SME
IPO ·
BSE SME
Maharaja & Speedex India Ltd
Listed
Makes and sells stainless-steel bottles and drinkware from Sonipat via a national distributor network.
Issue details
Price band
₹177 – ₹186
Face value
₹10
Lot size
600 shares
Minimum investment
₹2,23,200
Issue size
₹80.13 Cr
Fresh issue
₹64.10 Cr
Offer for sale
₹16.03 Cr
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
10 Sep 2026
Closes
15 Sep 2026
UPI mandate cut-off
5:00 PM on 15 Sep 2026
Allotment
16 Sep 2026
Refunds
17 Sep 2026
Shares in demat
17 Sep 2026
Listing
18 Sep 2026
Subscription and listing
Subscription
23.06x
Listing price
₹250
Registrar
Maashitla Securities Pvt Ltd
Lead manager
Choice Capital Advisors Pvt Ltd
Subscription by category
Total
23.06x
Total applications
30,108
Anchor investors
Amount raised
₹22.82 Cr
Bid date
9 Sep 2026
50% lock-in ends
17 Oct 2026
Rest lock-in ends
16 Dec 2026
Listing day
Issue price
₹186
Open
₹250.00
High
₹262.50
Low
₹240.00
Day close
₹262.50
Listing gain at open
+34.41%
Issue structure
Shares reserved per category and share of the total issue
QIB
20,45,400
47.48%
Anchor Investor
12,27,000
28.48%
QIB (Ex. Anchor)
8,18,400
19.00%
NII
6,13,800
14.25%
bNII > ₹10L
4,08,600
9.48%
sNII < ₹10L
2,05,200
4.76%
Retail
14,32,800
33.26%
Market Maker
2,16,000
5.01%
Total
43,08,000
100.00%
Finaccle’s quick read
Avoid
PAT rose 14x in two years, from ₹1.08 Cr to ₹15.34 Cr, a sharp pre-IPO spike on a tiny base. The issue is priced at 19.81x post-issue earnings and about 9x book.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Maharaja & Speedex India is a Delhi company that designs, brands and distributes stainless-steel bottles and other drinkware, and also makes products for other brands under private label. Manufacturing is done by its subsidiary at two Sonipat plants with about 45 lakh units of yearly capacity. It sells through 101 distributors across 17 states and to corporate gifting buyers, with FY26 income of about ₹123 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
—
ROCE
54.60%
Debt / equity
0.92
PAT margin
12.51%
P/E post issue
19.81
Market cap
₹304.02 Cr
Use of IPO money
Repayment/pre-payment of bank borrowings
₹24.10 Cr
Capex for plant and machinery at subsidiary
₹21.42 Cr
General corporate purposes
₹9.61 Cr
Issue expenses
₹11.21 Cr
Strengths
✓
Own brand plus OEM and private-label work
✓
Distribution across 17 states and 2 UTs
✓
Products span mass, premium and lifestyle price points
✓
Income doubled from FY24 to FY26
Risks to watch
!
PAT jumped from ₹1.08 Cr to ₹15.34 Cr just before the IPO
!
Post-issue P/B is high at 8.97x
!
Debt/equity of 0.92 on a small equity base
!
About ₹16 Cr of the issue is OFS
!
Consumer drinkware is a crowded, competitive market
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.