New Delhi, June 1 (H.S.): The ₹70.03-crore Initial Public Offering (IPO) of electronics systems design and manufacturing company Meritronics Limited opened for subscription today. Investors can bid for the issue until June 3. Following the closure of the IPO, share allotment is scheduled to be finalized on June 4, while allotted shares will be credited to investors’ demat accounts on June 5. The company’s shares are expected to be listed on the BSE SME platform on June 8.
The IPO has been priced in a band of ₹141 to ₹149 per share, with a lot size of 1,000 shares. Retail investors are required to bid for a minimum of two lots, or 2,000 shares, which translates into a minimum investment of ₹2,98,000.
Under the issue, the company is offering a total of 4.7 million fresh equity shares with a face value of ₹10 each. Of these, 236,000 shares have been reserved for the market maker.
The allocation structure of the IPO earmarks 49.91 percent of the issue for Qualified Institutional Buyers (QIBs), 30.02 percent for retail investors, and 15.05 percent for Non-Institutional Investors (NIIs). An additional 5.02 percent has been reserved for the market maker.
For the issue, GYR Capital Advisors Private Limited has been appointed as the Book Running Lead Manager, while Bigshare Services Private Limited will serve as the registrar. Giriraj Stock Broking Private Limited** has been designated as the market maker for the issue.
According to the claims made in the Draft Red Herring Prospectus (DRHP) filed with the capital markets regulator Securities and Exchange Board of India, the company’s financial position has strengthened steadily over the past three financial years.
The company reported a net profit of ₹3.05 crore in FY 2023–24, which increased to ₹8.66 crore in FY 2024–25. In FY 2025–26, net profit surged further to ₹16.10 crore.
Revenue growth also remained strong during the period. Total revenue stood at ₹86.01 crore in FY 2023–24, rising to ₹114.04 crore in FY 2024–25. In FY 2025–26, the company reported revenue of ₹156.25 crore.
However, the company's debt burden also increased consistently over the same period. Outstanding debt stood at ₹15.82 crore at the end of FY 2023–24, which rose to ₹18.57 crore in FY 2024–25. By the end of FY 2025–26, total debt had increased significantly to ₹43.20 crore.
The company's net worth also registered substantial growth. It stood at ₹7.58 crore in FY 2023–24 and increased to ₹16.23 crore in FY 2024–25. In FY 2025–26, net worth witnessed a sharp rise to ₹52.52 crore.
Similarly, the company strengthened its reserves and surplus position. Reserves and surplus stood at ₹6.73 crore in FY 2023–24 and increased to ₹15.39 crore in FY 2024–25. During FY 2025–26, this figure rose significantly to ₹40.34 crore.
The company's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) also showed robust growth. EBITDA stood at ₹6.73 crore in FY 2023–24, increased to ₹15.18 crore in FY 2024–25, and further climbed to ₹27.22 crore in FY 2025–26.
Hindusthan Samachar / Jun Sarkar
