Maxwell Engineering Solutions IPO
Updated 27 Oct 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,52,800
2 lots · 1,600 shares at the upper price band
Price band
₹150–158
Latest GMP
₹7
+4.4% of the ₹158 upper band
Est. listing price
₹158
Issue size
₹54.12 Cr
Allotment status
Allotment is due on 4 Nov 2026. Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised4 Nov 2026(upcoming)
- Refunds start5 Nov 2026(upcoming)
- Shares credited to demat5 Nov 2026(upcoming)
- Listing6 Nov 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 27 Oct 2026, 3:47 pm | ₹7 | ₹158 |
| 27 Oct 2026, 1:50 pm | ₹14 | — |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹150–158
- Issue size
- ₹54.12 Cr
- Lot size
- 800
- Opens
- 30 Oct 2026
- Closes
- 3 Nov 2026
- Allotment
- 4 Nov 2026
- Listing
- 6 Nov 2026
- Est. listing price
- ₹158
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹2,52,800 (2 lots · 1,600 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Listing at
- NSE SME
- Refunds
- 5 Nov 2026
- Shares credited
- 5 Nov 2026
- Promoter holding
- 97.26% before · 71.36% after
- Lead managers
- JDA Capital Services Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 27 Oct 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 30 Oct to 3 Nov, 2026 |
|---|---|
| Listing Date | Fri, Nov 6, 2026 (tentative) |
| Face Value | ₹ 10 per share |
| Price Band | ₹150 to ₹158 |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 36,48,000 shares (agg. up to ₹ 58 Cr) |
|---|---|
| Reserved for Market Maker | 2,22,400 shares (agg. up to ₹ 4 Cr) Beeline Broking Ltd. |
| Fresh Issue (Ex Market Maker) | 34,25,600 shares (agg. up to ₹ 54 Cr) |
| Net Offered to Public | 34,25,600 shares (agg. up to ₹ 54 Cr) |
| Share Holding Pre Issue | 1,00,50,275 shares |
| Share Holding Post Issue | 1,36,98,275 shares |
IPO Timetable (Tentative)
- IPO Open
- Fri, Oct 30, 2026
- IPO Close
- Tue, Nov 3, 2026
- Allotment
- Wed, Nov 4, 2026
- Refund
- Thu, Nov 5, 2026
- Credit of Shares
- Thu, Nov 5, 2026
- Listing
- Fri, Nov 6, 2026
Issue Reservation
- QIB46.80%
- NII (HNI)14.21%
- Retail32.89%
- Market Maker6.10%
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 17,07,200 | 49.84% | 46.80% |
| - Anchor Investor | 10,24,000 | — | 28.07% |
| - QIB (Ex. Anchor) | 6,83,200 | — | 18.73% |
| NII (HNI) | 5,18,400 | 15.13% | 14.21% |
| - bNII > ₹10L | 3,45,600 | — | 9.47% |
| - sNII < ₹10L | 1,72,800 | — | 4.74% |
| Retail | 12,00,000 | 35.03% | 32.89% |
| Firm Reservations | |||
| Market Maker | 2,22,400 | — | 6.10% |
| Total | 36,48,000 | 100.00% | 100.00% |
Maxwell Engineering Solutions IPO comprises a total issue size of 36,48,000 shares. The net offer to the public is 34,25,600 shares, after excluding 2,22,400 shares allotted on a firm basis. Of the Net offer 17,07,200 (49.84%) are allocated to QIB , 5,18,400 (15.13%) allocated to NII 12,00,000 (35.03%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1,600 | ₹2,52,800 |
| Individual investors (IND) (Max) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2,400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6,400 | ₹10,11,200 |
Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.
About Maxwell Engineering Solutions Ltd.
Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading and servicing of critical components for underwater pelletizing systems. The Company manufactures pelletizing die plates, pelletizing blades/knives, blade holders/cutter hubs and tapped driving bushes, along with other related components. It also undertakes customized and white-label manufacturing, refurbishment and repair of used die plates, intermediary support and management consulting services. Its products cater to industries such as polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling.
The Company operates a manufacturing facility in Waghodia GIDC, Vadodara, Gujarat, equipped with precision machinery including VMC, CNC, EDM, wire-cut, milling, lathe and surface grinding machines, along with in-house testing facilities. The Company serves customers across India and international markets including the USA, Germany, Japan, Saudi Arabia, Australia, Italy, Switzerland and several other countries. It is ISO 9001:2015 certified and has also received ZED Bronze Certification, reflecting its focus on quality and sustainable manufacturing. The Company is supported by promoters with over 22 years of combined experience in the underwater pelletizing systems industry and an experienced technical, production and sales team.
As of June 30, 2026, the Company had 72 full-time employees excluding Directors, working across production and operations, quality and testing, design, sales and marketing, human resources, finance, procurement, maintenance and other functions.
Strengths :
Experienced promoters and management team with industry expertise.
Established client relationships across multiple geographies.
Customized product offerings and white-label manufacturing capabilities.
Quality-focused manufacturing systems and procedures.
Presence across domestic and international markets.
In-house manufacturing, testing and R&D capabilities.
Company Financials (Restated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 47.55 | 25.31 | 8.51 |
| Total Income | 30.76 | 22.59 | 10.87 |
| Profit After Tax | 11.86 | 9.18 | 3.16 |
| EBITDA | 15.19 | 11.69 | 4.25 |
| NET Worth | 24.87 | 13.01 | 3.33 |
| Reserves and Surplus | 14.82 | 10.25 | 3.32 |
| Total Borrowing | 16.73 | 8.60 | 3.19 |
| Amount in ₹ Crore |
Maxwell Engineering Solutions Ltd.'s revenue increased by 36% and profit after tax (PAT) rose by 29% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Other Industrial Products
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Phychem Technologies Ltd. | SME | ₹14.58 Cr | ₹54 | 9.96 | ₹58.80 | +8.89% | ₹43.90 |
| Technocrats Plasma Systems Ltd. | SME | ₹60.98 Cr | ₹132 | 11.38 | ₹241.50 | +82.95% | ₹395.40 |
| Liotech Industries Ltd. | SME | ₹36.03 Cr | ₹321 | 23.13 | ₹244.15 | -23.94% | ₹89.40 |
| Narmadesh Brass Industries Ltd. | SME | ₹44.87 Cr | ₹515 | 19.63 | ₹470.25 | -8.69% | ₹261.00 |
| Hy-Tech Engineers Ltd. | Mainboard | ₹135.73 Cr | ₹53 | 19.63 | ₹78.75 | +48.58% | ₹77.16 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility | 18.00 |
| 2 | Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility | 6.50 |
| 3 | Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company | 4.30 |
| 4 | Funding working capital requirements of Company | 14.00 |
| 5 | General Corporate Purposes | — |
| Total | 42.80 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROE
ROCE
RoNW
PAT Margin
EBITDA Margin
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 62.63% | 112.32% |
| ROCE | 38.46% | 53.31% |
| Debt/Equity | 0.67 | 0.66 |
| RoNW | 47.70% | 70.54% |
| PAT Margin | 40.28% | 41.52% |
| EBITDA Margin | 51.58% | 52.90% |
| NAV | 24.74 | 13.00 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 11.80 | 8.66 |
| Market Cap at Offer Price | - | - |
Shareholding Structure
Pre IPO
- Promoter and Promoter Group97.26%
- Public2.74%
Post IPO
- Promoter and Promoter Group71.36%
- Public28.64%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 97.26% | 71.36% |
| Public | 2.74% | 28.64% |
| Total | 100% | 100% |
Company Promoters: Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.
Maxwell Engineering Solutions IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
📰 Maxwell Engineering Solutions Ltd. - News Updates
Maxwell Engineering Solutions Ltd. Refiled Draft Prospectus with NSE SME
IPO Registrar
Kfin Technologies Ltd.
040-79615565
maxwell.ipo@kfintech.com
IPO Lead Manager(s)
JDA Capital Services Ltd.
Contact Details
Maxwell Engineering Solutions Ltd. Address
Plot 939 & 940
Waghodia GIDC
Vaghodia
Vadodara, Gujarat , 391760
96385 42674
cs@maxwells.in
Maxwell Engineering Solutions IPO in the news
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Maxwell Engineering Solutions: common questions
Answered from this issue's own record.
