The IPO market has another SME entrant, but this one sits at the intersection of IT infrastructure, telecom, defence repairs, and smart solutions. Marushika Technology IPO has opened for subscription with a modest issue size but a diversified business narrative that links it to data centers, surveillance, and government projects.
Yet, early subscription numbers and a flat grey market premium (GMP) suggest investors are weighing the story carefully rather than rushing in. The question now is whether the company’s B2B and B2G exposure can translate into sustained investor interest by listing day.
Marushika Technology IPO Opens With a ₹26.97 Crore Fundraise Plan
The IPO of Marushika Technology Limited is a book-built issue worth ₹26.97 crore, entirely a fresh issue of 23.05 lakh shares. There is no offer-for-sale, which means proceeds will go directly to the company for business purposes.
Key IPO details include:
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IPO Dates: Feb 12–16, 2026
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Price Band: ₹111–₹117 per share
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Face Value: ₹10 per share
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Lot Size: 1,200 shares
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Listing Platform: NSE SME
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Tentative Listing Date: Feb 19, 2026
For retail investors, the minimum investment is ₹2,80,800 (2 lots or 2,400 shares at the upper band). For HNIs, the minimum is 3 lots (3,600 shares) worth ₹4,21,200.
The issue is managed by NEXGEN Financial Solutions Pvt. Ltd. as book-running lead manager and Skyline Financial Services Pvt. Ltd. as registrar, while Nikunj Stock Brokers Ltd. acts as market maker.
Subscription Numbers Show Cautious Participation So Far
As of February 13, Day 2 of bidding, the IPO was subscribed 0.68 times overall, indicating moderate but not overwhelming demand.
Category-wise subscription:
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Retail Individual Investors (RII): 0.99x
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NII: 0.84x
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QIB (Ex-Anchor): 0.00x
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Anchor Investors: Fully subscribed
In total, 10.39 lakh shares were bid for against 15.37 lakh on offer in the subscribed categories. Retail participation is nearly full, but the absence of QIB bids so far is something market participants are watching closely, as institutional demand often signals confidence.
Grey Market Premium Signals Neutral Listing Expectations
The latest GMP stands at ₹0, implying no premium or discount in the unofficial market. With the cap price at ₹117, the estimated listing price is also around ₹117, suggesting a flat listing expectation as of now.
Market trackers note that GMP has shown no major movement over the last 10 sessions, reflecting a wait-and-watch approach. While GMP is not an official indicator and can be volatile, it often shapes short-term sentiment among retail traders.
As one market participant put it:
“A zero GMP usually means the market wants more clarity on growth visibility before assigning a premium.”
Business Model Tied to IT Infra, Defence and Smart Solutions
Marushika Technology operates in IT and telecom infrastructure distribution and solutions. Its offerings include:
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Data center infrastructure
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Networking and telecom systems
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Surveillance and cybersecurity
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Power and server solutions
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Videowall display systems
It also provides Auto-Tech solutions for defence, including repairs, refurbishments, reverse engineering, and control panels.
On the smart solutions front, the company works on access control, smart parking, lighting, and waste management systems.
Importantly, it follows both B2B and B2G models, serving government-linked clients such as Bharat Electronics Limited, Central Electronics Limited, Delhi Metro Rail Corporation, and National Security Guard.
The company has completed 150+ projects and reported ongoing projects worth ₹2,835.42 lakh as of July 31, 2025, offering some revenue visibility.
Here’s What Happened Today and Why Traders Reacted
Today’s muted reaction stems from a mix of factors:
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Subscription below 1x on Day 2
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Zero GMP indicating neutral sentiment
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Lack of QIB participation so far
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SME market seeing selective interest
Traders typically look for strong early oversubscription or rising GMP for quick listing gains. In this case, signals are mixed, leading to cautious bidding.
What This IPO Means for Investors and Portfolios
For investors, this IPO represents a niche play on IT infrastructure and government-linked technology projects, sectors that can benefit from digitization and defence spending.
Potential positives:
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Exposure to data centers and surveillance
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B2G client base adds credibility
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Fresh issue supports business expansion
Risks to consider:
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SME IPO liquidity can be limited
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Heavy reliance on project-based revenues
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Current lukewarm subscription trend
From a portfolio perspective, this may suit investors with higher risk appetite and a longer-term view on tech-enabled infrastructure. Short-term listing gain seekers may remain selective unless subscription momentum picks up in the final days.
Allotment and What Happens Next
The allotment is expected on Feb 17, 2026, refunds and share credits on Feb 18, and listing on Feb 19. Investors can check allotment status on Skyline Financial’s website using PAN, application number, or Demat details.
The basis of allotment will determine how shares are distributed across categories, especially if the issue gets oversubscribed closer to closing.
