IT products and services provider Marushika Technology has seen muted demand for its initial public offering on the first day of bidding, February 12. The offer, which will remain open for public subscription till February 16, was subscribed 25 percent.
The Noida-based company is raising Rs 26.97 crore via public issue of 23.05 lakh shares which comprises of entirely fresh issue. The price band for the offer is Rs 111-117 per share.
Investors have bid 4.15 lakh shares against the offer size of 16.53 lakh shares via 167 applications. The major support on the first day was seen from retail investors who bid for 50 percent of their allotted quota.
The part set aside for non-institutional investors was subscribed 9 percent, while the qualified institutional buyers have not participated in the offer yet.
Marushika Technology, which provides IT products and services for setting up data centre’s infrastructure, active networking, telecom system, advanced surveillance systems, data protection, cybersecurity and power management, has already raised Rs 7.62 crore of IPO size via anchor book on February 11.
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It has issued 6.51 lakh shares to anchor investors - NAV Capital, Saint Capital Fund, Strategic Sixth Sense Capital Fund, and Longthrive Capital - at Rs 117 per share.
The company intends to utilise Rs 5 crore of IPO proceeds for repaying debt, Rs 14.68 crore for working capital requirements, and the balance amount for general corporate purposes.
Nexgen Financial Solution is acting as the sole book running lead manager for the Marushika Technology IPO.
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