Marushika Technology IPO is a book-built issue worth ₹26.97 crore. The IPO consists entirely of a fresh issue of 23,05,200 equity shares. The IPO opens for subscription on February 12, 2026, and closes on February 16, 2026. The allotment is expected to be finalised on February 17, 2026, with tentative listing on NSE SME scheduled for February 19, 2026.
The IPO is priced in a band of ₹111 – ₹117 per share. Retail investors must apply for a minimum of 2 lots comprising 2,400 shares, requiring an investment of ₹2,80,800 at the upper price band. S-HNI investors must apply for a minimum of 3 lots (3,600 shares), amounting to ₹4,21,200, while B-HNI investors must apply for a minimum of 8 lots (9,600 shares), amounting to ₹11,23,200.
NEXGEN Financial Solutions Pvt. Ltd. is the book-running lead manager to the issue, and Skyline Financial Services Pvt. Ltd. is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Marushika Technology IPO RHP.
Industry Outlook
- India’s IT and telecom infrastructure landscape is undergoing a structural transformation driven by the country’s accelerating digitalisation agenda. With rising demand for robust data centres, cybersecurity solutions, enterprise networking, surveillance systems, and cloud‑ready infrastructure, the sector plays a foundational role in enabling nationwide digital growth across government, defence, transportation, healthcare, and education.
- Government‑led digital programmes and rapid adoption of emerging technologies are reinforcing the need for secure, scalable, and high‑availability infrastructure. The IT industry contributed 7.5% to India’s GDP in FY 2023, with a workforce of 5.72 million, reflecting its strategic importance to national development and its strong linkage to mission‑critical digital services.
- Within this ecosystem, IT infrastructure services, such as data centre build‑outs, networking, cloud enablement, and cybersecurity, serve as the backbone of India’s digital transformation. These services support widespread deployment of AI, IoT, cloud platforms, and digital public infrastructure across both public and private sectors. Their relevance continues to rise as organisations prioritise resilience, real‑time data flow, and secure connectivity.
- The market is expanding not only in traditional IT hardware and networking but also in next‑generation digital solutions. Growing demand for advanced surveillance, smart access, and urban infrastructure management solutions reflects the emergence of a more integrated and intelligent technology environment. At the same time, the Defence sector is increasingly embracing automation and modernisation, creating opportunities in areas such as vehicle refurbishment, maintenance, and reverse engineering, segments where specialist Auto‑Tech providers are becoming vital partners.
- As India scales its digital footprint, system integrators, technology distributors, and infrastructure specialists are central to ensuring seamless implementation, cybersecurity readiness, and operational continuity. Their ability to deliver tailored, end‑to‑end solutions, spanning equipment distribution, installation, networking, data protection, and lifecycle support, positions them as indispensable contributors to the future of India’s digital and defence ecosystems.
Marushika Technology IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- The company aims to repay and pre‑pay certain borrowings, reducing interest burden and improving financial flexibility, thereby supporting a more stable capital structure and enabling smoother execution of ongoing and future projects.
- A significant portion of the proceeds will be allocated towards funding working capital requirements, allowing the company to meet rising demand across its IT and telecom infrastructure, smart solutions, and defence Auto‑Tech verticals. This includes supporting procurement cycles, project execution, inventory management, and receivables, all of which are core to maintaining operational continuity in a high‑intensity, technology‑driven business.
- The company will also utilise a portion of the issue towards general corporate purposes, which may include administrative expenses, strategic initiatives, business development, and strengthening organisational capabilities. This ensures flexibility to pursue growth opportunities, enhance operational efficiency, and reinforce the company’s long‑term competitive positioning, in line with regulatory limits that cap this component at the lower of 15% of issue size or ₹10 crore.
- Finally, the IPO will enable Marushika Technology to enhance its corporate visibility and market standing by listing on the NSE Emerge platform. The transition to a publicly listed entity is expected to improve transparency, strengthen governance, increase investor confidence, and open pathways for future capital raising and strategic partnerships.
About Marushika Technology Limited
Marushika Technology Limited was originally incorporated on 03 July 2010 as Marushika Traders and Advisors Private Limited under the Companies Act, 1956. The company subsequently underwent several corporate transformations: its name was changed to Marushika Technology Advisors Private Limited on 22 March 2016, later converted into a public limited company on 29 August 2024, and finally renamed Marushika Technology Limited following shareholder approval on 17 December 2024.
The company is engaged in the distribution of Information Technology and Telecom Infrastructure products, offering a broad portfolio that includes data centre infrastructure, active networking systems, telecom equipment, advanced surveillance solutions, cybersecurity products, and power management systems. It also provides installation and maintenance services and assists clients in selecting suitable IT architecture for their operational needs. In addition, the company has expanded into smart‑technology offerings such as smart access control, automated parking, intelligent lighting, and waste‑management systems.
Beyond core IT and networking solutions, Marushika Technology has diversified into the Defence Auto‑Tech segment, where it undertakes maintenance, refurbishment, and reverse engineering of both tracked and wheeled military vehicles. This division reflects the company’s capability to operate in highly specialised and mission‑critical environments, catering to defence‑linked institutions and government agencies.
Marushika operates from its registered office in East Delhi, with a corporate office in Noida, Uttar Pradesh. Its clientele includes government bodies, public sector undertakings, and private enterprises across sectors such as defence, transportation, education, and national security. The business has developed a reputation for delivering integrated technology infrastructure solutions that support India’s expanding digital ecosystem.
The company’s growth strategy is underpinned by its focus on technology‑driven expansion, sectoral diversification, and its ability to serve both enterprise and government customers through end‑to‑end distribution, integration, and lifecycle support services. By leveraging its operational expertise and widening solution portfolio, Marushika Technology Limited aims to strengthen its position within India’s evolving IT, smart infrastructure, and defence modernisation landscape.
How To Check the Allotment Status of the Marushika Technology IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Marushika Technology IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Marushika Technology IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Marushika Technology IPO
Registered Office: Shop No. 5, Acharya Niketan, Mayur Vihar, East Delhi – 110091, India.
Phone: 0120‑4290383
E‑mail:info@marushika.in
Marushika Technology IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 1,16,400 (5.05%) |
| QIB Shares Offered | 10,87,200 (47.16%) |
| − Anchor Investor Shares Offered | 6,51,600 (28.27%) |
| − QIB (Ex. Anchor) Shares Offered | 4,35,600 (18.90%) |
| NII (HNI) Shares Offered | 3,31,200 (14.37%) |
| − bNII > ₹10L | 2,19,600 (9.53%) |
| − sNII < ₹10L | 1,11,600 (4.84%) |
| Retail Shares Offered | 7,70,400 (33.42%) |
Marushika Technology IPO Promoter Holding
The promoters of the company are Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey and Ms. Sonika Aggarwal.
| Share Holding Pre-Issue | 79.71% |
| Share Holding Post Issue | 58.19% |
Strengths and Opportunities of Marushika Technology IPO
- Diverse technology portfolio spanning IT and telecom infrastructure, smart solutions, and Defence Auto‑Tech services, enabling multi‑sector revenue streams.
- Strong industry relevance as IT infrastructure, cloud adoption, cybersecurity, and digital transformation continue to expand across the public and private sectors in India.
- Established clientele including government entities, PSUs, and private organisations, enhancing business credibility and growth prospects.
- High revenue growth trajectory, with steady increases in turnover and profitability across FY23, FY24, FY25, and the September 2025 period.
- Expansion opportunity in Defence Auto‑Tech, where demand for refurbishment and maintenance of military vehicles continues to rise.
- Large and evolving IT industry, contributing 7.5% to India’s GDP and supported by rising demand for data centres, networking, and digital infrastructure.
- Growing demand for smart city and smart infrastructure solutions, aligned with national digital initiatives and urban modernisation.
- IPO proceeds strengthen operational capacity, supporting working capital needs and debt reduction, improving financial flexibility for future expansion.
Risks and Threats of Marushika Technology IPO
- High client concentration, with the top ten customers contributing over 80% of revenue, making the business vulnerable to loss or reduction of major contracts.
- Significant dependence on key suppliers, with up to 94% of product procurement sourced from the top ten vendors, exposing the company to supply disruptions and pricing pressures.
- Heavy reliance on IT and telecom infrastructure revenue, which forms nearly the entire revenue mix, increasing exposure to technological shifts and demand fluctuations.
- Working capital‑intensive operations, with large receivables and high ongoing funding requirements that may strain liquidity and impact project execution.
- Regional concentration risk, as a major share of revenue originates from Delhi and Uttar Pradesh, making operations sensitive to regional economic or regulatory disruptions.
- Exposure to government and PSU‑linked projects, where delays, policy changes, or budget shifts could adversely affect revenue flow and project continuity.
- Outstanding legal proceedings involving the company and group entities, which could result in financial liabilities or reputational damage if outcomes are unfavourable.
- Historical instances of delayed GST and statutory filings, which may attract penalties and reflect compliance‑related vulnerabilities.
