The initial public offering (IPO) of MARC Technocrats Limited opened for public subscription on Wednesday, December 17, receiving a muted response on Day 1 of bidding. According to available subscription data till late morning, the SME IPO was subscribed around 0.16 times overall, reflecting cautious investor participation in the early hours of the issue.

The subdued subscription levels come amid lacklustre grey market activity, with the grey market premium (GMP) remaining nil, indicating expectations of a flat listing on the NSE SME platform.

MARC Technocrats IPO: Grey Market Premium (GMP)

As per grey market sources, the GMP of MARC Technocrats shares stood at zero on Wednesday morning. A nil GMP typically suggests that the market does not anticipate immediate listing gains and expects the stock to debut around its issue price.

Market participants note that SME IPOs often witness fluctuating GMP trends during the subscription period, especially as institutional participation becomes clearer closer to the issue closing date.

Day 1 Subscription Status Breakdown

By 11:20 am on Day 1, the MARC Technocrats IPO recorded the following subscription levels:

• Overall subscription: ~0.16 times

• Retail investors: 0.19 times

• Non-Institutional Investors (NIIs): 0.13 times

• Qualified Institutional Buyers (QIBs): No bids received

The absence of QIB participation during early hours is not uncommon in SME IPOs, as institutional investors typically enter closer to the closing stages of the issue.

MARC Technocrats IPO Structure and Size

The MARC Technocrats IPO is a combination of a fresh issue and an offer for sale (OFS). The issue comprises:

• Fresh issue: 36,69,600 equity shares

• Offer for sale (OFS): 9,09,600 equity shares

The OFS component is being offered by promoter Hitender Kumar, who is partially divesting his stake in the company through the public issue.

Price Band and Lot Size

The IPO is priced in a price band of ₹88 to ₹93 per equity share. Retail investors are required to bid for a minimum lot size of 2,400 shares, translating into a minimum investment of approximately ₹2.23 lakh at the upper end of the price band.

Given the relatively high lot size typical of SME IPOs, retail participation is often selective and influenced by subscription momentum and GMP trends.

IPO Timeline and Key Dates

• IPO opening date: December 17, 2025

• IPO closing date: December 19, 2025

• Exchange: NSE SME platform

• Price band: ₹88–₹93 per share

Details regarding allotment, listing date, and credit of shares are expected to be announced following the closure of the issue.

Objects of the Issue

According to the Red Herring Prospectus (RHP), MARC Technocrats intends to utilise the net proceeds from the IPO for the following purposes:

• Capital expenditure, including purchase of equipment

• Meeting working capital requirements

• General corporate purposes, supporting business operations

The fresh capital infusion is expected to enhance operational capacity and support the company’s ongoing business activities.

About MARC Technocrats

MARC Technocrats operates in the infrastructure and construction services segment, undertaking projects that require technical expertise and execution capabilities. The company’s business model involves deployment of specialised equipment and manpower for project execution.

The infrastructure sector remains a key driver of economic growth in India, supported by public and private sector investments, although SME players often face cyclical demand and working capital challenges.

Investor Sentiment and Market Outlook

The muted response on Day 1 indicates that investors are adopting a wait-and-watch approach, particularly in light of:

• Nil grey market premium

• Absence of early QIB participation

• Broader caution in SME IPO valuations

Historically, many SME IPOs see a sharp pickup in demand during the final day of bidding, making subscription trends over the next two sessions crucial.

Conclusion: Slow Start with Focus on Final-Day Demand

The MARC Technocrats IPO has begun on a cautious note, with 0.16% subscription on Day 1 and no premium in the grey market. With the issue open until December 19, investor focus will now shift to whether subscription momentum improves in the remaining days.

As always, market participants are advised to evaluate company fundamentals, issue structure, and sector outlook before making investment decisions.

Join our Telegram Channel for Latest News and Regular Updates.

Start your Mutual Fund Journey  by Opening Free Account in Asset Plus.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.