The Marushika Technology IPO will issue 23,05,200 shares. The nominal value is ₹10 per share, and the total issue amounts to ₹27 crore. The subscription starts from February 12, 2026. The bidding window stays active until February 16, 2026. The share allotment is expected on February 17, 2026, and tentative listing on the NSE SME is proposed for February 19, 2026.
Each lot in the issue consists of 1,200 shares, priced in the range of ₹111 to ₹117. The retail bidding starts at two lots, which means an outlay of ₹2,80,800. sNII investors will have to apply for at least three lots with ₹4,21,200. For bNII participants, bids start from ₹11,23,200 for eight lots.
Marushika Technology IPO Details
The important particulars of the issue are as follows:
| Particulars | Details |
| IPO Opens | February 12, 2026 |
| IPO Closes | February 16, 2026 |
| Face value | ₹10 per share |
| Issue Type | Bookbuilding |
| Price Band | ₹111 to ₹117 |
| Listing at | NSE SME |
| IPO Lot Size | 1,200 Shares |
| Offer for Sale (OFS) | – |
| Fresh Issue | 23,05,200 shares (₹27 crore) |
| Total Issue | 23,05,200 shares (₹27 crore) |
| Minimum Investment | ₹2,80,800 |
Marushika Technology IPO Timeline
The IPO is scheduled to follow the given timeline:
| Particulars | Details |
| IPO Opens | February 12, 2026 |
| IPO Closes | February 16, 2026 |
| Tentative Allotment | February 17 2026 |
| Refund Initiation | February 18, 2026 |
| Demat Credit of Shares | February 18, 2026 |
| Listing Expected | February 19, 2026 |
| UPI mandate cut-off | – |
Marushika Technology Key Performance Indicator
The table given below presents Marushika Technology’s KPIs:
| KPIs | FY 2023 | FY 2024 | FY 2025 |
| ROE (%) | 11.16 | 25.63 | 52.77 |
| ROCE (%) | 9.92 | 18.63 | 26.88 |
| Debt Equity | 2.57 | 2.32 | 1.39 |
| RoNW (%) | 11.16 | 25.63 | 52.77 |
| PAT Margin (%) | 1.09 | 5.18 | 7.37 |
| EBITDA margin (%) | 4.48 | 9.34 | 12.28 |
| Price Book Value | – | – | 4.74 |
Marushika Technology Financials
Given below are the key financial figures of Marushika Technology:
| Particulars (in ₹ lakh) | 2023 | 2024 | 2025 |
| Revenue | 3,703.18 | 6,083.44 | 8,562.60 |
| Total Asset | 3,043.40 | 4,836.58 | 5,393.61 |
| Profit | 40.25 | 314.11 | 628.64 |
Subscription Status of the Marushika Technology IPO
The subscription details for the Marushika Technology IPO aren’t available yet. Once the bidding window opens on February 12, 2026, information will be presented here. The bidding will be open from 10:00 AM to 5:00 PM on all issue days.
Marushika Technology IPO Grey Market Premium Today
In the grey market, Marushika Technology IPO is trading with a premium of ₹0, showing muted investor demand. The premium hasn’t changed in the past three days, and the IPO is likely to list at the upper price band of ₹117, with no listing gains.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 06-02-2026 | ₹0 | ₹117 | 0% | Neutral |
| 06-02-2026 | ₹0 | ₹117 | 0% | Neutral |
Note: GMP numbers are taken from unofficial market activity, and can change as per the market sentiment, subscription status, and investor demand.
Marushika Technology IPO Reservation
Shares in this issue are reserved as per the following investor categories:
| Investor Category | Reservation |
| Market Maker Shares | 1,16,400 (5.05%) |
| QIB Shares | 10,87,200 (47.16%) |
| NII (HNI) Shares | 3,31,200 (14.37%) |
| Retail Shares | 7,70,400 (33.42%) |
| Total Shares | 23,05,200 (100.00%) |
Lot Size of the Marushika Technology IPO
Applications can be made according to the lot sizes provided in the following table:
| Investor Type | Lots | Shares | Amount |
| Individual Investors – Retail (Minimum) | 2 | 2,400 | ₹2,80,800 |
| Individual Investors – Retail (Maximum) | 2 | 2,400 | ₹2,80,800 |
| S-HNI (Minimum) | 3 | 3,600 | ₹4,21,200 |
| S-HNI (Maximum) | 7 | 8,400 | ₹9,82,800 |
| B-HNI (Minimum) | 8 | 9,600 | ₹11,23,200 |
Anchor Investors in the Marushika Technology IPO
Details of the anchor investors participating in this issue are as follows:
| Particulars | Details |
| Anchor Bidding Date | February 06, 2026 |
| Shares Offered | 6,51,600 |
| Portion Size | 60% of the QIB |
| 30 Days Lock-in for 50% shares | March 14, 2026 |
| 90 Days Lock-in for remaining shares | May 13, 2026 |
Marushika Technology IPO Prospectus
For additional details on the IPO, you can go through these documents:
About Marushika Technology
Marushika Technology was incorporated as Marushika Traders and Advisors Private Limited on July 3, 2010. Ms. Monicca Agarwaal leads the company as the managing director. She also forms the promoter group along with Ms. Sonika Aggarwal and Mr. Jai Prakash Pandey. Marushika is a distributor of Telecom and Information Technology (IT) infrastructure products. It provides installation, maintenance, and guidance on infrastructure tailored to the client’s requirements.
The company operates on both Business-to-Business (B2B) and Business-to-Government (B2G) models. It caters to a wide variety of sectors, including banking, IT, education, health, transportation, and defence. In the fast-growing IT sector, it competes with industry peers such as Synoptics Technologies and Vertexplus Technologies.
| Issue Registrar | Skyline Financial Services Pvt.Ltd. |
| Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
Objectives of the Marushika Technology IPO
The funds raised from the IPO will be used for meeting the given objectives:
| S. No. | Particulars | Amount (in ₹ lakh) |
| 1. | Loan repayment/pre-payment | 500.00 |
| 2. | Working capital needs | 1,468.00 |
| 3. | General corporate use | – |
Strength Of Marushika Technology
Marushika Technology is driven by the following core strengths:
- Wide Product Offering:
The company offers auto-tech services, Telecom and IT infrastructure, and smart Solutions. It enables it to serve varied client needs across multiple segments. - OEM Partnerships:
Good relationships with leading OEMs and authorised distributors allow the company to easily deliver solutions and maintain competitive pricing. - Experienced Management:
Managers and other key personnel with decades of experience guide the company in execution and decision-making. - Multi-Sector Presence:
Marushika Technology serves a variety of sectors like banking, defence, railways, healthcare, and insurance. This reduces sector dependence and helps in the repetition of business. - Consistent Financial Record:
The company’s revenue and profitability have grown over time. It reflects expanding operations, a growing customer base, and the ability to scale while maintaining financial discipline.
Risk of Marushika Technology
Investors should consider the following risk factors related to Marushika Technology:
- Dependence on government projects:
The company is heavily reliant on tenure-based projects issued by the government. Any fall in orders, or delay in existing projects can hamper its profitability. - Revenue Concentration:
Most of the revenue comes from Uttar Pradesh and Delhi. Any policy shifts or local political pressures can negatively affect the performance. - Workforce Retention:
The operations require highly skilled IT professionals. An increase in attrition and failing to replace them will slow down the business. - Fulfilling Working Capital Requirements:
High working capital is needed to meet the company’s daily operations. Failing to meet these requirements affects financial stability. - Third-Party Providers:
Marushika Technology relies on third parties to carry out specific parts of its projects. With very few alternatives available, retaining and managing them can be difficult.
Marushika Technology IPO Review
The Marushika Technology IPO provides exposure to the fast-paced IT sector. The company benefits from a wide product base, multi-sectoral presence, and strong financial standing. However, the GMP is flat, and risk factors like reliance on third-party, dependence on government projects, and revenue concentration remain key risk factors. This issue is suitable for investors looking to enter the IT space with a longer investment outlook.
Other Recent IPO List
Readers often check out other upcoming and recent IPOs given below:
| PAN HR Solutions IPO | Aye Finance IPO |
| Grover Jewells IPO | Fractal Analytics IPO |
| Biopol Chemicals IPO | CKK Retail Mart IPO |
| KRM Ayurveda IPO | Hannah Joseph Hospital IPO |
Marushika Technology IPO FAQ‘s
Marushika Technology IPO is a bookbuilding issue of 23,05,200 shares, amounting to ₹27 crore.
You can apply for the Marushika Technology IPO using a stockbroker or online platforms. Place your bid during the subscription window using either UPI or the ASBA facility.
The Marushika Technology IPO provides exposure to the IT and telecom infrastructure space. While the company has strong leadership and a diverse product offering, it carries a risk of revenue concentration and third-party dependence. Investors should weigh these risks before applying.
The current GMP of Marushika Technology IPO is ₹0. At this price, there are no listing gains. Returns will depend on the business performance over time.
The Marushika Technology IPO opens on February 12, 2026.
Each lot of the Marushika Technology IPO consists of 1,200 shares.
The shares of Marushika Technology IPO will be allotted on February 17, 2026.
Listing of Marushika Technology IPO on NSE SME takes place on February 19, 2026.
