Marushika Technology IPO
smelistedAbout the company
Marushika Technology is an IT and telecom infrastructure solutions provider involved in the distribution, integration, and lifecycle management of information technology and telecom products. The company offers products and services across data centre infrastructure, active networking, telecom systems, advanced surveillance, cybersecurity, and power management, as well as installation, maintenance, and system integration services. During FY25, the main business activity of the company was the sale of traded goods, which accounted for 79.55% of the company's revenue, whereas the remaining 20.45% came from the sale of services. The company primarily operates with B2B and B2G business models, focusing heavily on infrastructure projects in the government and public sector. It caters to the central and state government departments, public sector undertakings, and private companies in the sectors of defence, IT and telecom, transport, education, and healthcare. It has clients such as Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC), and the National Security Guard (NSG). During FY25, IT and telecom solutions made up 97.59% of the revenue. Smart solutions contributed 2.28%, and auto-tech solutions for defence accounted for 0.13%. As per customer type, which is primarily driven by the private sector undertakings, the non-government entities contributed 78.90%, and PSU entities added 21.05%, while government departments contributed 0.05%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 16 Feb | ₹0 | ₹117 | 0 |
| 15 Feb | ₹0 | ₹117 | 0 |
| 14 Feb | ₹0 | ₹117 | 0 |
| 13 Feb | ₹0 | ₹117 | 0 |
| 12 Feb | ₹0 | ₹117 | 0 |
| 11 Feb | ₹0 | ₹117 | 0 |
| 10 Feb | ₹0 | ₹117 | 0 |
| 09 Feb | ₹0 | ₹117 | 0 |
Strengths
- Presence in IT and telecom products and infrastructure distribution
- Serves business and government clients, offering potential demand stability
- Exposure to growing digital and connectivity needs
- Indications of revenue and profit growth in recent periods
- Fresh issue structure aimed at supporting expansion and balance-sheet strength
Risks
- SME listing may result in lower liquidity and higher price volatility
- Dependence on technology and telecom spending cycles
- Competitive and margin-sensitive distribution business
- Reliance on key suppliers and principal companies
- Execution and scaling risks as the business grows
Financial performance (₹ Cr)
IPO Roadmap / Timeline
IPO Opens
Completed12 Feb 2026Bidding starts for all investor categories
IPO Closes
Completed16 Feb 2026Last day to place your bid
Basis of Allotment
Completed17 Feb 2026Share allotment finalised
Refund Initiation
Completed18 Feb 2026Refunds credited for non-allottees
Credit to Demat
Completed18 Feb 2026Allotted shares credited to demat account
Listing on Exchange
Completed19 Feb 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹140,400 | 1 | ₹140,400 | 1 lot only |
| HNI | 2 | 2400 | ₹280,800 | 2 | ₹280,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,184,211 | 13.5 | 0 | 0.00x | 100% |
| NII | 15% | 355,263 | 4.05 | 0 | 0.00x | 100% |
| Retail | 35% | 828,947 | 9.45 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
