Listing Performance
Listed
Issue Price
₹149
Listed On
08 Jun 2026
- Price Band
- ₹141 – ₹149
- Lot Size
- 1000
- Lot Value
- ₹1,49,000
- Open Date
- 01 Jun 2026
- Close Date
- 03 Jun 2026
- Min Investment
- ₹1,49,000
IPO Timeline
Issue Opens
01 Jun 2026 · Mon
Issue Closes
03 Jun 2026 · Wed
Bidding Cut-off (UPI Mandate)
03 Jun 2026 · 5:00 PM IST
Allotment
04 Jun 2026 · Thu
Listing
08 Jun 2026 · Mon
About Merritronix
The company operates in the electronics system design and manufacturing (ESDM) industry, primarily engaged in turnkey manufacturing and build-to-print activities for defence and non-government sector customers through competitive bidding processes.
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE SME
Strengths (6)
- •Three decades of operating legacy in mission-critical defence and aerospace electronics
- •Strong presence in high-reliability electronics for defense, avionics, and industrial applications
- •Proven expertise in component obsolescence management through alternative sourcing and engineering
- •Approved vendor for key defence, aerospace entities, and government PSUs
- •Cost-effective and scalable manufacturing operations with integrated in-house capabilities
- •Global sourcing network with rigorous vendor verification and quality assurance processes
Risk Factors (6)
- •First public issue with no formal market history; price indicative only, no assurance of active trading post-listing
- •Equity investments involve risk of total loss; investors must afford to lose entire investment amount
- •SME Platform listing may have lower liquidity and different investor protections than main board exchanges
- •Book building process dependent on market demand assessment; final issue price uncertain until finalization
- •Company incorporated 1988, converted to public limited company in 2025; limited public company operating history
- •Convertible securities and share capital structure changes may dilute existing shareholder ownership percentages
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Strong investor demand with 293x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.”
- ✅Oversubscribed 293x
- ✅Strong QIB demand 225x
- ✅High GMP +60%
- ✅6 business strengths identified
- ⚠️6 risk factors noted
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
IPO Details
| Registrar | Bigshare Services Pvt.Ltd. |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹70.00 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | GYR CAPITAL ADVISORS PRIVATE LIMITED |
Company Fundamentals
9 sections extracted from this filingCapital Structure
Capital structure not disclosed in this filing.The capital-structure table was not found in Merritronix's offer document (common in abridged prospectuses).
Shareholding Pattern
Pre-Issue
- Dovari Yesudas(Promoter)+15.43%
- Dovari Amarnath(Promoter)+27.15%
- Vanaja D(Promoter)+20.44%
- Darsy Kethan Chandra(Promoter)+11.07%
- Dovari Thaman(Promoter)+11.07%
- Founders Collective Fund(PE / VC)+3.61%
- Raghavendra Rao Bondada(Public)+1.96%
- Deepanshu Goel(Public)+1.17%
- Public—
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Merritronix's filing.
Source: Merritronix offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Merritronix offer document (DRHP/RHP).
Board & Management
Board of Directors (3)
- Dovari Amarnath₹0.24 Cr p.a.
Managing Director
Promoter with long-standing involvement in company operations and strategy
- Dovari Yesudas₹0.15 Cr p.a.
Executive Director
Father of Dovari Amarnath, involved in company operations
- Darsy Kethan Chandra₹0.08 Cr p.a.
Executive Director
Bachelor of Technology in Electronics and Communication Engineering from Jawaharlal Nehru Technological University, Hyderabad; Master of Science in Business with International Management from University of Northumbria at Newcastle
Over 3 years in accounting operations covering tax compliance, financial reporting, administration
Key Managerial Personnel (2)
- Darsy Kethan Chandra₹0.08 Cr p.a.
Chief Financial Officer
Bachelor of Technology in Electronics and Communication Engineering; Master of Science in Business with International Management
Over 3 years in accounting operations covering tax compliance, financial reporting, administration
- Mandava Swathi
Company Secretary and Compliance Officer
Bachelor of Arts; Bachelor of Laws from Osmania University; Associate Member of Institute of Company Secretaries of India
Over 8 years of professional experience in secretarial, legal, and compliance functions; expertise in corporate law compliances, regulatory filings with stock exchanges, SEBI regulations
Source: Merritronix offer document (DRHP/RHP).
Industry & Market
Per Mordor Intelligence - India Electronics Manufacturing Services (EMS) Market, a report commissioned by the company (not independent).
Use of IPO Proceeds
Total allocation: ₹56.04 Cr (excludes issue expenses)
Promoters
Mr. Dovari Amarnath
Promoter and Director
Mr. Dovari Yesudas
Promoter and Director
More than 30 years of experience in the industry and has played a pivotal role in establishing and scaling the business.
Mr. Darsy Kethan Chandra
Promoter and Director
Mr. Dovari Thaman
Promoter
Ms. Vanaja D
Promoter
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,49,000 |
| Retail (max) | 13 | 13,000 | ₹19,37,000 |
| S-HNI (min) | 14 | 14,000 | ₹20,86,000 |
| S-HNI (max) | 66 | 66,000 | ₹98,34,000 |
| B-HNI (min) | 67 | 67,000 | ₹99,83,000 |
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Centum Electronics Limited | — | — | -15.09 | 233.36 |
| Vinyas Innovative Technologies Limited | 62.85 | 15.43 | 13.22 | 116.77 |
| Merritronix LTD. | — | 13.92 | 30.66 | 41.56 |
Material Litigation
Merritronix is involved in one material civil arbitration case (TCS vs. Merritronix, Arbitration OP No. 2 of 2023) concerning an award of ₹20.27 lakh; the company also faces 11 direct and indirect tax proceedings totaling ₹56.17 lakh. Promoters have 9 tax proceedings (₹37.92 lakh) and Directors have 3 tax proceedings (₹10.41 lakh).
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services Pvt.Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
3-Year Financial Summary
Revenue trend
↑ FY24→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 113.56 | 8.66 | 13.92 | — | 30.66% |
| FY24 | 85.7 | 3.05 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 |
|---|---|---|
| Total Income | 86.01 | 114.04 |
| EBITDA | 6.73 | 15.18 |
| Net Worth | 7.58 | 16.23 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
10.7x
Price ÷ EPS
EPS (FY25)
₹14
Earnings per share
RoNW
30.66%
Return on net worth
ROCE
45.26%
as reported in filing
EBITDA margin
13.4%
EBITDA ÷ revenue
Price/NAV
3.59x
Price ÷ NAV (as reported)
Subscription Status
| Category | Day 3 |
|---|---|
| QIB | 224.91x |
| sNII (S-HNI) | — |
| bNII (B-HNI) | — |
| Retail | 297.50x |
| Total | 293.03x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
297.50x
Allotment Ratio
1 lot per 298 applicants
Allotment Probability
~0.3%
Non-Institutional Investors (NII / HNI)
Subscription
352.97x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
224.91x
Allotment Type
Discretionary allotment
Total Subscription
293.03x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
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| Crazy Snacks | 03 Jul 2026 | — |
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Documents
Frequently Asked Questions
When is the Merritronix IPO opening?
The Merritronix IPO opens on 01 Jun 2026 and closes on 03 Jun 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Merritronix IPO?
The price band for the Merritronix IPO is ₹141 to ₹149. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Merritronix IPO?
The minimum lot size is 1000 shares with a minimum investment of ₹1,49,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Merritronix IPO today?
The latest Grey Market Premium for Merritronix is ₹90 (+60.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Merritronix IPO list on NSE and BSE?
The Merritronix IPO is expected to list on 08 Jun 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Merritronix IPO allotment status?
The registrar for this IPO is Bigshare Services Pvt.Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Merritronix IPO a mainboard or SME issue?
Merritronix is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Merritronix IPO?
You can apply for the Merritronix IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Merritronix IPO?
Based on the current GMP of ₹90, the expected listing price of Merritronix is ₹239 (issue price ₹149 + GMP ₹90). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Merritronix IPO?
Based on the retail subscription of 297.50x, the estimated allotment ratio is 1 lot per 298 applicants (approximately 0.3% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Merritronix IPO?
Based on our algorithmic analysis, Merritronix IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 293x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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