The SME initial public offering (IPO) of Bengaluru-headquartered turnkey industrial automation solutions and electrical control panel manufacturer Skytech Infinite Platform Limited completed its second day of public bidding across the national bourses today, Monday, August 17, 2026.
Carrying an aggregate issue size of ₹22.68 crore set within an official price band parameter of ₹73.00 to ₹77.00 per share, the company is raising 100% fresh equity capital to fund its expanding working capital requirements and scale operations.
By the close of its second bidding session across the NSE SME (Emerge) platform at 5:00 PM IST, central exchange matching engines logged valid electronic application tokens for 26,17,600 equity shares against a net public offer pool of 27,96,800 equity shares (excluding the market maker quota of 1,48,800 shares). This brings the overall subscription baseline up to 0.94 times (94% coverage).
Retail individual investors continued to lead the volume build-up, expanding their dedicated tranche to 1.62 times, while Qualified Institutional Buyers (QIBs) stepped in to take their allocation past full coverage to 1.06 times ahead of Tuesday's final closing bell.
The three-day public bidding window will officially close tomorrow, Tuesday, August 18, 2026.
Here is an extended, plain-English human breakdown covering Day 2 subscription metrics, unlisted grey market trends, business operations across automation and control panels, financial performance, working capital deployment, valuation parameters, and the upcoming allotment schedule.
1. Day 2 Subscription Data Breakdown
By 5:00 PM on Day 2, central processing registries compiled total application orders worth ₹20.16 crore (calculated at the upper price band cap of ₹77 per share), covering 94% of the net public offer.
The table below summarizes the second day's performance across investor categories:
+-----------------------------------------------------------------------------------+ | SKYTECH INFINITE PLATFORM LIMITED: DAY 2 SUBSCRIPTION DATA | +-------------------+-----------------+------------------+------------------+-------+ | Category | Shares Offered | Shares Bid For | Subscription (x) | Value | +-------------------+-----------------+------------------+------------------+-------+ | QIB (Institutions)| 28,800 | 30,400 | 1.06x | ₹0.23Cr | NII / HNI (Wealth)| 13,72,800 | 3,31,200 | 0.24x | ₹2.55Cr | Retail (RII) | 13,95,200 | 22,56,000 | 1.62x | ₹17.37Cr | Market Maker | 1,48,800 | — | — | — | +-------------------+-----------------+------------------+------------------+-------+ | Total Net Offer | 27,96,800 | 26,17,600 | 0.94x | ₹20.16Cr +-------------------+-----------------+------------------+------------------+-------+
Analyzing the Category Inflows:
- Retail Individual Investors (RII - 1.62x): Everyday retail accounts spearheaded the volume build-up on Day 2, expanding their bids from 9.85 lakh shares (0.71x) on Day 1 to 22,56,000 shares (705 application lots) on Day 2, achieving 1.62 times coverage (totaling ₹17.37 crore). Under the issue guidelines, retail applicants face a minimum lot requirement of 2 lots (3,200 shares), requiring an upfront layout of ₹2,46,400 at ₹77 per share.
- Qualified Institutional Buyers (QIB - 1.06x): Institutional desks moved from zero on Day 1 to fully book their allocation slice on Day 2, placing bids for 30,400 shares (totaling ₹0.23 crore) against the 28,800 shares offered.
- Non-Institutional Investors (NII / HNI - 0.24x): High-net-worth wealth accounts expanded their orders slightly from 2.84 lakh shares on Day 1 to 3,31,200 shares on Day 2, reaching 24% coverage (totaling ₹2.55 crore). SME offerings carrying higher retail entry tickets (₹2.46 lakh minimum) traditionally see the bulk of their HNI bidding volume concentration develop on the final afternoon session.
- Market Maker Reserved Block: A dedicated block of 1,48,800 shares (~₹1.15 crore) is allocated to the designated market maker (Prabhat Financial Services Limited) to support secondary market liquidity post-listing.
2. Unlisted Grey Market Premium (GMP) & Market Sentiment
In the unofficial grey market, sentiment surrounding Skytech Infinite Platform has remained steady:
- Fixed Upper Price Cap Anchor: ₹77.00 per share
- Current Grey Market Premium (GMP): Tracking around +₹10.00 to +₹14.00 per share
- Estimated Listing Price Range: Expected debut counter level of ₹87.00 to ₹91.00 per share
- Projected Listing Gain Margin: Indicating an estimated listing upside of ~12.99% to 18.18%
- Retail Minimum Application Lot: 2 Lots / 3,200 Shares (Minimum Investment: ₹2,46,400)
What Is Driving Grey Market Sentiments?
- Industry 4.0 & Smart Automation Tailwinds: Operating as a systems integrator and panel builder for PLCs, drives, and SCADA architectures places the company in high-demand segments driven by manufacturing modernization.
- 100% Fresh Capital Issue: The entire ₹22.68 crore issue consists of fresh primary capital, with no promoter dilution or cash-out.
(Note: Grey market premiums represent informal, off-exchange quotes traded among dealers. They move based on daily market mood and should not be treated as a guaranteed listing price.)
3. Business Overview: What Does Skytech Infinite Platform Do?
Incorporated in 2009 and headquartered in Bengaluru, Karnataka, Skytech Infinite Platform Limited provides turnkey industrial automation solutions and manufactures custom electrical control panels.
The company specializes in end-to-end automation execution—covering design, engineering, system integration, panel assembly, installation and commissioning (I&C), and long-term maintenance of automated control systems.
+-----------------------------------------------------------------------------------+ | SKYTECH INFINITE PLATFORM BUSINESS AT A GLANCE | +-----------------------------------+-----------------------------------------------+ | Core Focus Area | Turnkey Industrial Automation & Control Panels| +-----------------------------------+-----------------------------------------------+ | Core Product Line Depth | PCC, MCC, VFD, APFC, PLC & Control Desks | +-----------------------------------+-----------------------------------------------+ | Integrated Technology Systems | PLCs, Variable Frequency Drives, Sensors, | | | SCADA, Switchgear & Actuators | +-----------------------------------+-----------------------------------------------+ | Primary Manufacturing Hub | 10,000 sq. ft. Facility in Bengaluru, KA | +-----------------------------------+-----------------------------------------------+ | Key Industry Partnerships | Mitsubishi Electric India, Endress+Hauser, | | | Exor India, and Euroteck Environmental | +-----------------------------------+-----------------------------------------------+ | Client Verticals Served | Power, Water, Energy, Automotive, Pharma, | | | Food & Beverages, HVAC, Infrastructure | +-----------------------------------+-----------------------------------------------+
Core Competitive Moats:
1. Turnkey Engineering & Modular Design
The company delivers end-to-end automation solutions from conceptual design to on-site commissioning. Its control panels are built on modular frameworks, allowing clients across process industries to scale, configure, or expand control cabinets without redesigning factory floor wiring.
2. Strategic OEM Alliances
Skytech Infinite Platform serves as an authorized channel and system integration partner for global automation OEMs—including Mitsubishi Electric India, Endress+Hauser, and Exor India. These partnerships give the company access to advanced industrial components, PLCs, and technical support.
3. Cross-Sector Industrial Client Base
Rather than depending on a single manufacturing sector, Skytech supplies automation panels to diverse industries including water treatment, automotive, pharmaceutical processing, food & beverages, power generation, and HVAC systems.
4. Detailed Financial Performance (FY24 to FY26)
An audit of the company's restated financial statements shows steady top-line growth and expanding operational profitability over the last three fiscal years.
+-----------------------------------------------------------------------------------+ | SKYTECH INFINITE PLATFORM: 3-YEAR FINANCIAL PERFORMANCE | +-------------------------------+-------------------+-------------------+-----------+ | Financial Metric (₹ in Cr) | FY24 | FY25 | FY26 | +-------------------------------+-------------------+-------------------+-----------+ | Revenue from Operations | 44.13 | 45.14 | 51.65 | | Total Income | 44.15 | 45.21 | 52.14 | | EBITDA | 3.09 | 6.13 | 6.65 | | EBITDA Margin (%) | 7.00% | 13.58% | 12.87% | | Net Profit After Tax (PAT) | 1.35 | 3.71 | 4.20 | | PAT Margin (%) | 3.06% | 8.23% | 8.14% | | Total Debt / Borrowings | 3.90 | 5.39 | 9.25 | | Net Worth | 11.02 | 14.73 | 19.02 | | Return on Capital Employed % | 17.48% | 33.10% | 25.45% | | Return on Net Worth (RoNW %) | 12.25% | 25.21% | 22.11% | +-------------------------------+-------------------+-------------------+-----------+
(Source: Restated Financial Statements in RHP; Figures converted from Lakhs to ₹ in Crores)
Key Financial Observations:
- Top-Line Performance: Revenue from operations grew from ₹44.13 crore in FY24 to ₹51.65 crore in FY26, driven by higher demand for integrated PLC and VFD control panels across industrial plants.
- Profitability Expansion: Net profit after tax (PAT) grew from ₹1.35 crore in FY24 to ₹4.20 crore in FY26 (a 211% 2-year profit expansion), with PAT margins stabilizing at 8.14%.
- Return Metrics & Leverage: The company delivered a Return on Capital Employed (ROCE) of 25.45% and a Return on Net Worth (RoNW) of 22.11% in FY26, while maintaining a manageable debt-to-equity ratio of 0.49x.
5. Structure of the Offer & Objects of the Issue
The ₹22.68 crore public offer is structured entirely as a fresh capital issue:
+-----------------------------------------------------------------------------------+ | IPO CAPITAL STRUCTURE BREAKDOWN | +-----------------------------------+-----------------------------------------------+ | Total Issue Size | ₹22.68 Crore (29,45,600 Equity Shares) | +-----------------------------------+-----------------------------------------------+ | Fresh Issue Component | ₹22.68 Crore (100% Fresh Capital Issue) | +-----------------------------------+-----------------------------------------------+ | Offer for Sale (OFS) Component | ₹0.00 (No Selling Shareholders) | +-----------------------------------+-----------------------------------------------+ | Price Band | ₹73 to ₹77 per share | +-----------------------------------+-----------------------------------------------+ | Face Value | ₹10 per share | +-----------------------------------+-----------------------------------------------+ | Market Maker Quota | 1,48,800 Shares (₹1.15 Crore Value) | +-----------------------------------+-----------------------------------------------+ | Net Offer to Public | 27,96,800 Shares (₹21.54 Crore Value) | +-----------------------------------+-----------------------------------------------+ | Lead Manager (BRLM) | Finshore Management Services Limited | +-----------------------------------+-----------------------------------------------+ | Registrar to the Issue | Integrated Registry Management Services Pvt Ltd| +-----------------------------------+-----------------------------------------------+
How Will the Fresh Primary Capital Be Spent?
Because there is no Offer for Sale (OFS), 100% of the net proceeds will move directly onto the company balance sheet. Skytech Infinite Platform has earmarked the proceeds for two primary areas:
- Working Capital Requirements (₹16.81 Crore / 74.1%): Turnkey automation execution requires significant upfront procurement of PLCs, switchgear, sensors, and sheet metal, as well as managing milestone-based billing credit cycles for industrial clients.
- General Corporate Purposes & Issue Expenses (₹5.87 Crore / 25.9%): Supporting administrative operations, system upgrades, and issue-related management expenses.
6. Valuation Analysis & Peer Group Comparison
At the upper price band cap of ₹77 per share, Skytech Infinite Platform is priced at a trailing Price-to-Earnings (P/E) multiple of 12.58x based on its pre-issue FY26 basic EPS of ₹6.12 (and ~17.99x on post-issue diluted capital), establishing a post-issue corporate market capitalization of approximately ₹75.62 crore.
Let's compare this with listed industrial automation, panel manufacturing, and switchgear peers in India:
+-----------------------------------------------------------------------------------+ | PEER GROUP VALUATION COMPARISON | +-----------------------------------+--------------------+--------------------------+ | Company Name | Trailing P/E (x) | Primary Focus / Model | +-----------------------------------+--------------------+--------------------------+ | Skytech Infinite Platform (At ₹77)| ~17.99x (Post-IPO) | Turnkey Automation Panels| | Marine Electricals (India) Ltd | ~48.20x | Electrical Control Panels| | Shivalic Power Control Ltd | ~28.50x | LT/HT Switchgear Panels | | HPL Electric & Power Ltd | ~32.40x | Switchgear & Metering | +-----------------------------------+--------------------+--------------------------+
Valuation Summary:
At ~18.0x post-issue FY26 trailing earnings, Skytech Infinite Platform enters the market at a reasonable valuation structure compared to listed panel and switchgear peers like Marine Electricals (~48.2x P/E) and Shivalic Power (~28.5x P/E).
With revenue at ₹51.65 crore, 25.45% ROCE returns, and PAT reaching ₹4.20 crore, the ~18.0x post-issue multiple leaves a fair fundamental margin of safety for incoming public investors.
7. Core Strengths vs. Key Business Risks
Investors evaluating this SME issue should consider the following operational factors:
Key Strengths:
- 100% Fresh Issue Structure: No promoter cash-out; all funds go into working capital and business expansion.
- Turnkey Engineering Capabilities: Complete lifecycle execution from system design and panel assembly to on-site commissioning.
- Authorized OEM Partnerships: Partnerships with global automation majors like Mitsubishi Electric and Endress+Hauser provide strong technological backing.
- Solid Return Ratios: Delivering a 25.45% ROCE and 22.11% RoNW in FY26.
Key Risk Factors:
- Geographic Concentration Risk: Sales in Karnataka accounted for 75.39% of total revenue in FY26, making financial results sensitive to regional industrial conditions.
- Single Manufacturing Facility: All manufacturing and assembly operations take place at a single 10,000 sq. ft. facility in Bengaluru, leaving output exposed to localized operational disruptions.
- Working Capital Intensity: Turnkey automation projects require significant working capital, leading to historically tight operating cash flows.
8. Timeline & Allotment Steps
With the bidding window closing tomorrow, here is the upcoming schedule for allotment finalization and listing:
- Public Bidding Window Closes: Tuesday, August 18, 2026 (5:00 PM IST)
- Basis of Allotment Finalization: Wednesday, August 19, 2026
- Refund Initiations & Unblocking of Bank Funds: Thursday, August 20, 2026
- Credit of Equity Shares to Demat Accounts: Thursday, August 20, 2026
- Official Stock Exchange Listing (NSE Emerge / SME): Friday, August 21, 2026
- Designated Lead Manager: Finshore Management Services Limited
- Designated Registrar: Integrated Registry Management Services Private Limited
Application Size Matrix:
- Retail Minimum & Maximum: 2 Lots (3,200 Shares) — ₹2,46,400
- Small HNI (sNII) Minimum: 3 Lots (4,800 Shares) — ₹3,69,600
- Big HNI (bNII) Minimum: 9 Lots (14,400 Shares) — ₹11,08,800
Conclusion: What Should You Watch for on Day 3?
Skytech Infinite Platform presents a solid SME automation story backed by its established presence in Bengaluru, authorized partnerships with global OEMs (Mitsubishi Electric, Endress+Hauser), 25.45% ROCE returns, and a disciplined ~18.0x post-issue P/E valuation.
With Day 2 subscription reaching 0.94x overall (supported by 1.62x retail coverage and 1.06x QIB booking), watch how wealth and retail categories build up their final order blocks ahead of Tuesday's 5:00 PM closing deadline.
Post Excerpt
A complete Day 2 analysis of the ₹22.68 crore Skytech Infinite Platform SME IPO. Bids reached 0.94x on Day 2 with retail subscribed at 1.62x and QIBs at 1.06x. Read our full review of company financials, industrial automation control panels, grey market trends (+₹10–₹14), working capital plans, valuation, and timeline ahead of tomorrow's close.