Kwick Forensic Solutions
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 15.03×
- Big non-institutionalbNII · above ₹10 lakh
- 190.50×
- Small non-institutionalsNII · ₹2–10 lakh
- 145.29×
- Retail individualRII · up to ₹2 lakh
- 225.94×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Sept 2026 | ₹78 | +86.67% | ₹94,800 | ₹168 | ₹1,24,800 |
| 02 Sept 2026 | ₹78 | +86.67% | ₹94,800 | ₹168 | ₹1,24,800 |
| 01 Sept 2026 | ₹75 | +83.33% | ₹91,200 | ₹165 | ₹1,20,000 |
| 31 Aug 2026 | ₹85 | +94.44% | ₹1,03,400 | ₹175 | ₹1,36,000 |
| 30 Aug 2026 | ₹70 | +77.78% | ₹85,100 | ₹160 | ₹1,12,000 |
| 29 Aug 2026 | ₹70 | +77.78% | ₹85,100 | ₹160 | ₹1,12,000 |
| 28 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 27 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 26 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 25 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 24 Aug 2026 | ₹64 | +71.11% | ₹77,800 | ₹154 | ₹1,02,400 |
| 23 Aug 2026 | ₹61 | +67.78% | ₹74,200 | ₹151 | ₹97,600 |
| 22 Aug 2026 | ₹51 | +56.67% | ₹62,000 | ₹141 | ₹81,600 |
| 21 Aug 2026 | ₹43 | 0.00% | ₹0 | ₹43 | ₹68,800 |
| 20 Aug 2026 | ₹15 | 0.00% | ₹0 | ₹15 | ₹24,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 27 Aug 2026 – 31 Aug 2026
- Listing date
- 03 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹85 – ₹90
- Lot size
- 1,600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹50.77 Cr
- Fresh issue
- ₹38.51 Cr 42,78,400 shares
- Offer for sale
- ₹9.72 Cr 10,80,000 shares
- Market cap at offer price
- ₹193 Cr
- Promoter holding
- 88.54% → 64.65% pre-issue → post-issue
- ISIN
- INE1SFA01019
- CIN
- U72200TN2005PLC055566
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Corporate Capital Ventures Pvt.Ltd.
- Registered office
- New No 12 Old No 11 East Park Road, Shenoy Nagar, Chennai, Tamil Nadu, India, 600030
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,70,400 | 28.50% | 26.51% |
| Anchor investor · within QIB | 16,03,200 | — | 39.70% |
| NII (HNI) | 8,06,400 | 21.47% | 19.97% |
| bNII > ₹10L · within NII | 5,37,600 | — | 13.31% |
| sNII < ₹10L · within NII | 2,68,800 | — | 6.66% |
| Retail (RII) | 18,78,400 | 50.02% | 46.51% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,83,200 | — | 7.01% |
| Total issue | 40,38,400 | — | 100.00% |
Net offer to the public of 37,55,200 shares, out of a total issue of 40,38,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.00 | 6.30 |
| P/E (×) | 11.25 | 14.29 |
| Price to book (×) | 5.44 | — |
| Market cap | — | ₹193 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 30.68%
- ROCE
- 38.15%
- Debt / equity
- 0.12
- PAT margin
- 13.16%
- EBITDA margin
- 18.84%
- NAV per share
- ₹16.53
- Price to book
- 5.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 105.8 | 65.08 | 30.26 |
| Revenue from operations | 105.71 | 65.03 | 30.18 |
| Other income | 0.09 | 0.05 | 0.08 |
| Total expenses | 87.59 | 53.86 | 26.48 |
| Operating profit | 18.21 | 11.22 | 3.78 |
| Operating margin | 17.21% | 17.24% | 12.49% |
| Profit before tax | 18.21 | 11.21 | 3.79 |
| Profit after tax | 13.51 | 8.56 | 2.83 |
| PAT margin | 12.77% | 13.15% | 9.35% |
| Balance sheet | |||
| Total assets | 60.53 | 46.79 | 19.19 |
| Current assets | 54.72 | 43.72 | 17.2 |
| Current liabilities | 18.85 | 18.68 | 9.14 |
| Total liabilities | 19.12 | 18.89 | 9.33 |
| Net worth | 41.41 | 27.9 | 9.86 |
| Current ratio | 2.90× | 2.34× | 1.88× |
| Return on equity | 32.62% | 30.68% | 28.70% |
| Cash flow | |||
| Operating cash flow | 7.62 | 4.65 | -2.61 |
| Investing cash flow | -2.73 | -0.97 | -0.4 |
| Financing cash flow | -3.8 | 8.36 | -0.87 |
| Net cash flow | 1.1 | 12.03 | -3.87 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding the Working Capital requirement of the company ₹31.42 Cr
The company intends to utilize the net proceeds to fund working capital requirements including trade receivables, inventory, and vendor advances. The company operates in a tender-based business model serving government and institutional clients with extended receivable cycles requiring substantial funds to support operations and ensure smooth business continuity.
2 General Corporate Purposes —
The company will deploy net proceeds towards general corporate expenses to drive business growth including business development, marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors. The amount will not exceed fifteen percent of the amount being raised or ten crores, whichever is less.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Kwick Forensic Solutions
Kwick Forensic Solutions Limited was incorporated in 2005, initially focused on software development for the construction sector. From FY2015, the company expanded into forensic sciences, providing end-to-end products, solutions, tools and technologies for forensic sciences, fingerprint science, cyber/digital forensics, social-media analytics and big-data analytics. The company serves government and private sector customers including police departments, forensic laboratories, fingerprint bureaus and training institutes across India through four main segments: Forensic Science & Physical Evidence Solutions, Mobile CSI Vehicles, Cyber & Digital Forensics, and DNA Forensics.
Management
Mr. Shammer Saralal Shah
Director
Mr. Neeraj Bakulesh Jhaveri
CEO
Strengths
As stated in the offer document
Strategic tie-ups and relationships with Global Leaders
The company has established strong long-term relationships with leading OEMs including Sirchie (USA), Thermo Fisher Scientific, Invitrogen, Rapiscan Systems, Smallpond, MHC Hardware Software Trading LLC, and Seratec through non-exclusive distribution agreements and purchase orders.
Quality Assurance and Quality Certification
The company holds multiple internationally recognized certifications including ISO 9001:2015, ISO 14001:2015, ISO 200001:2018, ISO 27001:2022, and is registered with MSME, DSIR, and NSIC, maintaining quality standards from procurement to delivery.
Niche Market Segments with No Listed Competitors
The company operates in a specialized segment with no competitors in the listed space offering similar end-to-end solutions, serving government departments and law enforcement agencies with established trust and decade-long experience creating significant barriers to entry.
Risk factors
As stated in the offer document
Geographic Revenue Concentration in Bihar and Gujarat
The company's revenue is significantly concentrated in Bihar (9.02% in FY2026) and Gujarat (29.39% in FY2026), making operations highly exposed to local and regional risks including policy changes, economic conditions, natural disasters, and civil unrest in these specific geographies. Any adverse developments in these key states could disproportionately affect business performance.
Customer Concentration Risk
The company derives 58.04% of revenue from its top 5 customers and 77.64% from top 10 customers in FY2026, with most customers operating without long-term agreements. Loss of significant customers or reduction in business from key accounts could severely impact revenue and financial performance.
Heavy Dependence on Government Entities
The company derives 55.22% of revenue from government entities in FY2026, making business operations significantly dependent on government procurement policies, budget allocations, and payment schedules. Changes in government policies or delays in payments could materially affect revenue and cash flows.
Working Capital Intensive Business Model
The company requires substantial working capital of ₹3,587.14 lakhs as of March 31, 2026, with requirements estimated at ₹4,442.00 lakhs for FY2027. The tender-led business model involves extended receivable cycles and significant funds for inventory, which could strain cash flows and require additional financing.
Supplier Concentration and Import Dependencies
The company procures 67.74% of materials from top 5 suppliers in FY2026 and relies on imports for 8.65% of purchases. Disruption from key suppliers or adverse developments in international markets (currency fluctuations, trade policies) could impact supply chain and operational costs.