The Kwick Forensic IPO saw a sharp rise in subscription on Day 2, with total bids reaching 18.03 times the shares offered to investors. Retail investors showed the strongest demand, with the retail portion subscribed 31.75 times.
The non-institutional investor, or NII, category also saw a clear rise in demand. The bHNI portion reached 13.19 times, while the sHNI portion reached 8.41 times.
At the same time, the qualified institutional buyer, or QIB, portion remained at 0.00 times in the latest update. This difference between retail and institutional demand is an important point for investors who want to assess the quality and mix of demand for the issue.
The IPO opened with strong interest on Day 1 as well. The total subscription on Day 1 stood at 6.96 times. Retail investors had subscribed 12.44 times, while the NII bHNI and sHNI portions had reached 5.15 times and 2.58 times, respectively.
By Day 2, the total subscription had increased to 18.03 times. The rise shows that demand continued at a much higher level than the shares available in the relevant categories.
Subscription data at a glance
The following table presents the subscription figures reported for Day 1 and Day 2.
| Investor category | Day 1 | Day 2 |
|---|---|---|
| QIB | 0.00x | 0.00x |
| NII (bHNI) | 5.15x | 13.19x |
| NII (sHNI) | 2.58x | 8.41x |
| Retail | 12.44x | 31.75x |
| Total | 6.96x | 18.03x |
The figures show that retail demand remained the main source of subscription. The retail portion moved from 12.44 times on Day 1 to 31.75 times on Day 2.
The NII bHNI category also saw a notable rise, from 5.15 times to 13.19 times. The NII sHNI category rose from 2.58 times to 8.41 times.
The QIB portion, however, remained at 0.00 times in both reported figures.
These figures should be viewed as subscription data rather than as proof of future share price performance. A high subscription level can show strong demand for the issue, but it does not by itself establish that the shares will trade above the issue price after listing.
Retail demand remains the main feature
The most visible part of the Kwick Forensic IPO data is the retail subscription. The retail portion stood at 31.75 times by the latest Day 2 update.
In simple terms, this means the number of shares applied for by retail investors was equal to about 31.75 times the number of shares available for that category.
The Day 1 retail figure was already high at 12.44 times. The move to 31.75 times on Day 2 shows that retail interest increased further as the issue moved closer to its closing date.
Such a figure can attract attention because a large number of applications can create a highly competitive allotment process. However, the exact chance of allotment depends on the final subscription figures, the number of valid applications, the applicable allocation rules and other issue-specific factors.
Therefore, investors should not treat the subscription multiple as a direct measure of the probability of a listing gain or a long-term return.
NII demand also rises
The non-institutional investor category recorded strong demand on Day 2.
The NII bHNI portion rose from 5.15 times on Day 1 to 13.19 times on Day 2. The NII sHNI portion moved from 2.58 times to 8.41 times.
This indicates that demand was not limited to retail investors. The NII category also saw a substantial increase in applications.
Still, the composition of demand matters. The total subscription number combines different investor categories, each of which has its own allocation structure.
For this reason, the headline figure of 18.03 times should not be read without also looking at the category-wise numbers.
QIB participation remains at 0.00x
One of the most important points in the Day 2 data is the QIB figure.
The QIB portion stood at 0.00 times in the latest reported figures. It also stood at 0.00 times on Day 1.
QIBs include large institutional investors that can play an important role in the demand profile of a public issue. Their participation, or lack of participation, can therefore provide useful context when investors assess the subscription figures.
The absence of QIB subscription in the reported data does not by itself establish that the IPO is weak or that the company lacks institutional interest. It is simply one part of the available information.
Investors should also consider that subscription figures can change before the issue closes. The final demand position may therefore differ from the Day 2 position.
The IPO price band and issue size
The Kwick Forensic IPO has a price band of ₹85 to ₹90 per share. The total issue size is ₹50.77 crore.
The IPO is scheduled to close on August 31, 2026. The reported allotment date is September 1, 2026, while the proposed listing date is September 3, 2026, on the BSE SME platform.
These dates are based on the information available in the cited IPO update and should be checked against the latest exchange, company or issue documents before an investor acts on them.
| IPO detail | Information |
| Price band | ₹85–₹90 |
| Issue size | ₹50.77 crore |
| IPO closing date | August 31, 2026 |
| Allotment date | September 1, 2026 |
| Proposed listing date | September 3, 2026 |
| Platform | BSE SME |
The price band is only one part of the valuation picture. A proper assessment also requires a review of earnings, revenue, margins, capital structure, cash flows, peer valuations and the company’s future business plans.
Revenue shows a sharp rise
The company’s reported financial numbers show a significant increase in revenue.
Revenue rose from ₹30.18 crore in FY24 to ₹105.71 crore in FY26.
This represents a substantial increase over the period. The company also reported a rise in profit from ₹2.83 crore in FY24 to ₹13.51 crore in FY26.
| Financial measure | FY24 | FY26 |
| Revenue | ₹30.18 crore | ₹105.71 crore |
| Profit | ₹2.83 crore | ₹13.51 crore |
These figures indicate that the company expanded its revenue base and reported higher profit over the stated period.
However, past financial performance does not guarantee similar results in future periods. Revenue and profit can change due to customer demand, contracts, costs, competition, working capital needs and wider economic conditions.
Investors may therefore wish to study the full financial statements and the risk factors in the IPO documents before making a decision.
Government customers form a major part of revenue
Another important factor is the company’s customer mix.
According to the reported information, government entities account for 55.22% of the company’s revenue.
This creates both an opportunity and a business concentration factor.
Government-related contracts can provide access to large projects and established institutional customers. At the same time, a high share of revenue from one broad customer group can create exposure to changes in government orders, tender cycles, contract renewals, payment timelines and policy conditions.
The 55.22% figure should therefore be viewed as an important part of the company’s business profile.
It does not mean that government-linked revenue will necessarily rise or fall in the future. It simply shows the level of exposure based on the reported period.
Top five customers account for 58.04% of revenue
Customer concentration is another issue that deserves attention.
The company’s top five customers contribute 58.04% of revenue, according to the reported IPO information.
A high contribution from a small number of customers can make revenue more sensitive to the loss, delay or reduction of orders from major clients.
For example, if a major customer reduces its order volume, does not renew a contract or delays a new project, the effect on revenue may be greater than it would be for a company with a much wider customer base.
This does not mean that such an event will occur. It is a risk factor that investors should consider along with the company’s order book, customer contracts, renewal history and plans for customer diversification.
Geographic concentration also matters
The reported information also points to geographic concentration, with Bihar and Gujarat forming important markets for the company.
Geographic concentration can have an effect on a business when a significant part of its activity comes from a limited number of regions.
Local economic conditions, government spending, project schedules, regulations and competitive conditions can differ from one state or region to another.
As a result, investors may want to understand how much revenue comes from each major geography and whether the company has a plan to expand its presence across other markets.
Again, geographic concentration does not automatically mean that the company will face weaker performance. It is a factor that forms part of the overall risk assessment.
What the Day 2 subscription numbers tell investors
The Day 2 numbers present a mixed picture when viewed in detail.
On one side, the IPO has received very strong demand from retail investors. The retail portion has reached 31.75 times, while both NII categories have also recorded high subscription levels.
The total subscription of 18.03 times shows that the number of applications and shares bid for has been much higher than the shares available in the issue as of the reported Day 2 position.
On the other side, the QIB portion remains at 0.00 times. This means the headline subscription number is driven mainly by retail and NII demand in the reported figures.
This distinction is important. A headline subscription figure alone does not provide a complete view of an IPO.
Investors should examine who is creating the demand, the final subscription numbers, the company’s financial position, the valuation at the issue price and the risk factors before reaching a conclusion.
High subscription does not mean guaranteed listing gains
There can be a tendency to connect a heavily subscribed IPO with a strong listing. That conclusion is not certain.
The listing price is affected by market conditions, investor sentiment, company-specific factors, liquidity, demand and supply after listing, and other factors.
The subscription multiple reflects demand during the IPO period. It does not establish what price buyers and sellers will agree on after the shares begin trading.
For this reason, it would not be appropriate to describe a listing gain as guaranteed or certain based only on the current subscription figure.
The same approach applies to long-term returns. Strong revenue growth and higher profit can be positive factors, but future performance can differ from past results.
Day 3 could provide more information
The IPO is scheduled to close on August 31, 2026. The final day of subscription may provide a clearer picture of overall demand.
The QIB figure is one area that investors may watch closely. Any change in institutional participation could alter the composition of the overall subscription.
Retail and NII demand may also change before the issue closes.
The final numbers are therefore more relevant than an interim Day 2 figure when an investor wants to assess the complete subscription picture.
Even after the final subscription data becomes available, however, investors should not treat subscription levels as a standalone investment signal.
A balanced view of the IPO
The Kwick Forensic IPO currently has several factors that may attract investor attention.
The most obvious is the strong subscription level. Retail demand has reached 31.75 times, while total subscription has reached 18.03 times. The NII categories have also shown substantial demand.
The company has also reported strong growth in revenue and profit between FY24 and FY26. Revenue rose from ₹30.18 crore to ₹105.71 crore, while profit increased from ₹2.83 crore to ₹13.51 crore.
At the same time, there are factors that deserve careful review.
The QIB portion remains at 0.00 times in the latest reported data. The company also has meaningful exposure to government entities, which account for 55.22% of revenue. Its top five customers contribute 58.04% of revenue, while Bihar and Gujarat are important geographic markets.
These factors do not by themselves determine whether the IPO is suitable for an investor. They provide areas for further due diligence.
What investors should assess before a decision
A sensible assessment should look beyond the subscription number.
Investors may review the company’s complete financial statements, debt position, cash flow, margins and working capital position. They may also compare the issue valuation with relevant listed companies, where suitable peers are available.
The company’s customer concentration, dependence on government contracts and geographic exposure also deserve attention.
The risk factors and other disclosures in the official IPO documents are especially important. These documents can provide information that may not appear in short subscription updates.
Investors should also consider their own risk tolerance, investment horizon and financial circumstances.
An IPO can receive very high demand and still carry significant business or market risks. Likewise, a low or moderate subscription level does not automatically mean that a company is unsuitable for investment.
Conclusion
The Kwick Forensic IPO has recorded strong demand on Day 2, with total subscription at 18.03 times. Retail demand has been particularly high at 31.75 times. The NII bHNI and sHNI categories have reached 13.19 times and 8.41 times, respectively.
The QIB portion remains at 0.00 times in the latest reported figures. This makes the category-wise subscription mix an important part of the IPO analysis.
The company has reported strong growth in revenue and profit, with revenue rising from ₹30.18 crore in FY24 to ₹105.71 crore in FY26 and profit rising from ₹2.83 crore to ₹13.51 crore.
At the same time, investors should note the company’s exposure to government entities, which account for 55.22% of revenue. The top five customers contribute 58.04% of revenue, while Bihar and Gujarat remain important geographic markets.
Overall, the Day 2 subscription data shows strong demand, particularly from retail and NII investors. It does not, on its own, establish the future listing price, future profitability or suitability of the IPO for any particular investor.
The IPO is scheduled to close on August 31, 2026, with allotment reported for September 1 and a proposed BSE SME listing on September 3. Investors should rely on the latest official issue documents and exchange disclosures before making an investment decision.
This article is for information and analysis only. It is not investment advice, a recommendation to subscribe, or a promise of any return. Investors should conduct their own due diligence and, where appropriate, consult a qualified financial adviser before making an investment decision.
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