Kwick Forensic Solutions’ SME IPO has concluded with a final subscription of 154.90 times the shares offered. The company aims to raise ₹50.77 crore to support its forensic equipment business. With the bidding process complete, investors are now awaiting the final share allotment on September 1, followed by the stock market debut on September 3.
Kwick Forensic Solutions closed its initial public offering on August 31, 2026, drawing strong demand from various investor categories. The SME IPO, which was priced between ₹85 and ₹90 per share, saw an overall subscription of 154.90 times. Individual investors led the interest with a subscription rate of 225.94 times their reserved portion, while non-institutional investors bid 175.08 times and qualified institutional buyers subscribed 15.03 times. The offering aimed to raise a total of ₹50.77 crore, consisting of a fresh issue of ₹41.05 crore and an offer for sale of ₹9.72 crore.
The company specializes in providing forensic products, including mobile crime scene investigation vehicles and cyber forensic tools. For the financial year ended March 2026, the company reported a revenue of ₹105.80 crore and a profit after tax of ₹13.51 crore, reflecting growth in its specialized business segment.
While the market interest has been significant, investors often evaluate the specific risks associated with such niche business models. Kwick Forensic’s operations are heavily reliant on winning government tenders, which makes revenue sensitive to changes in budget allocations and government policies. A key monitorable for the business is its geographic concentration, as a significant share of its revenue is tied to specific states such as Gujarat and Bihar. Additionally, the company does not have long-term agreements with a majority of its customers, which can lead to revenue volatility. The business is also working capital-intensive, meaning it requires significant cash to manage ongoing operations and project execution.
The company plans to use the net proceeds from the fresh issue to strengthen its working capital, which is intended to support its expanding operations in DNA and digital forensics. With the bidding phase now over, the registrar is expected to complete the final share allotment process on September 1, 2026. The stock is tentatively scheduled to list on the BSE SME platform on September 3, 2026.