Marushika Technology IPO (SME)
Marushika Technology IPO is a book building SME issue of Rs. 26.97 crore, comprising a fresh issue of 0.23 crore equity shares aggregating to Rs. 26.97 crore.
The IPO opens on February 9, 2026, and closes on February 11, 2026. The allotment is expected on February 12, 2026, and the listing is tentatively scheduled for February 16, 2026 on NSE SME.
The IPO is offered in a price band of Rs. 111 to Rs. 117 per share, and the lot size is 1,200 shares. The minimum investment for retail investors is Rs. 2,80,800 (2,400 shares), and for HNI investors, Rs. 4,21,200 (3,600 shares).
Lead Manager: NEXGEN Financial Solutions Pvt. Ltd.
Registrar: Skyline Financial Services Pvt. Ltd.
Market Maker: Nikunj Stock Brokers Ltd.
🕗 Last Update: 5 February 2026, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
👉 Chanakya Grey Market Intelligence – 8 PM Edition | News Crux |
👉 Power Calls | Breakout Stocks | Coffee Can Portfolio |
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 9, 2026 |
| IPO Close Date | February 11, 2026 |
| Allotment Date | February 12, 2026 |
| Refunds Initiation | February 13, 2026 |
| Credit to Demat | February 13, 2026 |
| Listing Date | February 16, 2026 |
Final Subscription Status
| Size | QIB | NII | RII | Total | Applications |
|---|---|---|---|---|---|
| Rs. 26.97 Crore (Closes 11 February 2026) | — | — | — | — | — |
Subscription Review:
—
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Price Band | Rs. 111 to Rs. 117 |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 23,05,200 shares (Rs. 26.97 Cr) |
| Market Maker Portion | 1,16,400 shares (Rs. 1.00 Cr) – Nikunj Stock Brokers Ltd. |
| Net Offer to Public | 21,88,800 shares (Rs. 25.97 Cr) |
| Issue Type | Book Building Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 62,31,568 shares |
| Shareholding Post-Issue | 85,36,768 shares |
| Market Cap (Pre-IPO) | Rs. 99.88 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,16,400 | 5.05% |
| QIB | 10,87,200 | 47.16% |
| − Anchor Investors | 6,51,600 | 28.27% |
| − QIB (Ex-Anchor) | 4,35,600 | 18.90% |
| NII (HNI) | 3,31,200 | 14.37% |
| − bNII > Rs. 10 Lakh | 2,19,600 | 9.53% |
| − sNII < Rs. 10 Lakh | 1,11,600 | 4.84% |
| Retail Individual Investors | 7,70,400 | 33.42% |
| Total | 23,05,200 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,400 | 2,80,800 |
| S-HNI (Min) | 3 | 3,600 | 4,21,200 |
| S-HNI (Max) | 7 | 8,400 | 9,82,800 |
| B-HNI (Min) | 8 | 9,600 | 11,23,200 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 79.71% |
| Promoter Holding Post-Issue | 58.19% |
Promoters: Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey and Ms. Sonika Aggarwal.
About Marushika Technology Ltd.
Incorporated in 2014, Marushika Technology Ltd. is engaged in distribution and implementation of IT and telecom infrastructure solutions. The company operates primarily on a B2B and B2G model, serving government bodies and large enterprises.
The company offers a wide range of IT products and services including data centre infrastructure, networking solutions, telecom systems, surveillance, cybersecurity and power management solutions. It also provides installation, maintenance and system integration services.
As on July 31, 2025, the company had completed more than 150 projects and had an order book of ongoing projects worth Rs. 28.35 crore.
Business Verticals
| Segment | Description |
|---|---|
| IT & Telecom Infra Solutions | Data centre IT infrastructure, servers, IP networking, videowall display, power solutions |
| Auto-Tech Solutions for Defence | Repairs, refurbishments, reverse engineering, control panels |
| Smart Solutions | Access control, smart parking, lighting and waste management |
Competitive Strengths
• Wide and diversified IT infrastructure solutions
• Strong relationships with OEMs
• Experienced and qualified management team
• Presence across multiple industry verticals
• Consistent financial performance track record
Company Financials (Rs. crore – Restated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 62.68 | 53.94 | 48.37 |
| Total Income | 48.71 | 85.63 | 60.83 |
| Profit After Tax | 3.14 | 6.29 | 3.14 |
| EBITDA | 5.64 | 10.47 | 5.67 |
| Net Worth | 18.51 | 15.37 | 8.45 |
| Reserves & Surplus | 12.28 | 9.14 | 7.58 |
| Total Borrowings | 18.92 | 21.37 | 19.64 |
Objects of the Issue (Rs. in crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Repayment / prepayment of borrowings | 5.00 |
| 2 | Funding working capital requirements | 14.68 |
| 3 | General corporate purposes | Balance |
| Total | 19.68 |
Key Performance Indicators
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 18.52% | 52.77% |
| ROCE | 13.89% | 26.88% |
| Debt / Equity | 1.02 | 1.39 |
| RoNW | 18.52% | 52.77% |
| PAT Margin | 6.45% | 7.37% |
| EBITDA Margin | 11.59% | 12.28% |
| Price to Book Value | 3.94 | 4.74 |
| EPS (Rs.) | 10.09 | 7.35 |
| P/E (x) | 11.60 | 15.91 |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Marushika Technology Ltd. |
| Address | Shop No. 5, Acharya Niketan, Mayur Vihar, East Delhi, New Delhi – 110091 |
| Phone | 0120-4290383 |
| info@marushika.in |
IPO Lead Manager
| Particulars | Details |
|---|---|
| Lead Manager | NEXGEN Financial Solutions Pvt. Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Phone | 022-2851 1022 |
| ipo@skylinerta.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Marushika Technology operates in IT and telecom infrastructure with diversified offerings and government exposure. Order book visibility and steady margins are positives, though high leverage and working capital intensity remain key risks. |
| Chanakya View | NEUTRAL / MODERATE APPLY – suitable for investors with medium risk appetite |
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
