At the current grey market indication of about 2%, the stock could list around Rs 119-Rs 120 levels, though GMP is unofficial and subject to volatility. The issue was open for subscription from February 12 to February 16, with allotment finalised on February 17. The company had raised Rs 7.62 crore from anchor investors prior to the issue opening.
The public issue comprised 23.05 lakh shares, of which 47.16% was reserved for qualified institutional buyers, 14.37% for non-institutional investors and 33.42% for retail investors. The minimum lot size was 1,200 shares, with retail investors required to bid for at least 2,400 shares, translating to a minimum investment of Rs 2.80 lakh at the upper price band.
Marushika Technology operates in the IT and telecom infrastructure space, offering solutions across data centres, networking, cybersecurity, surveillance systems and power management. It also undertakes projects in the defence segment through repair, refurbishment and reverse engineering solutions.
The company follows a B2B and B2G model, serving clients such as Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC) and National Security Guard (NSG).
As of July 31, 2025, the company had ongoing projects worth Rs 28.35 crore. Over the years, it has executed more than 150 projects across sectors. On the financial front, Marushika reported total income of Rs 85.63 crore in FY25, up from Rs 60.83 crore in FY24. Profit after tax stood at Rs 6.29 crore in FY25, compared to Rs 3.14 crore a year earlier. For the six months ended September 30, 2025, the company reported revenue of Rs 48.71 crore and PAT of Rs 3.14 crore.The proceeds from the IPO will be used towards repayment or prepayment of certain borrowings worth Rs 5 crore, funding working capital requirements of Rs 14.68 crore, and general corporate purposes.
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