In December 2025, India’s IPO market continues to witness steady participation, especially in the SME segment, as infrastructure-linked companies tap the capital markets to fund growth and working capital needs. Improved execution visibility, government-led infrastructure spending, and stable market conditions have supported investor interest across consulting, engineering, and project advisory firms.
Against this backdrop, MARC Technocrats Ltd is set to open its IPO on December 17, 2025. Here is a detailed insight into MARC Technocrats Limited, its IPO structure, business operations, and financial performance.
About MARC Technocrats Ltd.
Incorporated in August 2007, MARC Technocrats Limited provides infrastructure consultancy services, including supervision and quality control, preparation of detailed project reports, techno-financial audits, and pre-bid advisory services.
The company offers consultancy services across major infrastructure segments such as:
- Roads and highways
- Railways
- Buildings
- Water resources
MARC Technocrats operates primarily on a B2G (Business-to-Government) model, generating revenue from services provided to government departments and ministries. Its key clients include MoRTH, NHIDCL, NHAI, Public Works Departments (PWDs), and Railways.
Services Offered
- Supervision and quality control
- Detailed design and project reports
- Third-party techno-financial audit services
- Pre-bid and advisory services for infrastructure projects
As of December 31, 2024, the company has 182 employees on its payroll, supporting project execution and advisory operations.
MARC Technocrats IPO Details
MARC Technocrats IPO is a bookbuilding issue of ₹42.59 crore, comprising a fresh issue and an offer for sale.
- Fresh Issue: 0.37 crore shares aggregating to ₹34.13 crore
- Offer for Sale: 0.09 crore shares aggregating to ₹8.46 crore
The equity shares are proposed to be listed on the NSE SME platform.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wednesday, December 17, 2025 |
| IPO Close Date | Friday, December 19, 2025 |
| Tentative Allotment | Monday, December 22, 2025 |
| Initiation of Refunds | Tuesday, December 23, 2025 |
| Credit of Shares to Demat | Tuesday, December 23, 2025 |
| Tentative Listing Date | Wednesday, December 24, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Friday, December 19, 2025 |
Key IPO Details
| IPO Date | Wed, Dec 17, 2025 to Fri, Dec 19, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹88 to ₹93 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 45,79,200 shares (aggregating up to ₹42.59 Cr) |
| Reserved for Market Maker | 2,38,800 shares (aggregating up to ₹2.22 Cr) |
| Fresh Issue | (Ex Market Maker) 34,30,800 shares (aggregating up to ₹31.91 Cr) |
| Offer for Sale | 9,09,600 shares of ₹10 (aggregating up to ₹8.46 Cr) |
| Net Offered to Public | 43,40,400 shares (aggregating up to ₹40.37 Cr) |
| Share Holding Pre Issue | 1,36,43,783 shares |
| Share Holding Post Issue | 1,73,13,383 shares |
Narnolia Financial Services Ltd. is the book running lead manager and Maashitla Securities Pvt. Ltd. is the registrar of the issue.
MARC Technocrats IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Issue |
| Retail (RII) | Not less than 35% of Net Issue |
| NII (HNI) | Not less than 15% of Net Issue |
MARC Technocrats IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,23,200 |
| Retail (Max) | 2 | 2,400 | ₹2,23,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,34,800 |
| S-HNI (Max) | 8 | 9,600 | ₹8,92,800 |
| B-HNI (Min) | 9 | 10,800 | ₹10,04,400 |
MARC Technocrats Ltd. Financials
Key Company Financials (Restated Consolidated – ₹ crore)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 32.10 | 26.46 | 21.52 | 17.86 |
| Total Income | 22.14 | 26.94 | 20.57 | 20.05 |
| Profit After Tax | 3.78 | 3.45 | 2.64 | 2.67 |
| Net Worth | 24.16 | 20.38 | 16.92 | 14.29 |
| Reserves and Surplus | 10.52 | 10.63 | 7.18 | 4.54 |
| Total Borrowing | 1.02 | 1.05 | 0.60 | 0.08 |
Key Performance Indicators (KPI)
KPI as of March 31, 2024
| KPI | Value |
| ROE | 18.51% |
| ROCE | 23.21% |
| Debt to Equity | 0.05 |
| RoNW | 18.51% |
| PAT Margin | 13.26% |
| Price to Book Value | 6.23 |
| Market Cap (Pre-IPO) | ₹161.01 Cr |
Pre IPO vs Post IPO Metrics
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 2.53 | 4.37 |
| P/E (x) | 36.76 | 21.28 |
| Promoter Holding | 99.99% | 73.55% |
The promoters of the company are Mr. Hitender Kumar, Ms. Suman Rathee, and Mr. Norang Rai Loohach.
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO towards the following objectives:
| S.No. | Objects of the Issue | Expected Amount (₹ in crore) |
| 1 | Funding capital expenditure for the purchase of equipment and machinery | 10.25 |
| 2 | Working capital requirements | 17.50 |
| 3 | General corporate purposes | — |
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Conclusion
MARC Technocrats Ltd. offers investors exposure to the infrastructure consultancy segment, supported by a strong B2G business model and long-standing relationships with government bodies such as MoRTH, NHAI, NHIDCL, PWDs, and Railways. The company has demonstrated stable revenue generation, consistent profitability, and low leverage.
However, as an NSE SME listing, the IPO carries inherent risks related to liquidity and dependence on government infrastructure spending cycles. Investors should evaluate the company’s growth prospects, execution capabilities, and risk appetite before considering participation in the IPO.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
