Non-Institutional Buyer categories, both Big HNI and Small HNI, along with the Employee quota, remain unsubscribed at 0.00x. Retail investors have contributed a negligible 0.04x to the total demand.

Intra-day Timeline

The intra-day data for Day 2, recorded between 11:15 IST and 12:15 IST, shows that Retail demand picked up pace slightly in the early session, moving from 0.03x to 0.04x. Other categories remained static throughout the reported period.

Offer Details

S K Offset Limited is offering shares in a price band of ₹119.00 - ₹125.00 per share. The minimum bid quantity is set at 2000 shares. The issue size ranges between ₹238000 crore and ₹500000 crore based on the price band. The IPO opened for subscription on September 23, 2026, and will close on September 25, 2026.

About the Company

S.K. Offset Limited, incorporated in 2007 and headquartered in Meerut, Uttar Pradesh, is an integrated printing and packaging solutions provider. The company operates across four facilities covering approximately 38,313 sq. ft., offering services including offset printing, mono cartons, rigid boxes, corrugated packaging, and labelling. It serves sectors such as FMCG, pharmaceuticals, cosmetics, and publishing, with a predominantly B2B model accounting for ~99% of its revenue.

Financial Highlights

The company has demonstrated significant revenue growth over the last three fiscal years, driven by its printing and packaging segments. Revenue from operations increased from ₹21.53 crore in FY2024 to ₹66.67 crore in FY2026. Profitability also improved substantially during this period.

Objects of the Issue

The proceeds from the IPO are earmarked for specific capital and operational needs:

• Capital Expenditure: ₹2.11 crore towards purchasing and setting up an Automatic Foil Stamper & Die Cutting Machine at its Meerut unit.
• Working Capital: ₹18.66 crore to meet incremental working capital requirements across Fiscal 2027 and Fiscal 2028.
• General Corporate Purposes: Balance amount subject to a cap of fifteen percent of gross proceeds or specified limit.

Risk Factors

Key risks highlighted by the company include:

• Customer Concentration: Top 10 customers contributed 86.14% of revenue in FY2026.
• Supplier Concentration: Top 10 suppliers accounted for 65.59% of total purchases in FY2026.
• Geographical Concentration: Approximately 69.43% of revenue was derived from Uttar Pradesh in FY2026.
• Working Capital Intensity: Significant growth in working capital requirements and negative operating cash flows in FY2025.

What's Next

The S K Offset IPO will close for subscription on September 25, 2026. Allotment of shares is scheduled for September 28, 2026, with the listing date set for September 30, 2026.