SME
IPO ·
NSE Emerge
Maxwell Engineering Solutions Ltd
Open
Vadodara precision engineering firm making die plates, blades and cutter hubs for underwater pelletizing systems, plus contract manufacturing.
Issue details
Price band
₹150 – ₹158
Face value
₹10
Lot size
800 shares
Minimum investment
₹2,52,800
Issue size
₹57.64 Cr
Fresh issue
₹57.64 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE Emerge
Key dates
Opens
30 Oct 2026
Closes
3 Nov 2026
UPI mandate cut-off
5:00 PM on 3 Nov 2026
Allotment
4 Nov 2026
Refunds
5 Nov 2026
Shares in demat
5 Nov 2026
Listing
6 Nov 2026
Subscription and listing
Subscription
Not open yet
Listing price
Not listed yet
Registrar
KFin Technologies Ltd
Lead manager
JDA Capital Services Ltd
Grey market premium
Latest GMP
₹70
Est. listing price
₹228 (+44.3%)
Updated
30 Oct 2026
Unofficial grey market indication sourced via Chittorgarh. GMP is not regulated, can change quickly and is not a reliable guide to listing price. Not a recommendation.
Issue structure
Shares reserved per category and share of the total issue
QIB
17,07,200
46.80%
Anchor Investor
10,24,000
28.07%
QIB (Ex. Anchor)
6,83,200
18.73%
NII
5,18,400
14.21%
bNII > ₹10L
3,45,600
9.47%
sNII < ₹10L
1,72,800
4.74%
Retail
12,00,000
32.89%
Market Maker
2,22,400
6.10%
Total
36,48,000
100.00%
Finaccle’s quick read
Neutral
Income up 36% and PAT up 29% in FY26 with ROE of 62.63% and D/E of 0.67, but post-issue P/E of 23.65x, P/B of 6.39x and a softer four-month FY27 stub give mixed signals for a company formed in 2022.
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
Maxwell Engineering Solutions makes, trades and services precision components for underwater pelletizing systems, such as die plates, blades and cutter hubs. Its plant is at Waghodia GIDC, Vadodara, Gujarat, and it sells in India and overseas markets including the USA, Germany, Japan and Saudi Arabia. It employed 71 people at September 2026 and reported FY26 total income of ₹30.76 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
62.63%
ROCE
38.46%
Debt / equity
0.67
PAT margin
40.28%
P/E post issue
23.65x
Market cap
₹216.43 Cr
Use of IPO money
Capex for new machinery, lab equipment and utilities
₹18.00 Cr
Capex for new office building and manufacturing facility
₹6.50 Cr
Repayment/prepayment of borrowings
₹4.30 Cr
Working capital
₹14.00 Cr
General corporate purposes
—
Strengths
✓
Niche precision parts for pelletizing systems
✓
Export customers across several countries
✓
Entirely fresh issue with moderate debt/equity of 0.67
✓
ISO 9001:2015 and ZED Bronze certified
Risks to watch
!
Young company, incorporated only in September 2022
!
PAT margin of 40% is unusually high and may not sustain
!
Four-month FY27 stub PAT of ₹3.05 Cr implies slower pace than FY26
!
P/B of 6.39x and post-issue P/E of 23.65x look full
!
Small revenue base of ₹30.76 Cr
Planning to take your own company public?
Every listing on this page started with a growing business that got its numbers, governance and paperwork ready for investors. If you are a promoter weighing an SME or main board IPO, we can tell you where you stand and what it will take.
Talk to our IPO Advisory team for readiness planning, or our IPO Consultancy team to run the listing end to end.
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.