MARC Technocrats Lists at 20% Discount to IPO Price on NSE SME Platform
MARC Technocrats listed at ₹74.40 on NSE SME platform, representing a 20% discount to its IPO price of ₹93.00, despite strong subscription of 9.87 times across all investor categories. The infrastructure consultancy firm's ₹43.00 crore IPO comprised ₹34.13 crore fresh issue and ₹8.46 crore offer for sale. The company serves government and public sector clients across infrastructure segments and reported strong financial growth with 80% revenue increase and 117% profit after tax growth between FY24 and FY25.
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Infrastructure consultancy services provider MARC Technocrats made a disappointing debut on the NSE SME platform, with shares listing at ₹74.40 per share, marking a significant 20% discount to the IPO price of ₹93.00. The weak listing came despite strong investor interest during the subscription period.
IPO Performance and Subscription Details
The ₹43.00 crore IPO, which closed for subscription on December 19, demonstrated robust investor appetite across all categories:
| Category | Subscription Multiple |
|---|---|
| Overall Subscription | 9.87 times |
| Retail Investors | 10.75 times |
| Non-Institutional Investors | 9.00 times |
| Qualified Institutional Buyers | 9.51 times |
MARC Technocrats had offered its shares in a price band of ₹88.00 to ₹93.00 per share, ultimately fixing the issue price at the upper end of ₹93.00.
IPO Structure and Fund Utilization
The public offering comprised two components designed to meet different objectives:
| Component | Amount (₹ crore) | Purpose |
|---|---|---|
| Fresh Issue | 34.13 | Company growth and operations |
| Offer for Sale | 8.46 | Partial exit for existing shareholders |
| Total IPO Size | 43.00 | Combined offering |
Proceeds from the fresh issue will flow directly into the company's treasury, while the offer for sale component provides liquidity to existing shareholders seeking partial exits.
Business Operations and Client Base
MARC Technocrats operates as an infrastructure consultancy services provider, offering comprehensive solutions across multiple segments. The company's service portfolio includes:
- Supervision and quality control services
- Detailed project reports preparation
- Techno-financial audits
- Pre-bid advisory services
The company's operations span critical infrastructure segments including roads and highways, railways, buildings, and water resources. MARC Technocrats follows a Business-to-Government (B2G) model, deriving the majority of its revenue from government bodies and public sector clients. Key customers include the Ministry of Road Transport and Highways, NHAI, NHIDCL, various public works departments, and the Railways. The company maintains a workforce of 181 employees.
Financial Performance
MARC Technocrats has demonstrated strong financial growth in recent periods, showing significant expansion across key metrics:
| Financial Metric | Growth Rate (FY24 to FY25) |
|---|---|
| Revenue Growth | 80.00% |
| Profit After Tax Growth | 117.00% |
For FY25, the company reported total income of ₹48.56 crore with profit after tax reaching ₹7.48 crore, reflecting the company's improving operational efficiency and market position in the infrastructure consultancy sector.
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