S K Offset IPO Day 3: Subscribed 0.42x; Retail demand ticks up to 0.28x
- S K Offset IPO subscribed 0.42x overall by close of Day 3
- QIB demand remained flat at 0.50x throughout the issue
- Retail participation increased marginally to 0.28x on final day
- Allotment date set for September 28, 2026
*this image is generated using AI for illustrative purposes only.
S K Offset IPO closed its subscription period with a total take-up of 0.42x, driven by a slight uptick in retail participation and steady institutional bids.
Subscription Status
The issue witnessed a gradual accumulation of bids over the three-day period, though it remained under-subscribed throughout. The overall subscription ratio moved from 0.12x on Day 1 to 0.40x on Day 2, before settling at 0.42x by the close of Day 3. The marginal increase from Day 2 to Day 3 indicates limited incremental interest in the final trading session.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 23-09-2026 | 0.50x | 0.00x | 0.00x | 0.02x | 0.12x |
| Day 2 | 24-09-2026 | 0.50x | 0.54x | 0.82x | 0.24x | 0.40x |
| Day 3 | 25-09-2026 | 0.50x | 0.57x | 0.82x | 0.28x | 0.42x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): Institutional interest remained unchanged at 0.50x across all three days. There was no fresh institutional bidding observed during the final day of the issue.
Non-Institutional Investors (NII): This category demonstrated the strongest relative performance. Big HNIs (bHNI) increased their subscription from 0.54x on Day 2 to 0.57x on Day 3. Small HNIs (sHNI) maintained a high level of interest, holding steady at 0.82x, mirroring the Day 2 figure.
Retail Individual Investors: Retail participation saw a minor increase, rising from 0.24x on Day 2 to 0.28x on Day 3. Despite the uptick, retail demand remained well below the half-way mark of the reserved quota.
Intra-day Timeline on 25-09-2026
The only available snapshots for the final day indicate that subscription figures reached their closing levels early in the morning, with minimal movement recorded after 11:15 AM IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.50x | 0.57x | 0.27x | 0.41x |
| 12:15 | 0.50x | 0.57x | 0.28x | 0.42x |
Offer Details
S K Offset Limited opened its book-built public issue on September 23, 2026, and closed on September 25, 2026. The company offered shares in a price band of ₹119.00000 to ₹125.00000 per share. The minimum bid quantity was set at 2000 shares. The size of the issue ranged between ₹238000 crore and ₹500000 crore based on the price band selected.
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. Its offerings include offset printing for books, brochures, and catalogues; mono cartons; rigid boxes; corrugated packaging; and labelling solutions such as stickers, barcodes, and IML labels. The company primarily serves FMCG, pharmaceuticals, cosmetics, and publishing sectors. Revenue from operations grew significantly from ₹2,153 lakh in FY2024 to ₹6,667 lakh in FY2026. Printing contributes approximately 54% to revenue, packaging 40%, and labelling 5%. The business model is predominantly B2B (~99% revenue), with ~84% of sales concentrated in North India.
Financial Highlights
The company has demonstrated robust growth in both top-line and bottom-line performance over the last three fiscal years.
| Metric (₹ Crore) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 21.53 | 48.20 | 66.67 |
| Profit Before Tax | 0.99 | 2.17 | 9.87 |
| Net Profit | 0.72 | 1.54 | 7.48 |
| Total Assets | 28.85 | 55.77 | 81.76 |
| Total Equity | 4.58 | 7.20 | 19.78 |
Objects of the Issue
The net proceeds from the issue are proposed to be utilized for the following purposes:
- Capital Expenditure: ₹2.11 crore towards purchasing and setting up an Automatic Foil Stamper & Die Cutting Machine (TECHNOFOIL 1050 FC) at its Meerut unit to enhance finishing capabilities and manufacturing capacity.
- Working Capital: ₹18.66 crore to meet incremental working capital requirements across Fiscal 2027 and Fiscal 2028, supporting inventory, trade receivables, and vendor payments.
- General Corporate Purposes: Balance proceeds towards operating expenses, brand development, technology upgrades, and marketing, subject to a cap of 15% of gross proceeds.
Risk Factors
Key risks disclosed in the offer documents include:
- Customer Concentration: Top 10 customers contributed 86.14% of revenue in FY2026. The company lacks long-term agreements with these customers, relying solely on purchase orders.
- Supplier Dependency: Top 10 suppliers accounted for 65.59% of total purchases in FY2026, creating vulnerability to supply chain disruptions.
- Geographical Concentration: Approximately 69.43% of revenue in FY2026 was derived from Uttar Pradesh, where all manufacturing facilities are located.
- Working Capital Intensity: Working capital requirements grew from ₹903.51 lakhs in FY2024 to ₹3,302.86 lakhs in FY2026, with negative operating cash flows recorded in FY2025.
- Regulatory Compliance: History of delays in statutory filings and payments, including GST, TDS, and EPF, with some delays exceeding 1,000 days.
What's Next
Allotment of shares is scheduled for September 28, 2026. The shares are expected to be listed on stock exchanges on September 30, 2026.
How might the severe under-subscription (0.42x) influence S K Offset's stock price volatility and trading liquidity upon its listing on September 30, 2026?
Given the heavy reliance on top 10 customers for 86% of revenue, what specific strategies will management implement post-IPO to diversify its client base and mitigate concentration risk?
With negative operating cash flows recorded in FY2025 and rising working capital needs, how will the ₹18.66 crore IPO allocation impact the company's short-term liquidity and debt servicing capabilities?
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