Skytech Infinite Platform IPO saw a clear rise in demand on Day 3. The retail portion took the lead with a subscription of 1.60x. The QIB category also saw a sharp rise and reached 1.06x. However, the NII portion stayed below the 1x mark. As a result, the total subscription stood at 0.97x on Day 3.
The numbers show a mixed picture for the public issue. Retail buyers have shown good interest, while the QIB response has also improved at a key point in the IPO. At the same time, demand from non-institutional investors remains lower than the shares set aside for them.
The IPO is a SME issue from Skytech Infinite Platform Limited, a Bengaluru-based company that works in the electrical equipment and industrial automation space. The company has been in this business for more than a decade and offers automation solutions to several industries.
Retail Subscription Reaches 1.60x
The retail category has been the strongest part of the Skytech Infinite Platform IPO so far. On Day 3, retail investors subscribed to 1.60 times the shares available to them.
A 1.60x subscription means that the number of shares for which retail investors placed bids was 1.60 times the shares reserved for this category. This shows that retail demand has moved beyond the full issue size set aside for individual investors.
Retail demand is often an important part of an SME IPO because it shows how much interest the issue has received from smaller investors. In this case, the 1.60x figure gives the IPO a stronger base as it moves toward the final day.
Still, retail demand alone does not decide the full result. The response from QIB and NII investors also has a major role in the final subscription figure.
QIB Demand Moves to 1.06x
One of the biggest changes on Day 3 came from the Qualified Institutional Buyers, or QIBs. The QIB portion reached 1.06x.
The QIB figure is important because it shows that institutional demand has crossed the full share quota set aside for this category. The rise also helped push the total IPO subscription much closer to the 1x mark.
The issue had a much weaker QIB response at an earlier stage, so the move to 1.06x is a notable change. It suggests that institutional buyers placed more bids as the issue moved toward its close.
The IPO structure allows a major part of the net issue to go to QIBs, subject to the rules for the book-building process. The company’s draft offer document states that not more than 50% of the net issue would be available to QIBs, with provisions for an anchor investor portion.
NII Category Remains Below 1x
The non-institutional investor, or NII, category has not matched the retail or QIB response. The bHNI portion stood at 0.53x, while the sHNI portion was at 0.24x.
The bHNI category covers bids above ₹10 lakh, while the sHNI category covers bids below ₹10 lakh within the NII segment. Both figures remain below 1x.
This means the demand in these two parts has not yet covered the shares reserved for them. The gap is more visible in the sHNI section, where the subscription level is 0.24x.
The NII response will be one of the key areas to watch on the final day. A rise in bids from this group could push the total subscription above 1x by the close of the issue.
Total IPO Subscription at 0.97x
After the Day 3 bids across investor groups, the total Skytech Infinite Platform IPO subscription stood at 0.97x.
The number is very close to the 1x level. A 1x subscription means that the issue has received bids for the same number of shares that are available. At 0.97x, the issue is just short of full subscription based on the reported Day 3 figures.
The total figure also shows a clear rise from the earlier stage of the IPO. The increase has come from stronger demand across key investor groups, with the QIB category making a particularly large contribution to the improvement.
The final day can therefore be important. If demand rises across QIB, NII and retail segments, the IPO could finish with a much higher subscription number.
What Does the Day 3 Data Show?
The Day 3 figures present a fairly balanced picture, but each category tells a different story. Retail investors have already crossed the 1x level and reached 1.60x. QIB investors have also crossed 1x at 1.06x. The NII segment, however, remains below full subscription.
This means the IPO has received strong support from retail investors, while institutional interest has improved at the right time. The weaker NII response is the main part that keeps the overall number below 1x.
For investors, it is useful to look at all three categories rather than focus only on the retail number. A high retail subscription can show good public interest, but the final demand from institutions and large non-institutional investors can have a major effect on the overall result.
About Skytech Infinite Platform
Skytech Infinite Platform Limited was incorporated in 2009 and later became a public company in 2024. Its main business is the supply of turnkey automation solutions and electrical control panels.
The company makes products such as PCC, MCC, VFD, APFC, PLC and Control Desk Panels. Its systems use equipment such as drives, switchgear, sensors and actuators. The company serves sectors such as power, water, energy, automotive, infrastructure, chemicals, pharmaceuticals and food and beverages.
The company operates from a 10,000 sq. ft. ISO-certified facility in Bengaluru. It also has business across India and exports to Asia and the United States.
Financial Performance
The company has shown a sharp rise in profit in the latest financial data available in its IPO material. Revenue stood at ₹45.14 crore, while profit after tax was ₹3.71 crore. The PAT margin was 8.22%.
For comparison, revenue was ₹44.12 crore in FY24 and ₹45.14 crore in FY25. PAT rose from ₹1.35 crore to ₹3.71 crore, a rise of 174.81%. The company had a leverage ratio of 0.36x.
Another financial review lists EBITDA at ₹6.18 crore, EBITDA margin at 13.69%, net worth at ₹14.81 crore and EV/EBITDA at 0.57 times, based on the data available at the time of the IPO.
Final Day Could Be Important
Skytech Infinite Platform IPO has reached an important stage after Day 3. The total subscription of 0.97x is close to full subscription, while retail demand at 1.60x and QIB demand at 1.06x provide positive signs.
The NII figures of 0.53x for bHNI and 0.24x for sHNI remain the weaker areas. The final day could change the overall picture quickly if more bids enter these categories.
For now, the main takeaway is simple. Retail investors have shown strong demand, QIB interest has improved sharply, and the total IPO subscription is just below 1x. The final subscription figure will depend on how much extra demand comes on the last day.
Investors should also study the company’s financial results, valuation, IPO terms and risk factors before making a decision. Subscription data can show market interest, but it does not by itself confirm whether an IPO is a good investment. The company’s official investor section provides access to its offer documents and financial reports for investors who want to check the details in full.
