Marushika Technology IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Feb 12 to Feb 16 2026
Price Band
₹111 - 117
Current GMP
₹120.0 (+2.56%)
Subscription
17.94 times
IPO Details
| IPO Date | 12 to 16 Feb, 2026 |
| Listing Date | Thu, Feb 19, 2026 |
| Face Value | ₹ 10 per share |
| Price Band | ₹111 to ₹117 |
| Issue Price | ₹117 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 23,05,200 shares (agg. up to ₹ 27 Cr) |
| Reserved for Market Maker | 1,16,400 shares (agg. up to ₹ 1 Cr) Nikunj Stock Brokers Ltd. |
| Net Offered to Public | 21,88,800 shares (agg. up to ₹ 26 Cr) |
| Share Holding Pre Issue | 62,31,568 shares |
| Share Holding Post Issue | 85,36,768 shares |
| NSE Symbol | MARUSHIKA |
| ISIN | INE0X7G01013 |
IPO Date
12 to 16 Feb, 2026
Listing Date
Thu, Feb 19, 2026
Face Value
₹ 10 per share
Price Band
₹111 to ₹117
Issue Price
₹117 per share
Lot Size
1,200 Shares
Sale Type
Fresh Capital
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Total Issue Size
23,05,200 shares (agg. up to ₹ 27 Cr)
Reserved for Market Maker
1,16,400 shares (agg. up to ₹ 1 Cr) Nikunj Stock Brokers Ltd.
Net Offered to Public
21,88,800 shares (agg. up to ₹ 26 Cr)
Share Holding Pre Issue
62,31,568 shares
Share Holding Post Issue
85,36,768 shares
NSE Symbol
MARUSHIKA
ISIN
INE0X7G01013
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 2.92 |
| NII*** | 41.00 |
| bNII (> ₹10L) | 50.69 |
| sNII (< ₹10L) | 21.92 |
| Individual Investors | 16.51 |
| Total ** | 17.94 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
2.92
NII***
41.00
bNII (> ₹10L)
50.69
sNII (< ₹10L)
21.92
Individual Investors
16.51
Total **
17.94
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Feb 1 2 (Day 1) | 0.00 | 0.09 | 0.00 | 0.28 | 0.51 | 0.28 |
| Feb 1 3 (Day 2) | 0.00 | 0.95 | 0.87 | 1.10 | 1.13 | 0.77 |
| Feb 1 6 (Day 3) | 2.92 | 41.00 | 50.69 | 21.92 | 16.51 | 17.94 |
DayFeb 1
2 (Day 1)
QIB (Ex Anchor)0.00
NII*0.09
NII (> ₹10L)0.00
NII (< ₹10L)0.28
Individual Investors0.51
Total0.28
DayFeb 1
3 (Day 2)
QIB (Ex Anchor)0.00
NII*0.95
NII (> ₹10L)0.87
NII (< ₹10L)1.10
Individual Investors1.13
Total0.77
DayFeb 1
6 (Day 3)
QIB (Ex Anchor)2.92
NII*41.00
NII (> ₹10L)50.69
NII (< ₹10L)21.92
Individual Investors16.51
Total17.94
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 19-02-2026 | 117.00 | 2(1.71%) | 119 |
| 18-02-2026 | 117.00 | 2(1.71%) | 119 |
| 17-02-2026 | 117.00 | 2(1.71%) | 119 |
| 16-02-2026 | 117.00 | 2(1.71%) | 119 |
| 15-02-2026 | 117.00 | 0(0.00%) | 117 |
| 14-02-2026 | 117.00 | 0(0.00%) | 117 |
| 13-02-2026 | 117.00 | 0(0.00%) | 117 |
| 12-02-2026 | 117.00 | 0(0.00%) | 117 |
| 11-02-2026 | 117.00 | 0(0.00%) | 117 |
| 10-02-2026 | 117.00 | 0(0.00%) | 117 |
| 09-02-2026 | 117.00 | 0(0.00%) | 117 |
| 08-02-2026 | 117.00 | 0(0.00%) | 117 |
| 07-02-2026 | 117.00 | 0(0.00%) | 117 |
| 06-02-2026 | 117.00 | 0(0.00%) | 117 |
| 05-02-2026 | 117.00 | 0(0.00%) | 117 |
| 04-02-2026 | 117.00 | 0(0.00%) | 117 |
Date19-02-2026
Price117.00
GMP2(1.71%)
Estimate List Price119
Date18-02-2026
Price117.00
GMP2(1.71%)
Estimate List Price119
Date17-02-2026
Price117.00
GMP2(1.71%)
Estimate List Price119
Date16-02-2026
Price117.00
GMP2(1.71%)
Estimate List Price119
Date15-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date14-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date13-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date12-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date11-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date10-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date09-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date08-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date07-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date06-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date05-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
Date04-02-2026
Price117.00
GMP0(0.00%)
Estimate List Price117
IPO Important Dates
| IPO Open | Thu, Feb 12, 2026 |
| IPO Close | Mon, Feb 16, 2026 |
| Allotment | Tue, Feb 17, 2026 |
| Refund | Wed, Feb 18, 2026 |
| Credit of Shares | Wed, Feb 18, 2026 |
| Listing | Thu, Feb 19, 2026 |
IPO Open
Thu, Feb 12, 2026
IPO Close
Mon, Feb 16, 2026
Allotment
Tue, Feb 17, 2026
Refund
Wed, Feb 18, 2026
Credit of Shares
Wed, Feb 18, 2026
Listing
Thu, Feb 19, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,80,800 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,80,800 |
| S-HNI (Min) | 3 | 3,600 | ₹4,21,200 |
| S-HNI (Max) | 7 | 8,400 | ₹9,82,800 |
| B-HNI (Min) | 8 | 9,600 | ₹11,23,200 |
ApplicationIndividual investors (Retail) (Min)
Lots2
Shares2,400
Amount₹2,80,800
ApplicationIndividual investors (Retail) (Max)
Lots2
Shares2,400
Amount₹2,80,800
ApplicationS-HNI (Min)
Lots3
Shares3,600
Amount₹4,21,200
ApplicationS-HNI (Max)
Lots7
Shares8,400
Amount₹9,82,800
ApplicationB-HNI (Min)
Lots8
Shares9,600
Amount₹11,23,200
Key Performance Indicator
| ROE | 18.52% |
| ROCE | 13.89% |
| Debt/Equity | 1.02 |
| RoNW | 18.52% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.59% |
| Price to Book Value | 3.94 |
ROE
18.52%
ROCE
13.89%
Debt/Equity
1.02
RoNW
18.52%
PAT Margin
6.45%
EBITDA Margin
11.59%
Price to Book Value
3.94
Peers Comparison
| Company Name | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|
| Marushika Technology Ltd. | 5.04 | 29.71 | 18.52 | ||
| Vertexplus Technolgies Ltd. | -3.70 | 40.21 | -24.59 | 8.80 | 2.27 |
| Synoptics Technologies Ltd. | 4.01 | 86.38 | 12.47 | 4.76 | 0.58 |
Company NameMarushika Technology Ltd.
EPS (Basic)5.04
NAV (₹ per share)29.71
P/E (x)
RoNW (%)18.52
P/BV Ratio
Company NameVertexplus Technolgies Ltd.
EPS (Basic)-3.70
NAV (₹ per share)40.21
P/E (x)-24.59
RoNW (%)8.80
P/BV Ratio2.27
Company NameSynoptics Technologies Ltd.
EPS (Basic)4.01
NAV (₹ per share)86.38
P/E (x)12.47
RoNW (%)4.76
P/BV Ratio0.58
IPO Reservation
| 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%) |
| Total Shares Offered | 23,05,200 (100.00%) |
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%)
Total Shares Offered
23,05,200 (100.00%)
Information about company
Marushika Technology Limited distributes IT and telecom infrastructure products. The company delivers wide range of IT products and services like set up data centers, networking, telecom systems, surveillance, cybersecurity, and power management. It also offers installation, maintenance, and guidance and provide smart solutions such as access control, parking, lighting, and waste management.
Business Verticals
The company primarily follows Business to Business (B2B) business model and Business to Government (B2G) model, where services are offered to Government sector like Bharat
Electronic Limited (BEL), Central Electronic Limited (CEL), Delhi Metro Rail Corporation (DMRC) and National
Security Guard (NSG).
Over the years, the company has completed more than 150 projects and as on july 31, 2025, it has ongoing projects worth Rs 2,835.42 Lakhs.
Competitive Strengths
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/ or pre-payment, in part or full, of certain borrowings availed by our Company 5.00 2 Funding of working capital requirement 14.68 3 General Corporate Purposes Total 19.68
Disclaimer
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We are not a SEBI Registered analyst. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on Information published on this application.
No financial information whatsoever published anywhere, within this application, should be considered as advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever
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