Marushika Technology IPO Listing, Subscription, Performance & Listing Gain

Marushika Technology Limited’s IPO has created a noticeable impact on the NSE SME platform with a strong subscription response and a modest listing performance in 2026. The IPO opened for subscription on February 12, 2026 and successfully closed on February 16, 2026, with shares priced in the ₹111 to ₹117 price band per share. This public issue was structured entirely as a fresh issue valuing approximately ₹26.97 crore, making it one of the notable SME IPOs of the period.

The IPO offered a total of 4,610,400 equity shares, in which retail investors could bid for 2,400 shares at a minimum investment of ₹2,80,800 at the upper price band. The basis of allotment was finalised on February 17, 2026, and refunds were processed accordingly before the shares were credited to successful applicants’ Demat accounts ahead of listing.

Subscription figures revealed significant enthusiasm from the investing community. The overall bidding stood at around 17.94 times subscription, reflecting healthy demand across categories. Retail individual investors contributed a substantial portion with 16.51 times subscription, while non-institutional investors (NII) showed strong interest with 41.00 times subscription. Qualified institutional buyers (QIBs) also participated with 2.92 times subscription, showcasing balanced investor sentiment across segments.

Marushika Technology is primarily engaged in the distribution and servicing of IT and telecom infrastructure products, offering services such as data centre setup, active networking, telecom systems, surveillance, cybersecurity solutions, power management and smart technology installations. The company operates on both B2B and B2G models, serving prominent clients in government and defence such as Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC) and the National Security Guard (NSG).

The company’s financial performance indicated consistent growth. In the financial year 2025, Marushika reported a total income of ₹85.63 crore, compared with ₹60.83 crore in FY24, and profit after tax of ₹6.29 crore, up from ₹3.14 crore in the previous year. These figures reflect a solid operational trajectory as the company expands its market presence.

On listing day – February 19, 2026 – Marushika Technology shares made a modest debut on the NSE SME platform at ₹120 per share, which represented approximately 2.56% premium over the IPO issue price of ₹117. The stock briefly touched a high of ₹123 before trading lower to around ₹115.30, indicating some early volatility as investors assessed short-term demand and carried out profit-booking trades.

The grey market premium (GMP) leading up to the listing suggested a modest listing gain of around ₹2 to ₹3 per share, aligning well with the actual trading debut. These indicators signalled reasonable expectations among market participants regarding the IPO’s performance post-listing.

Proceeds from the IPO are earmarked for strengthening the balance sheet and expanding operations. A portion of funds has been allocated for repayment or prepayment of borrowings, while a significant share is dedicated to working capital requirements and general corporate needs, positioning the company for continued growth in its core infrastructure market.

In summary, the Marushika Technology IPO delivered a solid subscription response, a respectable listing at a premium, and demonstrated promising financial fundamentals. While short-term trading may show some fluctuations, the company’s long-term prospects remain anchored in a growing IT and telecom infrastructure domain backed by steady revenue growth and diversified service offerings.