Merritronix IPO Receives Full Subscription on First Day of Bidding, Led by Retail and Non-Institutional Investors

Merritronix Initial Public Offering Begins

The Merritronix initial public offering (IPO) opened on Monday, 1 June, and will conclude on Wednesday, 3 June. The IPO price band is ₹141-149 per equity share, with a face value of ₹10 per share. Investors can bid for a minimum of 1,000 equity shares, with the option to acquire additional shares in increments of 1,000.

Prior to the issue opening, Merritronix secured ₹19.91 crore from anchor investors by allotting 13.36 lakh shares. The company, which operates in the Electronics Systems Design and Manufacturing (ESDM) sector, specialises in the production of high-reliability, mission-critical electronic assemblies for industries including defence, aerospace, telecommunications, and industrial electronics.

Merritronix operates under a B2B model, providing comprehensive manufacturing services encompassing component sourcing, printed circuit board (PCB) assembly, system integration, testing, box-build assembly, and the delivery of fully integrated electronic products that meet India's defence and aerospace standards.

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Grey Market Premium Trends

The grey market premium (GMP) for Merritronix IPO is currently at +88. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Merritronix share is ₹237 apiece, which is 59.06% higher than the IPO price of ₹149. Based on grey-market activity observed over the last 13 sessions, the IPO GMP is currently on an upward trend and is expected to have a strong debut.

Grey market premium indicates investors' readiness to pay more than the issue price. Experts indicate that the lowest GMP recorded is ₹45, while the highest reaches ₹93.

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Merritronix IPO Details

Merritronix IPO is a book-built offering totalling ₹70 crore, comprising a new issuance of 47 lakh shares solely. The firm intends to utilise the funds from the IPO for business growth and various corporate needs. GYR Capital Advisors serves as the lead manager for the offering, while Bigshare Services is responsible for registration. Giriraj Stock Broking is functioning as the market maker.

Merritronix IPO Subscription Status

As of the first day of subscription, the Merritronix IPO subscription status was 3.91x. The retail portion was subscribed at 5.66x, the NII portion was booked at 5.02x, and the Qualified Institutional Buyers (QIBs) portion has yet to receive bids. The company has received bids for 1,22,23,000 shares against 31,28,000 shares on offer at 11:39 IST, according to chittorgarh.com.