Marushika Technology IPO was launched through the Book Built SME route by Marushika Technology Limited. The public issue consisted entirely of a fresh issue of equity shares, and no existing shareholders offered their shares for sale. The company planned to utilise the funds raised through the IPO to strengthen its working capital position, support business expansion, invest in technology infrastructure, and meet general corporate requirements. Following the completion of the issue process, the company’s equity shares were listed on the NSE SME platform.
Marushika Technology Limited is engaged in providing information technology and digital transformation services for businesses across multiple industries. The company delivers software development, cloud-based solutions, enterprise applications, IT consulting, and technology support services designed to help organisations improve operational efficiency and accelerate digital adoption.
Its service portfolio includes customised software development, mobile and web application development, cloud integration, enterprise technology solutions, system implementation, maintenance services, IT infrastructure support, and technology consulting. By understanding the specific requirements of each client, the company develops tailored technology solutions that support business growth and digital transformation.
The company focuses on continuous innovation, service quality, and long-term customer relationships. It regularly upgrades its technical capabilities, expands its service offerings, and adopts emerging technologies to remain competitive in the rapidly evolving information technology industry.
India’s digital economy continues to create significant opportunities for technology companies as businesses increasingly invest in cloud computing, automation, cybersecurity, artificial intelligence, and enterprise software solutions. The growing demand for digital transformation services is expected to support the long-term growth of companies operating in this sector.
Since the IPO process has been completed and the shares are listed, investors should carefully evaluate the company’s financial performance, business model, customer base, competitive strengths, valuation, and future growth opportunities before making any investment decision.
Marushika Technology IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Marushika Technology IPO |
| Company Name | Marushika Technology Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹111 to ₹117 Per Share |
| Issue Size | ₹26.97 Crore |
| Fresh Issue | ₹26.97 Crore |
| Offer for Sale | Nil |
| Total Shares Offered | 23,05,200 Equity Shares |
| IPO Open Date | 12 February 2026 |
| IPO Close Date | 16 February 2026 |
| Basis of Allotment | 17 February 2026 |
| Refund Initiation | 18 February 2026 |
| Shares Credited to Demat Account | 18 February 2026 |
| Listing Date | 19 February 2026 |
| Listing Exchange | NSE SME |
| Lot Size | 1,200 Equity Shares |
| Registrar | Skyline Financial Services Private Limited |
| Book Running Lead Manager | Nexgen Capitals Limited |
The IPO was structured as a fresh issue of equity shares, allowing the company to raise additional capital for its future growth plans. The proceeds from the issue were proposed to be utilised for working capital requirements, strengthening business operations, technology enhancement, and other general corporate purposes.
Marushika Technology IPO Dates
The important milestones relating to the Marushika Technology IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 12 February 2026 |
| IPO Closing Date | 16 February 2026 |
| Basis of Allotment | 17 February 2026 |
| Refund Initiation | 18 February 2026 |
| Shares Credited to Demat Account | 18 February 2026 |
| Listing Date | 19 February 2026 |
After the completion of the allotment process, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the NSE SME platform.
Marushika Technology IPO Reservation
The equity shares offered through the IPO were allocated among different categories of investors in accordance with the SME IPO allocation guidelines.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each category depended on the number of valid applications received during the subscription period.
Marushika Technology IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot sizes.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (2,400 Shares) | ₹2,80,800 |
| Retail Maximum | 2 Lots (2,400 Shares) | ₹2,80,800 |
| HNI Minimum | 3 Lots (3,600 Shares) | ₹4,21,200 |
The investment amounts shown above have been calculated using the upper price band of ₹117 per equity share. Applicants were required to submit applications in multiples of the specified lot size prescribed for the issue.
About Marushika Technology Limited
Marushika Technology Limited is an information technology company that provides software development and digital technology solutions for businesses across different industries. The company focuses on delivering customised software products and technology services that help organisations improve business efficiency, automate operations, and accelerate digital transformation.
The company offers a wide range of IT services, including application development, enterprise software implementation, cloud solutions, website development, mobile application development, system integration, IT consulting, and technology support. Its solutions are designed to address the operational requirements of businesses by combining technical expertise with industry-specific knowledge.
Marushika Technology Limited works with clients from multiple sectors by providing customised technology solutions based on their business objectives. The company continuously upgrades its technical capabilities and development processes to deliver reliable, scalable, and cost-effective software solutions.
With increasing demand for cloud computing, business automation, digital platforms, and enterprise software, the company aims to strengthen its position by expanding its service offerings, enhancing customer relationships, and investing in technology-driven innovation.
Business Operations
Marushika Technology Limited provides a comprehensive portfolio of information technology services that support businesses throughout their digital transformation journey.
- Custom Software Development – The company develops software applications based on the operational requirements of clients across different industries.
- Web Application Development – It designs and develops responsive websites, business portals, and web-based enterprise applications.
- Mobile Application Development – The company builds Android and iOS applications for businesses to improve customer engagement and operational efficiency.
- Enterprise Solutions – It provides customised enterprise software that assists organisations in managing business operations more efficiently.
- Cloud Services – The company offers cloud implementation, migration, deployment, and maintenance services for businesses adopting cloud-based infrastructure.
- IT Consulting – It advises organisations on technology adoption, digital transformation, software architecture, and IT strategy.
- System Integration – The company integrates multiple software platforms and business applications to improve workflow efficiency.
- Application Maintenance & Support – It provides regular software updates, technical maintenance, troubleshooting, and ongoing support services.
- Technology Infrastructure Services – The company assists businesses in managing their IT infrastructure and improving system performance.
- Digital Transformation Solutions – It helps organisations modernise business processes through automation, cloud technologies, and customised digital solutions.
Industry Overview
India’s information technology industry continues to be one of the country’s fastest-growing sectors. Increasing digital adoption, expansion of cloud computing, artificial intelligence, cybersecurity, business automation, and enterprise software implementation have created significant opportunities for IT service providers.
Businesses across industries are investing in digital technologies to improve productivity, reduce operating costs, strengthen customer engagement, and enhance decision-making capabilities. This growing demand for customised software solutions continues to support long-term industry growth.
Government initiatives promoting digital infrastructure, online public services, financial technology, smart manufacturing, and digital governance have further accelerated technology adoption across the country. At the same time, rapid growth in start-ups, e-commerce, fintech, healthcare technology, and education technology has increased the need for reliable software development partners.
As organisations continue modernising their technology infrastructure, companies that offer customised software development and digital transformation services are expected to benefit from expanding market opportunities.
Business Strategy
Marushika Technology Limited aims to strengthen its presence in the Indian information technology sector by expanding its service portfolio and enhancing its technological capabilities.
The company focuses on acquiring new customers while maintaining long-term relationships with existing clients through customised technology solutions and quality service delivery. It also plans to invest in advanced technologies, strengthen its software development capabilities, and improve operational efficiency.
Another important area of focus is expanding its team of skilled technology professionals to support future business growth. Continuous employee training, technology upgradation, and process improvement are expected to enhance service quality and operational performance.
Going forward, Marushika Technology Limited intends to explore new business opportunities across emerging technology segments while strengthening its position as a provider of integrated software development and digital transformation solutions.
Marushika Technology IPO Financial Information
Evaluating a company’s financial performance is an important step before investing in an IPO. Financial statements provide insights into revenue growth, profitability, operational efficiency, capital structure, and overall financial stability. Investors should analyse historical financial performance along with future business prospects to understand the company’s long-term growth potential.
Marushika Technology Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹7.94 Crore | ₹16.65 Crore | ₹31.28 Crore |
| Total Income | ₹7.98 Crore | ₹16.74 Crore | ₹31.34 Crore |
| EBITDA | ₹1.24 Crore | ₹3.15 Crore | ₹6.45 Crore |
| Profit Before Tax (PBT) | ₹0.93 Crore | ₹2.55 Crore | ₹5.57 Crore |
| Profit After Tax (PAT) | ₹0.69 Crore | ₹1.89 Crore | ₹4.15 Crore |
| Net Worth | ₹2.98 Crore | ₹4.87 Crore | ₹9.02 Crore |
| Total Borrowings | ₹0.62 Crore | ₹0.84 Crore | ₹1.16 Crore |
The financial performance of Marushika Technology Limited demonstrates consistent business growth during the last three financial years. The company has recorded a significant increase in revenue while also improving operating profitability and net earnings. Growth in net worth reflects the strengthening financial position of the company, whereas borrowings have remained at a manageable level in comparison with business expansion. Investors should also review cash flows and future business plans along with these financial figures before making an investment decision.
Marushika Technology IPO Key Performance Indicators (KPIs)
The following financial ratios provide additional insight into the company’s operational efficiency, profitability, and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 46.01% |
| Return on Capital Employed (ROCE) | 54.73% |
| Return on Net Worth (RONW) | 45.96% |
| EBITDA Margin | 20.58% |
| PAT Margin | 13.24% |
| Debt-to-Equity Ratio | 0.13 |
| Earnings Per Share (EPS) | ₹8.08 |
| Net Asset Value (NAV) Per Share | ₹17.55 |
| Price to Earnings (P/E) | 14.48x |
The company’s return ratios indicate efficient utilisation of shareholders’ capital and business resources. Healthy operating and profit margins demonstrate its ability to convert revenue into earnings, while a relatively low debt-to-equity ratio indicates a conservative borrowing position. Investors should compare these financial indicators with similar listed companies before evaluating the IPO valuation.
Objects of the Marushika Technology IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Meeting additional working capital requirements.
- Investment in software development infrastructure and technology.
- Funding business expansion initiatives.
- Strengthening operational capabilities.
- General corporate purposes.
The proposed utilisation of IPO proceeds is expected to improve the company’s financial flexibility and support future business expansion. The planned investment in technology, infrastructure, and working capital is expected to strengthen operational efficiency while enabling the company to serve a larger customer base and pursue long-term growth opportunities.
Marushika Technology IPO Listing Performance
The listing performance of an IPO indicates how the company’s shares performed when trading commenced on the stock exchange. Although listing gains or discounts often reflect prevailing market sentiment, investors should also evaluate the company’s financial position, business fundamentals, competitive strengths, and future growth opportunities before making any investment decision.
Marushika Technology IPO Listing Details
| Particular | Value |
|---|---|
| Listing Exchange | NSE SME |
| Listing Date | 19 February 2026 |
| Issue Price | ₹117 Per Share |
| Listing Price | ₹154.45 Per Share |
| Listing Gain | 32.01% |
| Closing Price on Listing Day | ₹162.15 Per Share* |
*Closing price is based on the first day of trading.
The IPO delivered a positive debut on the NSE SME platform by listing at a premium over its issue price. The strong listing reflected healthy investor interest and favourable market sentiment towards the company. However, long-term investment decisions should be based on business performance, earnings growth, and future prospects rather than short-term listing gains.
Marushika Technology IPO Subscription Status
The subscription figures indicate the level of demand received from different categories of investors during the bidding period. A higher subscription generally reflects stronger participation, although investors should also consider valuation, financial performance, and business fundamentals before taking an investment decision.
Marushika Technology IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 67.58 Times |
| Non-Institutional Investors (NII) | 218.41 Times |
| Retail Individual Investors (RII) | 141.76 Times |
| Total Subscription | 132.84 Times |
The IPO witnessed robust demand across all investor categories. The Non-Institutional Investor (NII) portion recorded the highest subscription, while both Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) also subscribed the issue multiple times, indicating broad participation during the subscription period.
Marushika Technology IPO Review
Marushika Technology Limited operates in the information technology sector by providing software development, digital transformation, cloud solutions, enterprise applications, and IT consulting services. The company focuses on developing customised technology solutions that help businesses improve operational efficiency and adapt to changing digital requirements.
Its diversified service portfolio, focus on technology-driven innovation, and customer-centric approach have supported the company’s business growth. Continuous investment in skilled professionals, software development capabilities, and digital technologies enables the company to strengthen its competitive position in the evolving IT industry.
The Indian IT services market continues to benefit from increasing digital adoption, cloud computing, artificial intelligence, enterprise automation, and cybersecurity requirements. These industry trends are expected to create additional growth opportunities for companies offering technology-enabled business solutions.
At the same time, investors should carefully evaluate factors such as client concentration, changing technology trends, increasing competition, project execution risks, and the company’s ability to maintain sustainable profitability. Analysing financial performance, valuation, management quality, and future business strategy remains essential before making an investment decision.
Marushika Technology IPO Strengths
Marushika Technology Limited has developed its business around technology-enabled services and customised software solutions. Some of its key strengths include:
- Diversified portfolio of software development and IT services.
- Focus on customised digital transformation solutions.
- Experienced management team with industry expertise.
- Growing customer base across multiple business sectors.
- Scalable business model supported by technology-driven operations.
- Consistent improvement in revenue and profitability over recent financial years.
- Strong demand for digital solutions supported by favourable industry trends.
- Focus on customer satisfaction through customised technology services.
Marushika Technology IPO Risk Factors
Every business is exposed to operational and industry-specific risks, and Marushika Technology Limited is no exception. Investors should consider the following factors before investing:
- The company operates in a highly competitive information technology industry.
- Business performance depends on acquiring new projects and retaining existing clients.
- Rapid technological changes require continuous investment in innovation and skill development.
- Delays in project execution or implementation may impact financial performance.
- Dependence on skilled technology professionals may affect operations if employee attrition increases.
- Cybersecurity threats and data protection risks remain important operational challenges.
- Economic slowdowns or reduced technology spending by clients could affect future business growth.
- The company’s future performance depends on its ability to successfully expand operations while maintaining service quality.
Marushika Technology IPO Promoters
Marushika Technology Limited is promoted by professionals with experience in the information technology sector. The promoters have played a key role in building the company’s software development capabilities, expanding its client base, and strengthening its position in the digital technology industry. Their focus on innovation, customer satisfaction, and technology-driven solutions has supported the company’s business growth over the years.
Marushika Technology IPO Promoters Details
| Promoter | Designation |
|---|---|
| Ashish Maheshwari | Promoter & Managing Director |
| Ritu Maheshwari | Promoter |
Marushika Technology IPO Management Team
The company is managed by a leadership team with expertise in software development, technology consulting, finance, business administration, and corporate governance. Their combined experience supports efficient project execution, operational management, and long-term business development.
| Name | Designation |
|---|---|
| Ashish Maheshwari | Chairman & Managing Director |
| Ritu Maheshwari | Whole-Time Director |
| Amit Kumar Sharma | Chief Financial Officer |
| Priya Sharma | Company Secretary & Compliance Officer |
| Sanjay Gupta | Independent Director |
| Rajesh Kumar | Independent Director |
Marushika Technology IPO Registrar Details
Skyline Financial Services Private Limited acted as the registrar for the IPO. The registrar was responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds where applicable, and handling investor-related services during and after the public issue.
| Particular | Details |
|---|---|
| Registrar Name | Skyline Financial Services Private Limited |
| Website | https://www.skylinerta.com/ |
| IPO Allotment Status | https://www.skylinerta.com/ipo.php |
| Email ID | [email protected] |
| Contact Number | +91-11-4045 0193-97 |
The registrar also provides assistance regarding allotment status, demat credit, refunds, and other post-issue investor services.
Marushika Technology IPO Lead Manager Details
Nexgen Capitals Limited served as the Book Running Lead Manager for the IPO. The lead manager coordinated the IPO process, advised the company on regulatory compliance, managed the book-building process, and assisted in successfully completing the public issue.
| Particular | Details |
|---|---|
| Lead Manager | Nexgen Capitals Limited |
| Website | www.nexgencaps.com |
| Email ID | [email protected] |
| Contact Number | +91-22-4975 6868 |
The lead manager played an important role in structuring the IPO, coordinating with intermediaries, and ensuring compliance with SEBI and NSE SME regulations.
Marushika Technology Limited Contact Details
Investors and stakeholders can contact the company using the following details for business enquiries and investor-related communication.
| Particular | Details |
|---|---|
| Company Name | Marushika Technology Limited |
| Registered Office | Jaipur, Rajasthan, India |
| Website | https://marushika.in/ |
How to Check Marushika Technology IPO Allotment Status
Applicants could check their IPO allotment status after the basis of allotment was finalised through either the registrar’s website or the NSE IPO portal.
Through Skyline Financial Services
- Visit the official IPO allotment page of Skyline Financial Services.
- Select Marushika Technology IPO from the available list.
- Choose any one of the available search options such as PAN, Application Number, or DP/Client ID.
- Enter the required details in the relevant field.
- Click Submit to view your allotment status.
Through NSE
- Visit the official NSE IPO allotment portal.
- Select Marushika Technology IPO.
- Enter your application details or PAN.
- Complete the verification process if required.
- Click Search to view your allotment result.
Frequently Asked Questions (FAQs)
What is Marushika Technology IPO?
Marushika Technology IPO is a Book Built SME public issue comprising a fresh issue of equity shares by Marushika Technology Limited.
What was the price band of the Marushika Technology IPO?
The IPO was offered at a price band of ₹111 to ₹117 per equity share.
What was the total issue size of the Marushika Technology IPO?
The total issue size of the IPO was ₹26.97 crore.
When did the Marushika Technology IPO open and close?
The IPO opened on 12 February 2026 and closed on 16 February 2026.
On which stock exchange are Marushika Technology shares listed?
The company’s equity shares are listed on the NSE SME platform.
Who was the registrar for the Marushika Technology IPO?
Skyline Financial Services Private Limited acted as the registrar to the issue.
Who was the lead manager for the Marushika Technology IPO?
Nexgen Capitals Limited served as the Book Running Lead Manager.
What was the minimum lot size for the Marushika Technology IPO?
The minimum application size for retail investors was 2 lots comprising 2,400 equity shares.
What does Marushika Technology Limited do?
The company provides software development, digital transformation, cloud solutions, enterprise applications, IT consulting, and technology support services to businesses across multiple industries.
What were the objectives of the Marushika Technology IPO?
The company intends to utilise the IPO proceeds for working capital requirements, technology enhancement, business expansion, and general corporate purposes.
