Kwick Forensic Solutions IPO GMP ₹78 Today (17 Oct), Price Band, Subscription Status, Allotment Date
Kwick Forensic Solutions IPO is a SME issue open from 27–31 August. The company is raising ₹51 Cr at a price band of ₹85 to ₹90 per share. One lot is 1,600 shares.
Kwick Forensic Solutions IPO GMP (grey market premium)
₹78
Implied listing gain: ₹168 (86.67%)
Subscription
202.53x
Times the issue was bid for
On the GMP figure: grey market premium is quoted by informal dealers. No exchange publishes it, no regulator oversees it, and it is not a forecast of the listing price. Issues quoting a strong premium have listed below their issue price. Weigh the financials and the risk factors in the RHP well above this number.
Kwick Forensic Solutions IPO Review & Analysis
Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.
Minimum retail investment
₹1,44,000
1600 shares at the upper band of ₹90
Retail limit
1 lot
the most that fits under the ₹2 lakh retail cap
Funds blocked after close
~3 days
from the closing date to listing
Fresh issue share
76.5%
₹39 Cr of the ₹51 Cr issue
Revenue growth
+62.6%
31 Mar 2025 → 31 Mar 2026
Profit growth
+57.8%
PAT ₹8.56 Cr → ₹13.51 Cr
Net profit margin
12.8%
was 13.2% in 31 Mar 2025
Return on equity
38.98%
ROE
Total subscription
202.53x
across all categories
GMP-implied listing gain
+86.7%
₹78 premium on a ₹90 issue price
Promoter holding
88.54% → 64.65%
diluted by 23.9 percentage points
Kwick Forensic Solutions is an SME issue raising ₹51 Cr, offered in a band of ₹85–₹90 per share. At the upper end that is 9 times the ₹10 face value, so ₹80 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.
A retail application for Kwick Forensic Solutions needs one lot of 1600 shares, which works out to ₹1,44,000 at the upper band of ₹90. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 7 lots.
For Kwick Forensic Solutions, bidding runs 27-31 August, allotment is finalised on 1 Sep 2026, the shares list on 3 Sep 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 3 days before listing decides what the holding is worth.
The issue is reserved 47.39% to qualified institutional buyers, 14.29% to non-institutional investors, 33.3% to retail. At 33.3%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.
The issue splits into ₹39 Cr of fresh capital (76.5%) and ₹10 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.
Revenue moved from ₹65.08 Cr in 31 Mar 2025 to ₹105.8 Cr in 31 Mar 2026 (+62.6%), while profit after tax went from ₹8.56 Cr to ₹13.51 Cr (+57.8%). Growth in profit broadly tracks growth in revenue.
With the retail portion subscribed 313.18 times, roughly one in 313 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.
Bigshare Services Pvt.Ltd. is the registrar for this issue, which means the allotment status for Kwick Forensic Solutions is published on their portal from 1 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.
A grey market premium of ₹78 on the upper band of ₹90 implies a listing gain of roughly 86.7%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.
What looks good
- Return on equity of 38.98% is strong for the sector.
- The non-institutional (HNI) book is heavily subscribed at 318.53x.
What to watch
- Retail demand of 313.18x means most applications will come back with no allotment at all.
- The grey market is pricing a 86.7% listing gain. Premiums that wide often narrow sharply in the days before listing, and they are not a commitment from anyone.
The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.
| IPO Date | 27–31 August |
| Face Value | ₹10 Per Share |
| Price Range | ₹85 to ₹90 |
| Issue Size | ₹51 Cr |
| Lot Size | 1,600 Shares |
| Allotment Date | 1 Sep 2026 |
| Listing Date | 3 Sep 2026 |
| Registrar | Bigshare Services Pvt.Ltd. |
Quota Allocation
| Category | Allocation |
|---|
| Retail Investors | 33.3% |
| QIB (Qualified Institutional Buyers) | 47.39% |
| HNI (High Net Worth Individuals) | 14.29% |
Subscription Status (Category-wise)
| Investor Category | Subscription (times) |
|---|
| Qualified Institutional | 224.32x |
| Non Institutional | 318.53x |
| Retail Individual | 313.18x |
| Total | 202.53x |
IPO Details
| Total Issue Size | 56,41,600 shares (agg. up to ₹51 Cr) |
| Reserved for Market Maker | 2,83,200 shares (agg. up to ₹3 Cr)R.K.Stock Holding Pvt.Ltd. |
| Fresh Issue (Ex Market Maker) | 42,78,400 shares (agg. up to ₹39 Cr) |
| Offer for Sale | 10,80,000 shares of ₹10 (agg. up to ₹10 Cr) |
| Net Offered to Public | 53,58,400 shares (agg. up to ₹48 Cr) |
| Share Holding Pre Issue | 1,68,74,840 shares |
| Share Holding Post Issue | 2,14,36,440 shares |
| BSE Script Code | 544895 |
| ISIN | INE1SFA01019 |
IPO Timetable
| IPO Open | Thu, Aug 27, 2026 |
| IPO Close | Mon, Aug 31, 2026 |
| Allotment | Tue, Sep 1, 2026 |
| Refund | Wed, Sep 2, 2026 |
| Credit of Shares | Wed, Sep 2, 2026 |
| Listing | Thu, Sep 3, 2026 |
Issue Reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|
| QIB | 26,73,600 | 49.90% | 47.39% |
| − Anchor Investor | 16,03,200 | | 28.42% |
| − QIB (Ex. Anchor) | 10,70,400 | | 18.97% |
| NII (HNI) | 8,06,400 | 15.05% | 14.29% |
| − bNII > ₹10L | 5,37,600 | | 9.53% |
| − sNII < ₹10L | 2,68,800 | | 4.76% |
| Retail | 18,78,400 | 35.06% | 33.30% |
| Firm Reservations |
| Market Maker | 2,83,200 | | 5.02% |
| Total | 56,41,600 | 100.00% | 100.00% |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Individual investors (IND) (Min) | 2 | 3,200 | ₹2,88,000 |
| Individual investors (IND) (Max) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,32,000 |
| S-HNI (Max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (Min) | 7 | 11,200 | ₹10,08,000 |
IPO Anchor Investors
| Bid Date | Tue, Aug 25, 2026 |
| Shares Offered | 16,03,200 |
| Anchor Portion (₹ Cr.) | 14.43 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Sep 30, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Nov 29, 2026 |
Company Financials (Restated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|
| Assets | 60.53 | 46.79 | 19.19 |
| Total Income | 105.80 | 65.08 | 30.26 |
| Profit After Tax | 13.51 | 8.56 | 2.83 |
| EBITDA | 19.06 | 12.25 | 5.45 |
| NET Worth | 41.41 | 27.90 | 9.86 |
| Reserves and Surplus | 24.53 | 25.79 | 7.93 |
| Total Borrowing | | 3.26 | 3.24 |
| Amount in ₹ Crore |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|
| 1 | Funding the working capital requirements of the Company | 31.42 |
| 2 | General Corporate Purposes | 4.65 |
| 3 | Issue Expenses | 4.99 |
| Total | 41.06 |
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|
| ROE | 38.98% | 45.34% |
| ROCE | 44.88% | 38.15% |
| Debt/Equity | | 0.12 |
| RoNW | 32.62% | 30.68% |
| PAT Margin | 12.78% | 13.16% |
| EBITDA Margin | 18.03% | 18.84% |
| NAV | 24.54 | 16.53 |
| Price to Book Value | | 5.44 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|
| EPS (₹) | 8.00 | 6.30 |
| P/E (x) | 11.25 | 14.29 |
| Market Cap at Offer Price | ₹152Cr. | ₹192.93 Cr |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|
| Promoter and Promoter Group | 88.54% | 64.65% |
| Public | 11.46% | 35.35% |
| Total | 100% | 100% |
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|
| Shammer Saralal Shah | Promoter | 2,16,000 | 1.94 |
| Sejal Shammer Shah | Promoter | 6,48,000 | 5.83 |
| Tulsidas Hinduja Ashok Kumar | Promoter | 2,16,000 | 1.94 |
| Total | | 10,80,000 | 9.72 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for | Total Applications |
|---|
| QIB (Ex Anchor) | 224.32 | 10,70,400 | 24,01,10,400 | 0 |
| NII* | 318.53 | 8,06,400 | 25,68,65,600 | 0 |
| bNII (> ₹10L) | 347.74 | 5,37,600 | 18,69,47,200 | |
| sNII (< ₹10L) | 260.11 | 2,68,800 | 6,99,18,400 | |
| Individual Investor | 313.18 | 18,78,400 | 58,82,75,200 | 0 |
| Total | 289.00 | 37,55,200 | 1,08,52,51,200 | 2,18,222 |
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|
| 1 | Book Running Lead Manager Issue Management | 0.24 |
| 2 | Selling and Distribution Fees | 1.81 |
| 3 | Underwriting Commission | 2.05 |
| 4 | Advertising & PR Expenses | 0.08 |
| 5 | Fees payable to Registrar to the Issue | 0.02 |
| 6 | Statutory Advertisements | 0.06 |
| 7 | Printing and distribution of issue stationery | 0.02 |
| 8 | Industry Report expenses | 0.02 |
| 9 | Legal Advisor | 0.02 |
| 10 | Fees payable to the Market maker to the Issue | 0.15 |
| 11 | Fee payable to Depositories and Other regulators | 0.02 |
| 12 | Fee payable to Statutory Auditor and Peer Reviewed Auditor | 0.12 |
| 13 | Brokerage and selling commission payable to SCSBs, Registered Brokers, RTAs and CDPs, as applicable | 0.00 |
| 14 | Processing fees to the SCSBs and to the Sponsor Banks for ASBA Forms procured by Registered Brokers, RTAs or CDPs | 0.04 |
| 15 | a. Listing fees | 0.00 |
| 16 | b. BSE Processing | 0.05 |
| 17 | c. Book Building software fees | 0.03 |
| 18 | d. Other regulatory expenses | 0.02 |
| 19 | f. Miscellaneous | 0.24 |
| Total | 4.99 |
About Kwick Forensic Solutions
Incorporated in March 2005, Kwick Forensic Solutions Limited (formerly Kwick Soft Solutions Private Limited) is engaged in providing forensic science, evidence management, cyber and digital forensics, DNA forensics and law-enforcement solutions across India. The Company initially focused on software development, including 3D rendering, animation and simulation, and subsequently expanded into forensic science and training technologies. Since FY2015, it has developed and supplied end-to-end forensic products, solutions, tools and technologies for crime scene investigation, fingerprint science, cyber/digital forensics, social-media analytics and evidence management.
The Company offers a diversified portfolio of forensic products and services, including fingerprint and physical evidence kits, evidence collection kits, Mobile Crime Scene Investigation Vehicles, digital forensic tools, DNA forensic solutions, handheld forensic devices and rental services for forensic equipment. It also provides product demonstrations, operating training, installation and post-delivery technical support. Its customers include police departments, central and state forensic laboratories, fingerprint bureaus, crime investigation departments, police training academies, universities and other government and private-sector institutions. The Company also sources products from international and domestic OEMs and has progressively increased domestic procurement to support supply continuity and cost efficiency.
The Company is supported by R&D and quality-management capabilities, including a branch facility used for R&D, product demonstrations and proof-of-concept forensic laboratory activities. Its quality systems are supported by ISO 9001:2015, ISO 14001:2015, ISO/IEC 20000-1:2018 and ISO/IEC 27001:2022 certifications, along with registrations with MSME, DSIR and NSIC.
As of July 31, 2026, the Company had 33 employees on payroll and 12 employees on contract, with personnel deployed across administration, finance, legal and compliance, operations, R&D, sales and marketing, tendering and management functions.
End-to-end forensic science and evidence-management solutions.
Diversified portfolio covering physical, digital, cyber and DNA forensics.
Strategic relationships and tie-ups with global forensic technology providers.
Focus on niche forensic and law-enforcement market segments.
In-house R&D and development of forensic handheld devices and solutions.
Strong quality-management systems supported by multiple ISO certifications.
Growing domestic sourcing network supporting supply continuity and cost efficiency.
Kwick Forensic Solutions IPO — common questions
What is Kwick Forensic Solutions IPO?
Kwick Forensic Solutions IPO is a SME issue open from 27–31 August. The company is raising ₹51 Cr at a price band of ₹85 to ₹90 per share. One lot is 1,600 shares.
When does Kwick Forensic Solutions IPO open and close?
The issue is open 27–31 August. Bids must be placed, and any UPI mandate approved, before the cut-off on the closing day.
What is the Kwick Forensic Solutions IPO price band?
The price band is ₹85 to ₹90 per equity share, against a face value of ₹10. Retail investors may bid at cut-off, meaning they accept the final discovered price within this band.
What is the Kwick Forensic Solutions IPO lot size?
The minimum application is 1,600 shares, and bids must be in multiples of that lot.
What is the Kwick Forensic Solutions IPO issue size?
The total issue size is ₹51 Cr.
How is Kwick Forensic Solutions IPO reserved between investor categories?
The issue is reserved as retail 33.3%, QIB 47.39%, HNI 14.29%. If the retail portion is oversubscribed, allotment there is decided by a lottery on lot-sized applications rather than in proportion to the amount applied for.
When is the Kwick Forensic Solutions IPO allotment date?
Basis of allotment is expected to be finalised on 1 Sep 2026. You can check your status on the registrar's website (Bigshare Services Pvt.Ltd.) using your PAN.
When does Kwick Forensic Solutions IPO list?
Listing is expected on 3 Sep 2026, following the T+3 timeline that applies to Indian IPOs.
