MARUSHIKA TECHNOLOGY IPO

MARUSHIKA TECHNOLOGY IPO

IPO at a Glance

Important Dates for MARUSHIKA TECHNOLOGY IPO

• Opening Date: 09 Feb 2026

• Closing Date: 11 Feb 2026

• UPI Payment Deadline: 11 Feb 2026 (5 PM)

• Allotment Announcement: 12 Feb 2026

• Refund Processing: 13 Feb 2026

• Demat Credit: 13 Feb 2026

• Stock Market Listing: 16 Feb 2026

• Mandate Validity End: 26 Feb 2026

• Anchor Investor Lock-in Release (50%): 14 Mar 2026

• Anchor Investor Lock-in Release (Remaining): 13 May 2026

*Dates may be revised as per official updates. Investors are advised to check the latest notifications.

Deep Dive into MARUSHIKA TECHNOLOGY

Marushika Technology Limited, incorporated in 2010, stands as a prominent player in India’s dynamic IT and telecom infrastructure solutions landscape. Initially established as a private entity, the company transitioned into a public limited company in 2024, marking a significant milestone in its growth trajectory. The company is spearheaded by a strong leadership team comprising Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey, and Ms. Sonika Aggarwal.

The core business of Marushika Technology revolves around the comprehensive distribution and implementation of cutting-edge information technology and telecom infrastructure products. Their extensive operational scope includes vital areas such as data centre infrastructure, active networking solutions, advanced telecom systems, robust surveillance technologies, stringent cybersecurity measures, critical data protection services, and efficient power management solutions. Beyond product offerings, the company provides end-to-end services covering installation, proactive maintenance, and full lifecycle support, ensuring seamless operations for its clients.

Marushika Technology has also innovatively expanded into smart technology solutions, offering integrated systems for access control, intelligent parking management, efficient lighting, and sustainable waste management. Demonstrating its versatility and technical prowess, the company has further ventured into auto-tech solutions specifically for defence applications, encompassing the maintenance and refurbishment of military vehicles. Operating on a robust B2B (Business-to-Business) and B2G (Business-to-Government) model, Marushika Technology collaborates closely with leading OEM partners, serving a diverse and influential client base that includes government bodies, public sector undertakings, and large enterprise clients across India. This strategic positioning underscores its established expertise and strong market presence.

Insights into Fundraising and Issue Structure

The MARUSHIKA TECHNOLOGY IPO is structured entirely as a Fresh Issue, aiming to raise a total of ₹26.97 Crores. This indicates that all the proceeds from the IPO will directly flow into the company, providing Marushika Technology with capital to fuel its growth initiatives and strengthen its financial foundation. A complete fresh issue typically reflects a company’s need for growth capital, for which it is offering new shares to the public. This approach can be seen as a positive sign, as it demonstrates the company’s commitment to investing in its future operations and strategic expansion.

Strategic Utilization of IPO Capital

The capital raised through this IPO is earmarked for several critical objectives designed to bolster Marushika Technology’s operational capabilities, reduce financial liabilities, and support future growth. The planned allocation ensures a strategic deployment of funds across key areas:

A significant portion of the funds, approximately 66.74%, is dedicated to augmenting the company’s working capital. This infusion will be crucial for managing day-to-day operational expenses, supporting expansion projects, and ensuring liquidity as the business scales. Furthermore, a substantial allocation of 21.84% towards the repayment or pre-payment of existing borrowings will help in strengthening the company’s balance sheet, reducing its interest burden, and improving its credit profile. The remaining 11.42% has been allocated for general corporate purposes, providing the company with the flexibility to meet various strategic needs, pursue organic growth opportunities, or address unforeseen business requirements.

Defining Competitive Strengths

Marushika Technology possesses a robust set of competitive advantages that underpin its market position and potential for future growth:

• Established Industry Expertise and Track Record: With operations dating back to 2010, the company boasts extensive experience and a proven track record in the complex IT and telecom infrastructure sector. This long-standing presence translates into deep domain knowledge and operational efficiency.

• Diverse Service and Product Portfolio: Marushika Technology offers a broad spectrum of services, ranging from core IT infrastructure and advanced smart solutions to specialized defence auto-tech. This diversification reduces reliance on any single segment and opens multiple revenue streams.

• Strong Engagement in Government and PSU Projects: The company has a significant footprint in government and public sector projects, a segment known for large-scale, stable contracts. This strong presence showcases its reliability and ability to handle complex, critical projects.

• Integrated, End-to-End Service Delivery: Its capability to provide comprehensive services, from supply and installation to ongoing maintenance, positions Marushika Technology as a one-stop solution provider. This integrated approach enhances customer loyalty and operational control.

• Strategic Partnerships with Leading OEMs: Long-standing relationships with prominent Original Equipment Manufacturers (OEMs) ensure access to cutting-edge technology and high-quality products. These partnerships are vital for maintaining technological relevance and competitive pricing.

Identifying Potential Risk Factors

While Marushika Technology exhibits strong potential, investors should also consider certain risk factors associated with its business model:

• High Dependence on Government and Public Sector Clients: A significant portion of the company’s revenue is derived from government and government-backed projects. Any changes in government policies, funding priorities, or economic conditions could impact its order pipeline and revenue stability.

• Revenue Concentration with Limited Customers: A reliance on a small number of key customers for a substantial part of its revenue poses a risk. The loss of a major client or a reduction in their business could have a material adverse effect on financial performance.

• Dependency on OEM Partners for Supply: The business heavily relies on OEMs for the supply of products. Disruptions in the supply chain, changes in OEM terms, or a lack of alternative suppliers could impact project timelines and profitability.

• Geographic Concentration of Revenue: A major share of the company’s revenue currently originates from specific regions, primarily Delhi and Uttar Pradesh. This geographic concentration makes the company susceptible to regional economic downturns or intensified competition in these areas.

• Working Capital Intensive Operations: The nature of IT and telecom infrastructure projects often requires significant working capital to manage inventory, project execution, and receivables. A working capital-intensive model can strain cash flows, especially during periods of rapid growth or project delays.

Latest Subscription Data

Subscription statistics based on the latest available information, providing insights into investor interest across different categories:

*Note: The subscription data for QIB, NII, and RII categories is not available as of this update. Actual subscription figures will be reflected once the IPO opens and bidding commences. GMP figures are unofficial and may vary; exchange data is more reliable for real-time subscription status.

Participate in the MARUSHIKA TECHNOLOGY IPO

Investors keen on participating in the MARUSHIKA TECHNOLOGY IPO can conveniently do so via the official Dhan Kirti IPO platform. Ensure your application is submitted well before the subscription window closes on 11th February 2026 to avoid last-minute issues. Review the prospectus carefully and consult with a financial advisor to make informed investment decisions.