Marushika Technology marks its entry onto the NSE SME platform this February 19, 2026. The company’s debut comes after a successful public offer that raised 26.97 crore. Investor demand was notably robust, with the issue being oversubscribed 17.94 times. The retail portion saw significant interest at 16.51 times, while non-institutional investors led the charge with 41 times subscription. The shares were issued at a price of 117 per share, the upper end of the established price band. Early grey market activity indicates a steady sentiment, with premiums hovering around 2%. This suggests a potential listing price near 119 to 120 per share. The company’s financial health supports this entry, reporting a total income of 85.63 crore and a profit after tax of 6.29 crore for the 2025 fiscal year. Operating in the high-growth IT and telecom infrastructure sector, Marushika manages complex projects across data centers, cybersecurity, and surveillance. A key differentiator is its involvement in the defense segment, where it provides specialized repair, refurbishment, and reverse engineering solutions. The firm serves a high-profile client base including Bharat Electronics Limited and the National Security Guard. The capital raised from the 23.05 lakh fresh shares will be strategically deployed to strengthen the balance sheet. Approximately 5 crore is earmarked for the repayment of existing borrowings, while 14.68 crore will fund essential working capital. This move is designed to support an order book that stood at 28.35 crore as of late 2025. The listing coincides with a broader push in India’s digital infrastructure. National trends for 2026 highlight a shift toward capital efficiency and enterprise monetization in telecom. With the domestic telecom sector transitioning toward 5G value-added services and satellite connectivity, infrastructure providers are positioned at the center of this transformation. Market conditions remain supportive as the Nifty maintains levels above 25,800. The SME sector continues to attract liquidity, reflected by the broad-based buying seen in recent sessions. Marushika enters the secondary market with a post-issue promoter holding of 58.19%, aiming to leverage its track record of over 150 completed projects to capture emerging opportunities in sovereign digital networks and defense technology.