Marushika Technology IPO
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Marushika Technology IPO details
Schedule of Marushika Technology
| Issue open date | 09 Feb 2026 |
| Issue close date | 11 Feb 2026 |
| UPI mandate deadline | 11 Feb 2026 (5 PM) |
| Allotment finalization | 12 Feb 2026 |
| Refund initiation | 13 Feb 2026 |
| Share credit | 13 Feb 2026 |
| Listing date | 16 Feb 2026 |
| Mandate end date | 26 Feb 2026 |
| Lock-in end date for anchor investors (50%) | 14 Mar 2026 |
| Lock-in end date for anchor investors (remaining) | 13 May 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Marushika Technology
Marushika Technology Limited was incorporated in 2010 and operates as an IT and telecom infrastructure solutions provider in India. The Company was originally established as a private limited entity and was subsequently converted into a public limited company in 2024. It is promoted by Ms Monicca Agarwaal, Mr Jai Prakash Pandey, and Ms Sonika Aggarwal. The Company is engaged in the distribution and implementation of information technology and telecom infrastructure products. Its operations cover data centre infrastructure, active networking, telecom systems, surveillance solutions, cybersecurity, data protection, and power management. It also provides installation, maintenance, and lifecycle support services. In addition, Marushika offers smart technology solutions such as access control, parking, lighting, and waste management, and has expanded into auto-tech solutions for defence applications, including maintenance and refurbishment of military vehicles.Marushika follows a B2B and B2G business model, working closely with OEM partners and serving government, public sector, and enterprise clients. Its strengths include diversified offerings, long-standing industry presence, execution capabilities, and strong relationships with customers and suppliers
Financials of Marushika Technology
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 26.97 |
| Fresh Issue – Proceeds go to the company | 26.97 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment / pre-payment of borrowings | 5.89 (21.84%) |
| Funding working capital requirements | 18 (66.74%) |
| General corporate purposes | 3.08 (11.42%) |
Strengths
- Established operations since 2010 with experience in IT and telecom infrastructure.
- Diversified offerings across IT infrastructure, smart solutions, and defence auto-tech.
- Strong presence in government and PSU-led projects.
- Integrated service capability covering supply, installation, and maintenance.
- Long-standing relationships with leading OEM partners.
Risks
- High dependence on government and government-backed projects for revenue.
- Revenue concentration among a limited number of customers.
- Heavy reliance on OEMs for product supply and pricing stability.
- Geographic concentration with a major share of revenue from Delhi and Uttar Pradesh.
- Working capital–intensive business model impacting cash flows.