Marushika Technology shares are listed today. Check GMP ahead of NSE SME debut

Marushika Technology is expected to list on the NSE SME platform on February 19, with its gray market premium (GMP) hovering around 2% ahead of its debut, indicating a modest increase in listing. The IPO, which was entirely a fresh issue of Rs 26.97 crore, was priced at Rs 117 per share, the top end of the range.At the current gray market guidance of around 2%, the stock could trade 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, and the allotment was completed on February 17. The company had raised Rs 7.62 crore from key investors before the opening of the issue.

The public issue included 23.05 lakh shares, of which 47.16% were 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 having to bid for at least 2,400 shares, which translates to a minimum investment of Rs 2.80 lakh in the higher price bracket.

Marushika Technology operates in the IT and telecom infrastructure space, providing solutions for data centers, networking, cybersecurity, surveillance systems and energy management. It also undertakes projects in the defense segment through repair, renovation and reverse engineering solutions.

The company follows a B2B and B2G model and serves clients like 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 carried out more than 150 projects in various sectors. On the financial front, Marushika reported a total income of Rs 85.63 crore in FY25, compared to 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 revenues of Rs 48.71 crore and PAT of Rs 3.14 crore.

The proceeds from the IPO will be used for repayment or prepayment of certain loans worth Rs 5 crore, financing working capital requirements of Rs 14.68 crore, and for general corporate purposes.

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