Summary
Kwick Forensic Solutions IPO is a 100% book-built BSE SME issue of up to 56,41,600 equity shares, including a fresh issue of 45,61,600 shares and an OFS of 10,80,000 shares.
The IPO opens on 27 August 2026 and closes on 31 August 2026, with a tentative BSE SME listing date of 3 September 2026.
Revenue from operations increased from ₹65.03 crore in FY2025 to ₹105.71 crore in FY2026, while PAT increased from ₹8.56 crore to ₹13.51 crore.
The bid lot is 1,600 shares. The price band, issue price and active GMP are not available as of 20 August 2026.
Kwick Forensic Solutions is launching a book-built IPO on the BSE SME platform. The public offer comprises up to 56,41,600 equity shares with a face value of ₹10 each. This includes a fresh issue of up to 45,61,600 shares and an offer for sale of up to 10,80,000 shares by the promoter selling shareholders.
Kwick’s public issue is scheduled for 27 to 31 August 2026, while anchor bidding takes place on 25 August. The current timetable places the BSE SME listing on 3 September. Pricing is the part still missing from the 17 August RHP, with both the price band and final issue price left open.
Kwick Forensic Solutions IPO Details
The Kwick Forensic Solutions IPO is a book-built SME issue scheduled to open on 27 August 2026. Here are the key issue details available so far:
| Particulars | Details |
| IPO Open Date | 27 August 2026 |
| Close Date | 31 August 2026 |
| Face value | ₹10 per share |
| Price Band | – |
| Issue price | – |
| IPO Lot Size | 1,600 shares |
| Offer for sale | Up to 10,80,000 shares |
| Fresh issue | Up to 45,61,600 shares |
| Issue Type | 100% Book Built SME IPO |
| Listing at | BSE SME |
| Total Issue Size | Up to 56,41,600 shares |
| Total Issue Size (₹ Crore) | – |
| Minimum Investment | – |
Kwick Forensic Solutions IPO Timeline
The IPO process begins with anchor investor bidding on 25 August 2026, followed by the public issue and post-issue activities. The tentative schedule is given below:
| Particulars | Date |
| Anchor Investor Bidding | 25 August 2026 |
| IPO Open Date | 27 August 2026 |
| IPO Close Date | 31 August 2026 |
| Tentative Allotment | 1 September 2026 |
| Initiation of Refunds / Unblocking of Funds | 2 September 2026 |
| Credit of Shares to Demat | 2 September 2026 |
| Tentative Listing Date | 3 September 2026 |
| Cut-off time for UPI mandate confirmation | -5:00 PM on 31 August 2026 |
Kwick Forensic Solutions Key Performance Indicators
Kwick Forensic Solutions’ key performance indicators for the last three financial years are given below:
| KPI | FY2026 | FY2025 | FY2024 |
| ROE | 38.98% | 45.34% | 41.43% |
| ROCE | 44.88% | 38.15% | 39.07% |
| Debt Equity | 0 | 0.12 | 0.33 |
| RoNW | 32.62% | 30.68% | 28.75% |
| PAT Margin | 12.78% | 13.16% | 9.39% |
| EBITDA Margin | 18.03% | 18.84% | 18.04% |
| Price Book Value | – | – | – |
Kwick Forensic Solutions IPO Financials
The table below shows how Kwick Forensic Solutions has grown over the last three financial years.
| Particulars | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | 30.18 | 65.03 | 105.71 |
| Total Assets | 19.19 | 46.79 | 60.53 |
| Profit After Tax | 2.83 | 8.56 | 13.51 |
Kwick Forensic Solutions India IPO Subscription Status
Subscription Details Not Yet Available
The Kwick Forensic Solutions IPO has not opened for subscription yet. Subscription data will become available after bidding begins on 27 August 2026.
Bidding is generally available from 10:00 AM to 5:00 PM on public issue days.
Kwick Forensic Solutions IPO Grey Market Premium (GMP Today)
Kwick Forensic Solutions IPO GMP is currently unavailable as of 20 August 2026. No active grey market premium has been established yet.
Since the IPO price band is also yet to be announced, the estimated listing price and potential listing gain cannot currently be calculated.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 21-08-2026 | ₹15 ─ | ₹15 (0.00%) | ₹0 | 21-Aug-2026 16:37 |
| 20-08-2026 | ₹15 ▲ | ₹15 (0.00%) | ₹0 | 20-Aug-2026 23:32 |
| 19-08-2026 | ₹0 ─ | ₹ (0.00%) | 19-Aug-2026 5:55 | |
| 18-08-2026 | ₹0 ─ | ₹ (%) | 18-Aug-2026 13:00 |
Note: GMP is an unofficial grey-market indicator and may change rapidly depending on demand, subscription status and broader market sentiment. Since active GMP information is currently unavailable, a dash has been used rather than assuming a ₹0 premium.
Kwick Forensic Solutions IPO Reservation
The IPO has separate share allocations for market makers, institutional investors, non-institutional investors and individual investors, as shown below:
| Investor Category | Shares Offered |
| Market Maker Shares Offered | Up to 2,83,200 shares |
| QIB Shares Offered | Not more than 26,73,600 shares |
| NII (HNI) Shares Offered | Not less than 8,06,400 shares |
| Individual Investor Shares Offered | Not less than 18,78,400 shares |
| Total Shares Offered | Up to 56,41,600 shares |
The NII quota has two buckets. Up to 2,68,800 shares are meant for applications above two lots but within ₹10 lakh. Applications exceeding ₹10 lakh fall into the second bucket, for which up to 5,37,600 shares have been set aside.
Kwick Forensic Solutions IPO Lot Size
The bid lot for Kwick Forensic Solutions IPO is 1,600 shares. The RHP states that individual investors must apply for a minimum of two lots.
| Application | Lots | Shares | Amount |
| Individual Investors (Min) | 2 | 3,200 | – |
| Individual Investors (Max) | 2 | 3,200 | – |
| S-HNI (Min) | 3 | 4,800 | – |
| S-HNI (Max) | – | – | – |
| B-HNI (Min) | – | – | – |
Kwick Forensic Solutions IPO Anchor Investors
The company and promoter selling shareholders may allocate up to 60% of the QIB portion to anchor investors.
| Particulars | Details |
| Bid Date | 25 August 2026 |
| Shares Offered | Up to 16,03,200 shares |
| Anchor Portion Size (₹ Crore) | – |
| Anchor lock-in period for 50% shares | 30 days from allotment |
| Anchor lock-in period for remaining 50% shares | 90 days from allotment |
Kwick Forensic Solutions IPO Prospectus
For more information about the issue, investors can refer to the IPO-related documents listed below:
| Document | Link |
| Kwick Forensic Solutions IPO DRHP | DRHP |
| Kwick Forensic Solutions IPO RHP | RHP |
| Kwick Forensic Solutions IPO Anchor Investors | – |
| Kwick Forensic Solutions IPO Final Prospectus |
About Kwick Forensic Solutions
Kwick Forensic Solutions Limited was originally incorporated as Kwick Soft Solutions Private Limited on 4 March 2005. The business later expanded from software into forensic science and investigation solutions before becoming Kwick Forensic Solutions Limited following its conversion into a public limited company.
The company operates across four primary forensic product segments:
- Forensic Science & Physical Evidence Solutions
- Mobile CSI Vehicles
- Cyber & Digital Forensics
- DNA Forensics
It also generates service revenue from forensic equipment rentals, AMC and related services.
Products remain the core of Kwick’s business. They generated 91.08% of FY2026 revenue from operations, leaving 8.92% from services. Forensic Science & Physical Evidence Solutions was the largest product segment at ₹39.11 crore, with Cyber & Digital Forensics close behind at ₹35.23 crore. DNA Forensics added ₹11.38 crore and Mobile CSI Vehicles ₹10.57 crore.
Shammer Saralal Shah is the Founder, Executive Chairman and Managing Director. He has more than 40 years of experience across electronics, forensics and information technology.
| Book Running Lead Manager | Corporate CapitalVentures Private Limited |
| Registrar of the Issue | Bigshare Services Private Limited |
Kwick Forensic Solutions IPO Objectives
The company proposes to use the fresh issue proceeds for:
| Objective | Amount |
| Funding working capital requirements | ₹31.42 crore |
| General corporate purposes | – |
The entire ₹31.42 crore allocation towards working capital is proposed to be deployed during FY2026-27.
The company’s estimated working-capital requirement for FY2026-27 is ₹44.42 crore. Of this, ₹31.42 crore is proposed to be funded through IPO proceeds, with the balance expected to come from internal accruals.
The amount used for general corporate purposes cannot exceed 15% of the amount being raised by the company or ₹10 crore, whichever is lower.
Kwick will not receive the proceeds from the OFS. Those proceeds will go to the promoter selling shareholders after applicable offer expenses and taxes.
Strengths of Kwick Forensic Solutions
- Revenue and earnings have grown quickly: FY2024 revenue from operations was ₹30.18 crore. By FY2026, it had reached ₹105.71 crore. PAT moved from ₹2.83 crore to ₹13.51 crore across those two years.
- Borrowings have come down: Debt-equity was 0.33 in FY2024, 0.12 in FY2025 and zero in FY2026. ROCE stood at 44.88% in FY2026 versus 39.07% in FY2024.
- Private-sector business now carries more weight: Government entities made up 86.98% of revenue in FY2024 but 55.22% in FY2026. The non-government share moved the other way, from 13.02% to 44.78%.
- Imports form a much smaller part of procurement: Imported forensic products and kits accounted for 34.58% of procurement in FY2024. In FY2026, that share was down to 8.65%, while domestic sourcing stood at 91.35%.
Risks of Kwick Forensic Solutions
- A large share of revenue still comes from a small customer base: Kwick’s top 10 customers generated 77.64% of FY2026 revenue. Its single largest customer contributed 23.59%. That leaves the company exposed if business from one or more major customers slows down.
- Procurement is concentrated among a limited group of suppliers: The top 10 suppliers accounted for 76.11% of FY2026 material procurement, and the largest supplier alone represented 40.86%. A disruption involving a key supplier could therefore affect both procurement and project execution.
- Growth has also increased the amount of capital tied up in the business: Working-capital requirements stood at ₹25.62 crore in FY2025 and rose to ₹35.87 crore in FY2026. For FY2026-27, Kwick estimates a requirement of ₹44.42 crore, with ₹31.42 crore proposed to come from IPO proceeds.
- Government exposure remains material: Government entities still generated 55.22% of FY2026 revenue. Changes in budgets, procurement policies, tenders or payment schedules may therefore affect the company.
- Past compliance issues are another factor to consider: There were delays related to advance tax, EPF, GST and TDS filings. Penalties were also imposed over forensic activities that did not fall within the company’s main object clause at the time. The company was fined ₹2 lakh, while Shammer Saralal Shah was fined ₹50,000. Both penalties were paid in July 2026.
Kwick Forensic Solutions IPO Review
The FY2026 numbers show how quickly Kwick has grown. Revenue from operations is now ₹105.71 crore, compared with ₹30.18 crore in FY2024, and PAT has moved from ₹2.83 crore to ₹13.51 crore. The capital structure has changed too: no debt was outstanding at the end of FY2026, and ROCE stood at 44.88%. Perhaps the more interesting change is in who Kwick sells to. Non-government customers contributed 44.78% of FY2026 revenue, up from just 13.02% in FY2024.
That growth does not remove the concentration risk. Ten customers still account for 77.64% of FY2026 revenue, while ten suppliers make up 76.11% of material procurement. Working capital is another area to watch, with ₹31.42 crore of the IPO proceeds intended for that purpose. What cannot be judged yet is valuation. Until Kwick announces its price band, there is no meaningful P/E or price-to-book comparison to make.
Other Recent IPO List
Kwick Forensic Solutions IPO FAQs
Kwick Forensic Solutions IPO is a 100% book-built SME issue of up to 56,41,600 equity shares. It comprises a fresh issue of up to 45,61,600 shares and an OFS of up to 10,80,000 shares. The shares are proposed to list on BSE SME.
Investors can apply after the issue opens through their broker’s IPO platform or through a bank offering ASBA. UPI can also be used by eligible individual investors.
Kwick has reported strong revenue and PAT growth, reduced its debt to zero and lowered its dependence on government revenue. However, customer concentration, supplier concentration and working-capital requirements remain notable risks. The price band is still unavailable, so valuation cannot yet be assessed.
IPO returns are not guaranteed. Active GMP information is unavailable as of 20 August 2026. Since the price band is also yet to be announced, an estimated listing price or listing return cannot currently be calculated.
Bidding starts on 27 August 2026 and remains open until 31 August 2026.
One bid lot contains 1,600 shares. Individual investors need to apply for at least two lots, which comes to 3,200 shares. The rupee value of that application will be known once the price band is announced.
Investors can apply through a broker’s IPO section or through a bank offering ASBA. Select Kwick Forensic Solutions IPO, choose the applicable number of lots and complete the payment mandate.
The tentative basis of allotment is scheduled for 1 September 2026.
Kwick Forensic Solutions shares are tentatively scheduled to list on BSE SME on 3 September 2026.
