Marushika Technology IPO Overview
Marushika Technology Limited is an IT & telecom infrastructure products distributor and services provider that helps businesses and government clients build and maintain data centre infrastructure, networking, telecommunications systems, advanced surveillance, cybersecurity, power management and other digital solutions. It also offers installation, maintenance, consultancy and smart solutions (smart lighting, access control, parking & waste management) and has diversified into defence‑related auto‑tech services.
The company is launching its SME IPO on the NSE SME platform to raise approximately ₹26.97 crore through a 100% fresh issue of 23,05,200 equity shares priced in the band of ₹111 to ₹117 per share. At the upper band and with the minimum market lot of 2,400 shares (2 lots), a retail investor needs about ₹2,80,800 to apply.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| IPO Open Date | 12 February 2026 |
| IPO Close Date | 16 February 2026 |
| Allotment Date | 17 February 2026 (Expected) |
| Credit to Demat | 18 February 2026 (Expected) |
| Refund Initiation | 18 February 2026 (Expected) |
| Listing Date | 19 February 2026 (Tentative) |
| Price Band | ₹111 to ₹117 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Min Investment (Retail) | ₹2,80,800 (2,400 shares at ₹117) |
| sNII Investment | ~₹4,21,200 (3,600 shares) |
| bNII Investment | ~₹9,82,800 (8,400 shares) |
| Issue Size | ~₹26.97 cr |
| Fresh Issue | ₹26.97 cr (100%) |
| Offer for Sale (OFS) | Nil |
| Total Shares Offered | 23,05,200 equity shares |
| Listing | NSE SME |
Retail investors will typically apply for a minimum of 2 lots (2,400 shares).
Issue Break‑up
| Category | Allocation (%) | Shares |
| QIB (Qualified Institutional Buyers) | ~47.16% | ~10,87,200 |
| Anchor Investors | ~28.27% | ~6,51,600 |
| QIB (Ex‑Anchor) | ~18.90% | ~4,35,600 |
| NII (Non‑Institutional Investors) | ~14.37% | ~3,31,200 |
| Retail Individual Investors | ~33.42% | ~7,70,400 |
| Market Maker | ~5.05% | ~1,16,400 |
| Total | 100% | 23,05,200 |
Approximate allocation based on SME IPO norms.
Selling Shareholders (OFS)
No Offer For Sale (OFS) — Entire issue is 100% fresh.
All IPO proceeds will go to the company to fund its business objectives and growth initiatives.
Objects of the Issue (Fund Utilization)
The company intends to use the IPO proceeds for:
- Repayment and/or pre‑payment of borrowings to reduce financial costs and improve leverage.
- Funding working capital requirements to support operations, receivables and project execution.
- General corporate purposes, including growth investments and business scaling.
Strategic Context:
- Working capital funding helps support project delivery timelines and tender fulfilment in the IT and telecom infrastructure segments.
- Debt repayment can improve profitability and balance sheet strength as business scales.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Nexgen Financial Solutions Pvt. Ltd.
- Registrar to the Issue: Skyline Financial Services Pvt. Ltd.
Promoters & Management
Promoters of Marushika Technology include:
- Ms. Monicca Agarwaal
- Mr. Jai Prakash Pandey
- Ms. Sonika Aggarwal
Before the IPO, promoters held approximately 79.71% of shares (~62,31,568 equity shares), which will dilute post‑IPO.
COMPANY DETAILS
Incorporation & History:
Marushika Technology Limited was originally incorporated in 2010 (as a private company) and later evolved into its current operational structure focusing on IT and telecom infrastructure distribution and services.
Business Activities:
- Distribution of IT and telecom infrastructure products for data centres, networking, telecom and power solutions.
- Installation, maintenance and system integration services.
- Smart infrastructure solutions (access control, smart lighting, parking & waste management).
- Defence‑oriented auto‑tech maintenance and refurbishment offerings.
Financial Snapshot (based on latest filings & media reports)
| Period Ended | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | PAT Margin |
| FY25 (Mar 2025) | ~85.63 | ~6.29 | ~12.28% | ~7.37% |
| FY24 (Mar 2024) | ~60.83 | ~3.14 | ~9.30%* | ~5.16%* |
| H1 FY26 (Sep 30, 2025) | ~48.71 | ~3.14 | ~11.59% | ~6.45% |
Margins are approximate estimates from available financial data.
Company Strengths
- Established player in IT/telecom infrastructure distribution and services.
- Diversified business model serving both B2B and B2G clients.
- Projects spanning data centres, networking, cybersecurity and smart infrastructure.
- Order book and operational scale with over 150 completed projects.
- Experienced management team with sector understanding.
- Consistent revenue growth and improving profitability over recent years.
- Strategic focus on working capital and debt reduction to strengthen fundamentals.
Key Risks & Challenges
- Competitive IT/telecom distribution and services sector with pressure on margins.
- Working capital intensive business model due to receivables and inventory holding.
- SME listing volatility and limited liquidity post‑listing.
- Leverage and debt management pressures if revenues do not scale as expected.
- Regulatory and compliance risks across technology solutions and government contracts.
Disclaimer
This document is for educational and informational purposes only and does not constitute investment advice. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results, and all investments are subject to market risk.
