Maharaja & Speedex India IPO
ListedSMEConsumer Durables
32.41×
Subscribed
Price band
₹186 – ₹186
Lot size
600
1 lot = ₹1,11,600
Issue size
₹80.13 Cr
Open – close
10 Sept 2026
to 15 Sept 2026
Listing
18 Sept 2026
Listing gain
+34.41%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 5 signals read positive
Strength83/100
- Strong revenue growthRevenue compounding at 42.0% across the reported years
- Profit growth outpaces salesPAT up 277.2% a year against revenue at 42.0% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 53.2%
- Conservative balance sheetDebt/equity of 0.92×
- Institutions bid heavilyQIB portion subscribed 48.82×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens10 Sept 2026
- Closes15 Sept 2026
- Allotment16 Sept 2026
- Listing18 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB48.82x
Non-institutionalNII / HNI40.32x
Big NIIabove ₹10L44.60x
Small NII₹2L – ₹10L31.79x
Retail individualRII19.65x
30,240 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 15 Sept 2026.
Chance of allotment
Retail19.65× subscribed
~1 in 19.7
Minimum 2 lots · 1,200 shares · ₹2,23,200 blocked
Retail is 19.65× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 19.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII40.32× subscribed
~1 in 40.3
Minimum 1 lot · 600 shares · ₹1,11,600 blocked
HNI is 40.32× subscribed. This category is allotted proportionately, so a bid receives roughly 1/40.3 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹48+25.8%
over the upper band · last seen 22 Sept 2026 · flat since 13 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹186 – ₹186
Face value₹10
Lot size600shares
Minimum application₹1,11,600at cut-off
Total issue size₹80.13 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
Return on equity53.16%
Debt / equity0.92×
ROCE54.60%
RoNW80.47%
PAT Margin12.51%
EBITDA Margin18.36%
NAV20.73
Price to Book Value8.97
ISININE0SVD01012
RegistrarMaashitla Securities Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 20,45,400 | 47.48% |
| Anchor Investor | 12,27,000 | 28.48% |
| QIB (Ex. Anchor) | 8,18,400 | 19.00% |
| NII (HNI) | 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 issue 43,08,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,23,2002 lots · 1,200 sh
Individual investors (IND) (Max)₹2,23,2002 lots · 1,200 sh
S-HNI (Min)₹3,34,8003 lots · 1,800 sh
S-HNI (Max)₹8,92,8008 lots · 4,800 sh
B-HNI (Min)₹10,04,4009 lots · 5,400 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted12,27,000
Anchor portion₹22.82 Cr
Bid date09 Sept 2026
Lock-in ends (50%)16 Oct 2026
Lock-in ends (rest)15 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company and its subsidiary from banks₹24.1 Cr
- 02Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of our wholly-owned subsidiary₹21.42 Cr
- 03General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 61.323 | 1.446 | 1.079 | 4.988 | 16.109 |
| 2025 | 93.508 | 7.49 | 5.566 | 13.511 | 18.037 |
| 2026 | 123.654 | 19.193 | 15.342 | 28.862 | 26.663 |
Revenue CAGR 42.0%PAT CAGR 277.2%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Maharaja & Speedex India Limitedthis issue | 11.89 | — | 20.73 | 80.47% |
| Borosil Limited | 6.24 | 38.23 | 74.12 | 9.30% |
| Cello World Limited | 14.70 | 25.69 | 101.62 | 14.35% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company is dependent on a limited number of suppliers for the procurement of its key raw material, stainless steel, which is critical for the manufacture of its products. The contribution of the top 5 suppliers to total purchases was 65.76% in Fiscal 2026, 51.62% in Fiscal 2025, and 77.08% in Fi
mediumThe Company is dependent on and derives a substantial portion of its revenue from a limited number of key customers. The contribution of the top 10 customers to total revenue from operations was 48.70% in Fiscal 2026, 33.05% in Fiscal 2025, and 46.12% in Fiscal 2024. Loss of relationship with any of
mediumThe Company is dependent on a limited number of suppliers for the procurement of its key raw material, stainless steel. In the event that its primary supplier is unable or unwilling to continue supplying the Company, it may not be able to immediately secure alternative sources of supply on comparabl
mediumThe Company is dependent on a limited number of key customers. Any cancellation, delay or reduction in orders by such customers, or any deterioration in the commercial relationship with such customers, inability to agree on pricing or credit terms, or failure to renew or continue supply arrangements
Positives the filing discloses (2)
Strong revenue growth
Restated revenue CAGR of 42.0%.
Healthy return on equity
ROE of 53.2%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-1.0%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Green Asia Impexsame segment
1.0× sub+0.0%
Himalayan Solarsame segment
1.2× sub-17.5%
Bench Mark Infotechsame segment
96.0× sub+0.0%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Maharaja & Speedex India
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company. It is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel bottles and allied drinkware products for retail and institutional customers. Its product portfolio comprises Standard Products, including stainless-steel bottles for routine use, and Novelty Products, including tumblers, feeding bottles, and gym shakers. The company also undertakes OEM and private-label manufacturing, offering customised products for corporate gifting, institutional buyers, and brand partners. Manufacturing operations are primarily undertaken through its subsidiary, Dewdrop Bottles Private Limited, which operates two facilities in Sonipat, Haryana. These facilities have an installed production capacity of approximately 45.24 lakh units annually across 223 SKUs. The company has a pan-India distribution network of 101 distributors across 17 states and two Union Territories, supported by modern trade and online sales channels. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks — Rs 24.10 crore Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary — Rs 21.41 crore General corporate purposes
Founded 2006MD Mr Rakesh Kumar AggarwalSector Consumer Durables
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Maharaja & Speedex India IPO GMP today?
The most recent grey-market premium recorded for Maharaja & Speedex India is ₹48 per share — about 25.8% over the ₹186 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Maharaja & Speedex India IPO subscribed?
Maharaja & Speedex India is subscribed 32.41× overall (QIB 48.82×, NII 40.32×, retail 19.65×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Pvt Ltd.
What is the minimum investment in the Maharaja & Speedex India IPO?
One lot is 600 shares, so a retail application at the ₹186 cut-off price blocks ₹1,11,600. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Maharaja & Speedex India IPO?
The retail portion is subscribed 19.65×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 20. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Maharaja & Speedex India IPO allotment date?
Allotment is scheduled for 2026-09-16, with listing on 2026-09-18. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Maashitla Securities Pvt Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.