Marushika Technology's IPO opens to tepid response on Day 1
Marushika Technology's IPO didn't get much love on Day 1—just 0.27 times subscribed so far.
The company wants to raise ₹27 crore by selling over 23 lakh shares priced between ₹111-117, but only about 4 lakh shares were actually bid for out of more than 15 lakh on offer.
Retail investors were most interested
Retail investors were the most interested, subscribing to half their reserved shares (3.8 lakh out of 7.7 lakh).
Non-institutional and qualified institutional buyers barely participated—one group subscribed just a tiny fraction, and the other didn't bid at all.
What does Marushika do?
Marushika supplies IT and telecom gear for data centers, networking, cybersecurity, and more.
They mostly serve government and big business clients with both products and maintenance services.
IPO details
Money from the IPO will go toward paying off debt (₹5 crore), working capital (₹14.68 crore), and general corporate needs.
Share allotment happens February 17; refunds or shares hit accounts by February 18; listing on NSE SME is expected February 19.
Nexgen Financial Solution is running the show as lead manager, with Skyline Financial Services as registrar.