Minimum Investment
About Company
Company Name: Marushika Technology Limited
Industry / Sector: IT & Telecom Infrastructure / Distribution & Solutions Provider
Founded Year: N/A (incorporated prior to 2023 based on financials)
Promoters: Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey, Ms. Sonika Aggarwal
Marushika Technology Limited distributes IT and telecom infrastructure products and provides end-to-end solutions including setup of data centers, networking, telecom systems, surveillance, cybersecurity, power management, installation, maintenance, and smart solutions (access control, parking, lighting, waste management). It operates primarily on B2B and B2G models, serving clients like Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC), and National Security Guard (NSG). The company has completed over 150 projects with ongoing projects worth ₹28.35 Cr as on Jul 31, 2025.
IPO Basic Details
| Company Name | Marushika Technology Limited |
| IPO Type | SME IPO |
| Price Band | ₹111 – ₹117 |
| Lot Size | 1200 |
| Total Issue Size | ₹27 Cr (23,05,200 shares) |
IPO Strengths & Risks
Strengths
- Diversified IT/telecom solutions portfolio
- Strong OEM relationships
- Experienced management team
- Presence across multiple verticals with long client relationships
- Track record of financial performance and project execution
Risks
- Dependence on government tenders/projects
- Competition in IT infra distribution
- Working capital intensive
- Raw material/equipment price volatility
- Execution risks in large projects
IPO Important Dates
| IPO Open Date | 12 Feb 2026 |
| IPO Close Date | 16 Feb 2026 |
| Basis of Allotment | 17 Feb 2026 |
| Refund Initiation | 18 Feb 2026 |
| Demat Credit Date | 18 Feb 2026 |
| Listing Date | 19 Feb 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 16 Feb 2026 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – ₹3.29 Cr
Investor Reservation
| QIB Quota | 47.16% (Anchor 28.27% / 6,51,600 shares; QIB ex-anchor 18.90% / 4,35,600 shares) |
| Retail Quota | 33.42% (7,70,400 shares) |
| HNI Quota | 14.37% (bNII 9.53% / 2,19,600 shares; sNII 4.84% / 1,11,600 shares) |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 lots | 2400 | ₹2,80,800 |
| Retail Maximum | 2 lots | 2400 | ₹2,80,800 |
| S-HNI Minimum | 3 lots | 3600 | ₹4,21,200 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 8 lots | 9600 | ₹11,23,200 |
Key Performance Indicators (KPI)
| ROE | 18.52% (Sep 2025) / 52.77% (FY25) |
| ROCE | 13.89% (Sep 2025) / 26.88% (FY25) |
| RoNW | 18.52% (Sep 2025) / 52.77% (FY25) |
| PAT Margin | 6.45% (Sep 2025) / 7.37% (FY25) |
| EBITDA Margin | 11.59% (Sep 2025) / 12.28% (FY25) |
| EPS | ₹7.35 (post-issue) |
| NAV per share | N/A |
| Debt to Equity | 1.02 (Sep 2025) / 1.39 (FY25) |
| P/E Ratio | 15.91x (post-issue) |
| Industry P/E | 20–40x (IT infra/distribution) |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2024 | ₹48.37 Cr | ₹60.83 Cr | ₹3.14 Cr | ₹5.67 Cr | ₹8.45 Cr | ₹19.64 Cr |
| 31 Mar 2025 | ₹53.94 Cr | ₹85.63 Cr | ₹6.29 Cr | ₹10.47 Cr | ₹15.37 Cr | ₹21.37 Cr |
| 30 Sep 2025 | ₹62.68 Cr | ₹48.71 Cr | ₹3.14 Cr | ₹5.64 Cr | ₹18.51 Cr | ₹18.92 Cr |
Grey Market Premium
| GMP Price | ₹0 – ₹2 (~0–1.71%) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Feb 2026 |
| Estimated Listing Price | ₹117 – ₹120 (actual listed at ₹120, +2.56% premium on NSE SME) |
IPO Subscription Data
| Total Subscription | 17.94x (final) |
| QIB (Ex Anchor) | 2.92x |
| HNI Subscription | 41.00x (bNII 50.69x, sNII 21.92x) |
| Retail Subscription | 16.51x |
| Anchor | - |
IPO Intermediaries
Registrar: Skyline Financial Services Pvt. Ltd.
Registrar Website: https://www.skylinerta.com
IPO Lead Manager(s)
Company Information
Address: Shop No. 5, Acharya Niketan, Mayur Vihar, East Delhi, New Delhi, Delhi 110091
Website: N/A
Email: Info@marushika.in
Phone: 0120-4290383
IPO Documents
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