The initial public offering (IPO) of MARC Technocrats commenced its subscription journey on Wednesday, December 17, marking its entry into the public markets. The small and medium enterprise (SME) issue, however, opened to a cautious response from investors, with the grey market indicating a potential listing at par with the issue price.
Subdued Grey Market Sentiment and Initial Subscription
Market observers noted a lack of significant buying interest for MARC Technocrats shares in the unofficial grey market. The grey market premium (GMP), a key sentiment indicator, stood at nil on the morning of the opening day. This suggests the stock could list flat on the NSE SME platform when it debuts.
By late morning on day one, the IPO's subscription figures reflected this initial caution. The overall issue was subscribed 0.16 times. The segment reserved for retail individual investors (RIIs) saw a subscription of 0.19 times, while the portion for non-institutional investors (NIIs) was booked 0.13 times. The qualified institutional buyers' (QIBs) category had not received any bids at that time.
IPO Details: Price, Dates, and Objectives
The public offer is a mix of fresh issuance and an offer for sale by a promoter. The company is issuing 36.7 lakh new shares to raise fresh capital. Additionally, promoter Hitender Kumar is offloading 9.1 lakh shares through the offer-for-sale (OFS) route.
The price band for the IPO has been fixed at ₹88 to ₹93 per equity share. Investors can bid for a minimum of 2,400 shares, which is also the lot size. The subscription window will remain open until Friday, December 19.
According to the company's Red Herring Prospectus (RHP), the net proceeds from the fresh issue will be utilized for:
- Funding capital expenditure for purchasing equipment.
- Meeting working capital requirements.
- General corporate purposes.
Allotment, Listing Timeline, and Business Overview
The share allotment process is expected to be finalized on Monday, December 22. Successful applicants can expect the shares to be credited to their demat accounts by Tuesday, December 23. Refunds for unsuccessful bidders are also likely to be processed on the same day.
As per SEBI's T+3 listing rule, the shares of MARC Technocrats are proposed to be listed on the NSE SME on Wednesday, December 24. Narnolia Financial Services Ltd. is the book-running lead manager for the issue, with Maashitla Securities Private Limited acting as the registrar.
MARC Technocrats operates as an infrastructure consultancy firm. Its services are crucial for projects in roads, highways, railways, buildings, and water resources. The company's expertise spans supervision and quality control (SQC), detailed project reports (DPRs), third-party audits, and pre-bid advisory.
The company has demonstrated strong financial growth in recent years. Its profit surged from ₹2.64 crore in FY23 to ₹7.5 crore in FY25. Similarly, revenue from operations has shown a consistent upward trajectory, rising from ₹20.16 crore in FY23 to ₹47.75 crore in FY25.
