Marushika Technology IPO Opens in The SME Space—But Will Investor Appetite Match The Growth Narrative?

Marushika Technology IPO Opens With Modest Buzz — But Is There More Than Meets the Eye?

The SME IPO space continues to attract selective investor interest, and the latest entrant, Marushika Technology Limited, has stepped into the primary market with a ₹26.97-crore book-built issue. At first glance, the IPO may appear small in size, but SME offerings often draw attention because even relatively unknown companies can deliver sharp listing moves if demand and fundamentals align.

However, this IPO is not driven by hype. Instead, it is unfolding in a measured manner, with investors closely studying subscription trends, business visibility, and grey market signals. For investors, the key question is whether Marushika Technology represents a genuine infrastructure-tech growth story or simply another SME listing competing for limited capital.

Because SME IPOs typically involve higher ticket sizes and lower liquidity, participation tends to come from informed, risk-tolerant investors. That makes understanding the details far more important than chasing quick listing gains.

IPO Structure and Key Dates Show a Straightforward Fresh Issue

Marushika Technology IPO is entirely a fresh issue, meaning the company will receive all proceeds for business purposes. There is no offer-for-sale component, which often signals growth funding rather than promoter exit.

The IPO opened on February 12, 2026, and closes on February 16, 2026. Allotment is expected on February 17, with a tentative listing on February 19 on the NSE SME platform.

📊 IPO Snapshot

The company’s shareholding will expand from 62.31 lakh shares pre-issue to 85.36 lakh shares post-issue, reflecting equity dilution typical of SME growth capital raises.

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Marushika Technology IPO Schedule Sets a Tight Timeline for Investors to Act

Marushika Technology’s IPO follows a compact and clearly defined schedule, giving investors a narrow window to evaluate and participate in the issue. SME IPO timelines are typically faster than mainboard issues, and this one is no exception. From opening to listing, the entire process is expected to conclude within just a week.

📅 Marushika Technology IPO Timetable (Tentative)

High Lot Sizes Make This IPO a Serious Capital Commitment

Unlike mainboard IPOs, SME offerings demand larger minimum investments, naturally filtering out small-ticket speculation. Marushika’s structure reinforces that pattern.

📊 Lot Size & Investment Table

Such entry barriers mean investors must be comfortable with both concentration risk and lower liquidity after listing. SME stocks can be volatile, and exits are not always easy.

Subscription Trend Shows Cautious but Real Retail Interest

As of Day 2 (Feb 13, 2026), the IPO was subscribed 0.77 times overall. Retail demand has crossed the 1x mark, while institutional participation remains absent so far.

📊 Subscription Data

Retail investors appear moderately interested, but the lack of QIB bids suggests institutions are taking a wait-and-watch approach. In SME IPOs, last-day spikes are common, so final numbers may differ.

GMP Stays Flat — A Sign of Neutral Expectations

The Grey Market Premium (GMP) currently stands at ₹0, unchanged for multiple sessions. This implies an estimated listing near the issue’s upper band of ₹117, suggesting no immediate listing pop.

Over the past 11 sessions, GMP movement has been flat, reflecting neutral sentiment. While GMP can sometimes predict listing mood, it is unofficial and volatile.

Importantly, zero GMP does not mean poor fundamentals — it simply signals the absence of speculative frenzy.

Business Model: A Government-Linked Infra-Tech Player

Marushika Technology operates in IT and telecom infrastructure distribution and solutions. Its offerings include:

• Data centers and networking

• Surveillance and cybersecurity

• Power management systems

• Smart access, lighting and waste solutions

It also runs a defence-focused vertical involving refurbishments and reverse engineering. The company follows B2B and B2G models, working with entities like:

• Bharat Electronics Limited

• Central Electronics Limited

• Delhi Metro Rail Corporation

• National Security Guard

With 150+ completed projects and an ongoing book worth ₹2,835.42 lakh (as of July 2025), the firm shows operational traction. However, project-based businesses can face uneven revenue cycles.

Here’s What Happened Today and Why Traders Reacted

Traders reacted calmly because:

• Subscription is moderate, not oversubscribed

• GMP shows no speculative rush

• QIB participation is missing

The mood is analytical rather than emotional. Investors are evaluating fundamentals instead of chasing momentum.

Impact on Investors and Market Outlook

This IPO will not impact broader indices due to its size. However, for SME investors, it offers exposure to infrastructure-tech and government-linked projects.

⚖️ Key Considerations

• Higher risk, higher volatility

• Lower liquidity post listing

• Dependent on project execution

• Suitable only for informed investors

The Bigger Takeaway: A Fundamentals-Driven, Not Hype-Driven IPO

Marushika Technology IPO is not a buzz IPO. It is a niche offering in a specialised segment. For investors, success here depends on understanding SME dynamics, not chasing GMP.

In SME investing, patience often beats speculation. Those who study the business may find opportunity — but blind momentum chasing could disappoint.

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