Bench Mark Infotech Services Ltd. IPO: dates, business, financials, objectives, GMP and risks

Bench Mark Infotech Services Limited, an integrated IT and digital infrastructure solutions provider, is scheduled to open its SME IPO on 25 September 2026 and close on 29 September 2026, with listing scheduled for 5 October 2026. At the latest snapshot, the offer is described as a Fresh Issue + Offer for Sale (OFS), but the disclosed fields do not populate the price band, lot size, total issue size, or a non-zero OFS/fresh split. The stated deployment of fresh-issue proceeds is primarily towards working capital requirements and general corporate purposes.

What Bench Mark Infotech Services does

Bench Mark Infotech Services Limited operates as a single-window system integrator for government, public sector undertakings (PSUs), institutional and private clients in India. The company’s scope spans end-to-end delivery, covering design, supply, installation, commissioning and maintenance.

Its project execution work includes networking infrastructure across local area networks (LAN) and wide area networks (WAN), wireless and communication systems, and structured cabling. It also undertakes audio-visual deployments including smart classroom setups, along with access control and surveillance/security infrastructure.

A notable part of the offering is fibre-optic execution services that can complement networking and security deployments. In addition, the company has expanded into data storage and data centre solutions, cloud-related offerings, artificial intelligence (AI) lab infrastructure, and cybersecurity solutions. These additional solution categories expand the addressable scope of tenders and enterprise requirements that can sit alongside network build-outs and annual maintenance contracts (AMC) or facility management services (FMS).

IPO timeline, structure, and reservations

The issue is marked as Upcoming. The offer opens on 25 September 2026 and closes on 29 September 2026. As per the disclosed timeline, allotment is scheduled for 30 September 2026, refunds for 1 October 2026, and listing for 5 October 2026.

In the available disclosures, the offer is presented as a Fresh Issue + OFS. However, the numerical fields provided at the snapshot show the issue size, price band, lot size, fresh issue amount and OFS amount as not populated (displayed as zero). Given this, the context supports describing intent and timelines, but it does not support computing implied valuation multiples from the offer price or detailing a final fresh-versus-OFS split.

Category-wise reservation percentages disclosed are 49% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs). The disclosures also indicate an anchor allocation of 30% of the QIB portion, with 5% of the anchor portion reserved for domestic mutual funds. Subscription figures shown at the snapshot reflect that the issue has not opened for subscription yet.

Milestones, credentials, and positioning

Bench Mark Infotech Services was incorporated in 2007 as Bench Mark Infotech Services Private Limited in Kolkata. It registered as an Infrastructure Provider Category I (IP-I) in 2009.

The company highlights execution references across public-sector and PSU-linked deployments. It cites a 2014 implementation of mobile-authentication-based public Wi‑Fi access across around 20 km in Patna, Bihar for the Government of Bihar. It also references a 2021 data communication and network infrastructure deployment for a Central Government PSU across 132 locations, including software-defined wide area network (SD‑WAN) and last-mile connectivity.

In 2023, it cites a data communication infrastructure deployment across 228 South Eastern Coalfields Limited (SECL) locations, including a centralized network operations centre (NOC) setup and SD‑WAN, for a Coal India subsidiary.

On certifications, the company reports ISO 9001:2015 certification for quality management systems in 2023 and ISO/IEC 27001:2022 certification for information security management systems in 2025. In 2026, it converted from a private limited company to a public limited company and renamed to Bench Mark Infotech Services Limited.

Financial trajectory and key performance indicators

Across FY2024 to FY2026, the company reports increases in total revenue, profit after tax (PAT), and total assets, with PAT margin also increasing over the period. In narrative terms, revenue rises from ₹34.76 crore in FY2024 to ₹63.99 crore in FY2026, while PAT increases from ₹1.48 crore to ₹10.22 crore over the same period. Total assets increase from ₹39.33 crore in FY2024 to ₹74.05 crore in FY2026. The financial trend is presented in the table below.

Beyond the financial statement line items, the disclosed key performance indicators (KPIs) include an EBITDA margin of 21.97% and a reported PAT margin of 16.88% at the snapshot. Earnings per share (EPS) is reported at ₹9.40.

Return ratios provided include return on equity (ROE) of 47.65%, return on capital employed (ROCE) of 47.74%, and return on net worth (RoNW) of 38.48%. The debt-to-equity ratio is disclosed at 0.10 times.

Valuation fields such as pre-IPO price-to-earnings (P/E) and price-to-book are shown as zero in the supplied data, alongside a price band shown as ₹0 to ₹0 at the snapshot. With the offer price and issue size not populated in the disclosed fields, the available context does not support describing valuation on offer price-based metrics.

Proposed use of fresh-issue proceeds

The company’s stated objectives for the fresh issue are focused on:

Funding working capital requirements of the company, and general corporate purposes.

In the disclosed proceeds allocation, ₹30 crore is proposed towards working capital requirements, while the amount for general corporate purposes is not specified in the provided context. As a system integrator executing multi-location deployments, working capital typically relates to the cycle between procurement, delivery milestones, invoicing, and customer collections. The disclosures also frame the business as tender-driven and execution-led, which makes working-capital deployment a central element of operating cadence.

It is important to separate the economic effect of the two offer components: fresh issue proceeds, when raised, accrue to the company for the stated objectives, while OFS proceeds accrue to selling shareholders. At the snapshot, the OFS amount in the numeric fields is shown as nil.

Key risks, GMP snapshot context, and monitoring points

The disclosures highlight risks typical of government/PSU and tender-led infrastructure execution, along with concentration-related risks.

Customer concentration is described as extreme, with the stated risk that reduction in orders from top customers can materially affect revenue and cash flows and may be difficult to replace quickly. Supplier concentration is also flagged, especially in the absence of long-term contracts, which can increase costs or delay deliveries and affect project timelines.

Because tender-led government work can be price-led, the disclosures note that losing bids or cutting prices to win can affect revenue visibility and profitability. The company also flags execution and supply-chain risks tied to original equipment manufacturer (OEM)/vendor availability, fixed tender timelines, and multi-site delivery coordination.

Regulatory and compliance risks are also highlighted, including increasing compliance exposure in IT, telecom and data protection, with the Digital Personal Data Protection (DPDP) Act cited as an example of evolving requirements that can increase delivery and liability exposure. Another operational risk noted is employee attrition in recent years, which can affect delivery capacity.

Grey market premium (GMP) observations provided ahead of the issue show readings of ₹0 on multiple dates and ₹12 on two observations dated 21 September 2026 and 22 September 2026, with referenced issue prices shown as ₹110 on those ₹12 observations. GMP is an unofficial market indicator and can change; these are dated snapshot observations and are not a listing outcome.

Monitoring points to track for this SME IPO, based on the disclosed business model and risk factors, include:

Customer concentration trends and the pace of repeat orders from government/PSU and institutional accounts.

Working-capital intensity, particularly trade receivables and collection timelines in relation to execution and billing cycles.

Execution delivery capability, including staffing stability and the ability to deliver multi-location projects within tender conditions.

The mix of projects across networking integration, fibre execution, AMC/FMS, and newer solution areas such as data centre/storage, AI lab infrastructure and cybersecurity, as reflected in order wins and execution references.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (22 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.