New Delhi, June 3 -- The initial public offering (IPO) of Merritronix, which opened for subscription on June 1, closed today, June 3, with a solid response from investors. The SME IPO had sailed through on the first day of the book-building process amid a strong grey market premium (GMP).

The Rs.70.03-crore SME IPO is entirely a fresh issue of 0.47 crore shares. Merritronix IPO price band was set at Rs.141-149 per equity share with a face value of Rs.10 each. Investors can bid for a minimum of 1,000 shares and in multiples thereof.

The company plans to use the proceeds for business expansion and general corporate purposes.

Ahead of the IPO launch, Merritronix raised Rs.19.91 crore from anchor investors through the allotment of 13.36 la...