Marushika Technology IPO

Marushika Technology IPO is a book-building IPO of ₹26.97 crores, which is entirely a fresh issue of 0.23 crore shares. The price band for this IPO is set at ₹111 to ₹117 per share and the lot size for an application is 1,200, while the minimum amount of investment required by an individual investor (retail investor) is ₹2,80,800 (2,400 shares). The opening date of subscription for this IPO is from Feb 9, 2026, to Feb 11, 2026, on the listed platforms of the Indian stock exchange, i.e., NSE SME, with a tentative listing date fixed as Feb 16, 2026.

Company Background

Marushika Technology Ltd., incorporated in 2010, is a vast provider of IT and telecom infrastructure, specializing in data centers, cybersecurity, and smart city solutions. The company operates primarily through B2B and B2G models, serving high-profile government entities like BEL, DMRC, and the NSG. Further, the traditional IT offers specialized auto-tech refurbishments for the defense sector of India. In 2025, this company had done over 150 projects and had an ongoing order book worth ₹28.35 Cr. Marushika leverages its strong OEM (Original Equipment Manufacturer) relationships and diversified service portfolio.

Operations and Product Range

Facilities and Production

Marushika Technology Ltd. operates a variety of service models focusing on IT and telecom infrastructure. The product range of this company includes mission-critical systems such as data center setups, active networking and cybersecurity frameworks. Also, they provide Smart Solutions—encompassing automated lighting, waste management and surveillance—alongside specialized auto-tech services for the defense sector, including control panel refurbishments and reverse engineering.

Brands and Market Presence

Marushika Technology Ltd. has established a strong market presence by serving multiple clients and maintaining strong relationships with Original Equipment Manufacturers (OEMs) and the Indian public sector. Their brand is interchangeable with reliability in government circles, evidenced by long-standing partnerships with the DMRC and NSG. They have done over 150 projects and are recognized as a versatile integrator in the national infrastructure space.

Revenue Channels

• • Government Contract Implementation fees (B2G) (Turnkey projects for high-security and public sector entities like NSG, BEL, and DMRC)
• • IT & Telecom Infrastructure Distribution and server systems fees for corporate clients (B2B)
• • Fee from the maintenance, refurbishment and reverse engineering of Security & Surveillance Systems and Defense Auto-Tech Services
• • Long-term Annual Maintenance Contracts (AMC), technical support and on-site installation services fees

Management & Shareholding

Promoter & Shareholding

Marushika Technology Ltd. is led by its professional and experienced promoters, ensuring a strong alignment between leadership and long-term corporate goals. Before the IPO, the promoter group holds a substantial stake, which reflects their confidence in the company’s B2G-centric business model and as this issue is entirely fresh, it means that all the promoters will continue their ownership.

Board Members

The board members of Marushika Technology Ltd. have technical experts and financial strategists, who provide critical oversight on corporate governance and risk management, particularly for high-security projects involving the NSG and BEL. Their collective expertise in technology guides, like the "fit and proper" frameworks of the Indian regulatory landscape.