Marushika Technology IPO sees muted demand on day 1

Marushika Technology Sees Muted Demand for IPO on First Day

Marushika Technology, an IT products and services provider, has witnessed muted demand for its initial public offering (IPO) on the first day of bidding, February 12.

• Subscription status: The offer, open for public subscription till February 16, was subscribed 25 percent on the first day.
• Offer details: The Noida-based company is raising Rs 26.97 crore via a public issue of 23.05 lakh shares, with an entirely fresh issue.
• Price band: The offer price range is Rs 111-117 per share.

Investors bid for 4.15 lakh shares against the offer size of 16.53 lakh shares via 167 applications. Retail investors showed major support, bidding for 50 percent of their allotted quota.

• Subscription percentage:
• Non-institutional investors: 9 percent
• Qualified institutional buyers: 0 percent (no participation)

Marushika Technology, which offers IT products and services for data centre infrastructure, active networking, telecom systems, and other services, has already raised Rs 7.62 crore of IPO size via an anchor book on February 11.

• Anchor book details:
• Shares issued: 6.51 lakh shares to anchor investors (NAV Capital, Saint Capital Fund, Strategic Sixth Sense Capital Fund, and Longthrive Capital)
• Issue price: Rs 117 per share

The company plans to utilise Rs 5 crore of IPO proceeds for debt repayment, Rs 14.68 crore for working capital requirements, and the balance amount for general corporate purposes.

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