Marushika Technology IPO: Issue booked over 7x so far on last bidding day; NIIs steal the show. Check GMP

The Marushika Technology IPO started on Thursday, February 12 and is set to end on Monday, February 16. Marushika Technology IPO price band has been established at ₹111 to ₹117 per equity share, each having a face value of ₹10. Investors are allowed to place bids for a minimum of 1,200 equity shares, with additional shares to be bid in multiples of 1,200. Marushika Technology Limited focuses on distributing IT and telecommunications infrastructure products and solutions tailored for both enterprise and government clients. The company provides a wide array of IT products and services, which encompass data center setup, networking, telecommunications systems, surveillance, cybersecurity, and power management solutions. Furthermore, it offers installation, maintenance, and technical consulting services, as well as cutting-edge technology solutions such as access control, smart parking, lighting systems, and waste management services. Marushika predominantly functions within a Business-to-Business (B2B) and Business-to-Government (B2G) model, delivering services to customers in the public sector and various institutional areas. The company's government clients include Bharat Electronics Limited, Central Electronics Limited, Delhi Metro Rail Corporation, and the National Security Guard. By collaborating with these organizations, the company contributes to essential infrastructure and digital transformation initiatives across different sectors. Marushika Technology IPO subscription status Marushika Technology IPO subscription status is 7.49 times on day 3 so far, as per chittorgarh.com. The retail portion was subscribed 6.23x, and NII portion was booked 18.97 times. The qualified institutional buyers portion received 1x bids. The company has received bids for 1,15,17,600 shares against 15,37,200 shares on offer on the second bidding day, at 13:40 IST, according to data on chittorgarh.com. Marushika Technology IPO subscription status was 28% on day 1, and the issue was booked 77% on the second bidding day. Marushika Technology IPO details The Noida-based company intends to raise ₹26.97 crore through a public offering of 23.05 lakh shares, which will all be newly issued shares. The firm plans to use ₹5 crore from the IPO proceeds to reduce debt, allocate ₹14.68 crore for working capital requirements, and utilize the remaining funds for general corporate purposes. Nexgen Financial Solution is the exclusive book running lead manager for Marushika Technology's IPO. Skyline Financial Services Pvt. Ltd will serve as the registrar for this offering. Nikunj Stock Brokers Ltd is designated as the market maker for the company. Marushika Technology IPO GMP today Marushika Technology IPO GMP today was ₹0, which meant shares were trading at their issue price of ₹117 with no premium or discount in the grey market, according to investorgain.com. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.