Kwick Forensic Solutions IPO
Kwick Forensic Solutions LtdSME
This IPO closed on 31 Aug 2026.
- Open date
- 27 Aug 2026
- Close date
- 31 Aug 2026
- Min. Investment
- ₹2,88,000
- Lot Size
- -
- Fresh Issue
- ₹41.05 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers227.85x
- Non-Institutional Investors237.01x
- Retail-Individual Investors318.52x
- Total272.50x
Schedule
- Completed: IPO open date27 Aug 2026
- Completed: IPO close date31 Aug 2026
- Current step: Allotment date1 Sep 2026
- Upcoming: Funds unblock or debit2 Sep 2026
- Upcoming: Tentative listing date3 Sep 2026
About
Promoter shareholding in Kwick Forensic Solutions Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Shammer Saralal Shah | 90,71,904 | 53.76% | 88,55,904 | 41.31% |
| Sejal Shammer Shah | 30,00,000 | 17.78% | 23,52,000 | 10.97% |
| Tulsidas Hinduja Ashok Kumar | 11,03,632 | 6.54% | 8,87,632 | 4.14% |
| Saloni S Shah | 4,75,200 | 2.82% | 4,75,200 | 2.22% |
| Shefali S Shah | 4,75,200 | 2.82% | 4,75,200 | 2.22% |
| Bina Sanjay Shah | 4,75,200 | 2.82% | 4,75,200 | 2.22% |
| Sangita Malay Mehta | 1,68,744 | 1.00% | 1,68,744 | 0.79% |
| Sunita Amit Shah | 1,68,744 | 1.00% | 1,68,744 | 0.79% |
Kwick Forensic Solutions IPO Strengths & Risks
- Experienced Promoter and management team with strong industry expertise and successful track record.
- Diversified revenue streams.
- Deep relationships with government/law-enforcement clients.
- Long-standing OEM relationships.
- Pan-India presence.
- Highly passionate & focused on Quality Assurance, backed by ISO certifications.
- Efficient operational team.
- Risks Relating to the Business: The company's products and services are significantly concentrated in the certain states, particularly Bihar and Gujarat. Any adverse developments in these regions may materially impact its business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: The company does not have long-term agreements with a majority of its customers. Any changes or cancellations to its orders or the company's inability to forecast demand for its products may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company derives majority of its revenue from Sales of Goods and Sales of Services and any reduction in the demand of such segment could have an adverse effect on the company's business, results of operations and financial conditions.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's Promoters Selling Shareholders could be lower than the Offer price determined in consultation with Book Running Lead Manager in accordance with the SEBI ICDR Regulations.
- Risks Relating to the Business: Any delays in filing Advance Tax, EPF, GST returns, TDS Return may lead to regulatory penalties and may have an adverse impact on the company's financial and operational performance.
- Risks Relating to the Business: The company is dependent on a limited number of suppliers for procurement of its raw materials, and the loss of any one or more of the company's major suppliers would have a material adverse effect on its business operations and profitability.
- Risks Relating to the Business: There have been instances in the past where the company's forensic product activities were not being aligned with the main object clause of its Memorandum of Association.
- Risks Relating to the Business: The company sources its products from the international market i.e., China, USA, Turkey, Japan, Italy etc. Any adverse developments affecting its procurement in this region could materially and adversely impact the company's revenue and results of operations.
- Risks Relating to the Business: The Company has negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
- Risks Relating to the Business: The company drives 55.22%, 78.91% and 86.98%, in FY 2026, 2025 and 2024 revenue from business transactions with government entities or agencies. Any change in the governments in the markets in which the company operates, change in policies and/or its inability to recover payments therefrom in a timely manner or at all, would adversely affect the company's operations and revenues which in turn would adversely affect its profitability.
- Risks Relating to the Business: The company's business is working capital intensive. If the company experiences insufficient cash flows to meet required payments on its working capital requirements, there may be an adverse effect on the results of the company's operations.
- Risks Relating to the Business: The company's Registered office and Branch Office (i.e., For R&D division, Demonstration centre and private forensic laboratory set up as a proof of concept) is on rental premises and there can be no assurance that these rental agreements will be renewed upon termination or that the company will be able to obtain other premise on rental on same or similar commercial terms.
- Risks Relating to the Business: The company's Purchases of Goods constitute a significant portion of its total expenditure and revenue from operations. Any adverse change in the supply availability or pricing of goods procured by it may negatively impact the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's contingent liabilities as stated in the company's Restated Financial Statements, could adversely affect its financial condition.
- Risks Relating to the Business: The company's BRLM is Subject to SEBI Regulations and general routine Inspections conducted under it.
- Risks Relating to the Business: Certain pre-IPO investors have acquired Equity Shares at an effective cost lower than the Offer Price and may dispose of such Equity Shares after expiry of lock-in periods, which could adversely affect the market price of the company's Equity Shares.
- Risks Relating to the Business: The company has certain outstanding litigation against the Company, an adverse outcome of which may adversely affect its business, reputation and results of operations.
- Risks Relating to the Business: Delays/non-compliances in employee-related statutory filings i.e., EPF and ESIC may attract interest, damages, penalties and adverse orders; any such amounts will be paid from internal accruals.
- Risks Relating to the Business: The company's trademarks related to the company logo and products are pending registration and the company does not currently enjoy statutory protection under Indian trademark law. Any inability to obtain and protect its intellectual property rights may adversely affect the company's business, financial condition, reputation, and results of operations.
- Risks Relating to the Business: There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies. Further, there have been instances in the past wherein the Company failed to comply with the provisions of the Companies Act, 2013.
- Risks Relating to the Business: The company relies on OEM Partners for its Products and Services and any disruption in these relationships could adversely affect the company's operations, revenue, and overall business performance.
- Risks Relating to the Business: No educational qualifications have been disclosed for one of the company's directors, which could affect stakeholders perception of its management.
- Risks Relating to the Business: The company's directors, promoters, Independent Director and Member of Senior Management is unable to provide an authentic copy of experience certificates , which could potentially affect the company's disclosures, reputation, and stakeholders' perception.
- Risks Relating to the Business: If the company fails to retain its employees, including Key Managerial Personnel ("KMP") and Senior Management Personnel ("SMP"), or if the company experiences higher levels of attrition in the future, its business operations, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: The company's business is operating under various laws which requires it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company's inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company's business, prospects, results of operations and financial condition.
- Risks Relating to the Business: Failures to offer customer support in a timely and effective manner may adversely affect the company's relationship with its customers.
- Risks Relating to the Business: The success of the Company depends on continuous product development and enhancement, and any adverse developments in the company's products or services may materially and adversely affect its business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which the company operates is evolving and is subject to change.
- Risks Relating to the Business: The company relies on third-party transporters for sourcing raw materials from its suppliers and delivering products to the company's customers. The absence of formal agreements with these providers exposes it to risks of delays, disruptions, and non-performance, which may adversely impact the company's business, financial condition, and results of operations.
- Risks Relating to the Business: Delays in execution of the company's orders may lead to cost escalation and adversely affect its financial performance.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale portion.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future, may potentially involve conflicts of interest and impose certain liabilities on the Company.
- Risks Relating to the Business: The company's success depends largely upon the services of its Directors, Promoter and other Key Managerial Personnel and the company's ability to attract and retain them.
- Risks Relating to the Business: The company's Promoter and WTD does not has any prior experience of being a director in any other listed company in India.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: The company's inability to procure and/or maintain adequate insurance cover in connection with its business may adversely affect the company's results of operations, cash flows and financial condition.
- Risks Relating to the Business: If the company is unable to update and enhance its existing products and services in a timely manner to keep pace with technological advancements and industry developments in the forensic sector, the company's customer satisfaction, competitiveness and operating results may be adversely affected.
- Risks Relating to the Business: Absence of comparable publicly listed companies may adversely affect investor perception, valuation, and marketability of the company's Securities.
- Risks Relating to the Business: The company's inability to manage inventory in an effective manner could affect its business.
- Risks Relating to the Business: Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which the company operates is evolving and is subject to change.
- Risks Relating to the Business: The Weighted average cost of acquisition of Equity Shares by the company's Promoters is lower than the issue price.
- Risks Relating to the Business: An inability to manage the company's growth could disrupt its business and reduce the company's profitability.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding twelve months at a price which may be below the Issue Price.
- Risks Relating to the Business: The company's success depends largely upon the knowledge and experience of its Promoters and other Key Managerial Personnel. Any loss of the company's key managerial personnel or its ability to attract and retain them may adversely affect the company's business, operations and financial condition.
- Risks Relating to the Business: As the company continues to expand, managing its growth and the increasing complexity of the company's business may become challenging, potentially harming its brand and financial performance.
- Risks Relating to the Business: The company has relied on third-party industry sources i.e., D&B Report, and any inaccuracies in or reliance on such information may adversely affect investor perception.
- Risks Relating to the Business: The company's ability to pay dividends in the future may be affected by any material adverse effect on its future earnings, financial condition cash flows, working capital requirements, capital expenditures and restrictive covenants in the company's financing arrangements.
- Risks Relating to the Business: The Price of the company's Equity Shares may be volatile, or an active trading market may not develop.
- Risks Relating to the Business: The company cannot assure you that its equity shares will be listed on the SME platform of BSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Risks Relating to the Business: Sale of Equity Shares by the company's Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- Risks Relating to the Business: The Issue price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
