The IPO of Merritronix will open for subscription on Monday, with grey market signals indicating a muted start for the SME issue. According to market trackers, the IPO was commanding a grey market premium (GMP) of 0% ahead of opening, indicating that the shares were trading around the upper end of the issue price in the unofficial market.
The BSE SME issue will remain open for subscription from June 1 to June 3. The allotment is expected to be finalized on June 4, while the shares are scheduled to list on June 8. The IPO is a book-built issue aggregating Rs 70 crore and consists entirely of a fresh issue of 47 lakh shares.
The company has fixed a price band of Rs 141-149 per share. Investors can bid for a minimum of 2,000 shares, requiring an investment of Rs 2.98 lakh at the upper end of the price band. The minimum investment for small HNI investors is Rs 4.47 lakh.
Ahead of the issue opening, Merritronix raised Rs 19.91 crore from anchor investors through the allotment of 13.36 lakh shares.
Incorporated in 1988, Merritronix operates in the electronics systems design and manufacturing (ESDM) segment and focuses on high-reliability electronic assemblies used in defence, aerospace, telecom and industrial applications.
The company provides end-to-end services including component sourcing, printed circuit board assembly, system integration, testing, box-build solutions and delivery of finished electronic products. Its manufacturing operations cater to mission-critical applications where reliability and compliance with stringent industry standards are essential.
The company holds EN 9100:2018 certification for aerospace and defence electronics manufacturing, a globally recognised quality standard for the sector.
As of December 2025, Merritronix had an annual installed production capacity of 17.85 lakh units across surface mount technology assembly, through-hole technology assembly and product assembly operations.
Its customer base spans defence, aerospace, electrical engineering, heavy industries, power and utilities sectors.
The company plans to use the IPO proceeds to support business expansion and general corporate requirements.
The flat GMP suggests investors are taking a cautious view on the issue despite the company's presence in the fast-growing defence and aerospace electronics segment. Grey market premiums are unofficial indicators of investor sentiment and do not guarantee actual subscription demand or listing performance.
GYR Capital Advisors is the book-running lead manager to the issue, while Bigshare Services is the registrar. Giriraj Stock Broking is acting as the market maker.
