Seemax Resources IPO
ListedSME
3.62×
Subscribed
Price band
₹141 – ₹141
Issue size
₹19.74 Cr
Open – close
30 Jun 2026
to 02 Jul 2026
Listing
07 Jul 2026
Listing gain
-20.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 3 of 3 signals read positive
Strength89/100
- Undemanding valuation18.9× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 48.6%
- Institutions bid heavilyQIB portion subscribed 17.19×
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
- Opens30 Jun 2026
- Closes02 Jul 2026
- Listing07 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB17.19x
Non-institutionalNII / HNI4.08x
Big NIIabove ₹10L3.62x
Small NII₹2L – ₹10L5.01x
Retail individualRII1.52x
1,025 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 02 Jul 2026.
Chance of allotment
Retail1.52× subscribed
~1 in 1.5
Retail is 1.52× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.5 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII4.08× subscribed
~1 in 4.1
HNI is 4.08× subscribed. This category is allotted proportionately, so a bid receives roughly 1/4.1 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.
The offering
Terms, structure and who is selling
Terms
Price band₹141 – ₹141
Total issue size₹19.74 Cr
Listing atSME platform
Company & valuation
P/E at upper band18.91×
EPS₹7.46pre-issue
EPS₹7.48post-issue
NAV per share₹26.53
Return on equity48.65%
EBITDA margin33.63%
ROCE31.72%
Debt/Equity1.65
RoNW28.18%
PAT Margin19.52%
EBITDA Margin30.55%
NAV26.53
Price to Book Value5.31
ISININE1EVO01017
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 70,000 | 5.00% |
| NII (HNI) Shares Offered | 6,60,000 | 47.14% |
| bNII > ₹10L | 4,40,000 | 31.43% |
| sNII < ₹10L | 2,20,000 | 15.71% |
| Retail Shares Offered | 6,00,000 | 42.86% |
| Market Maker Shares Offered | 70,000 | 5.00% |
Total issue 14,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,82,0002 lots · 2,000 sh
Individual investors (IND) (Max)₹2,82,0002 lots · 2,000 sh
S-HNI (Min)₹4,23,0003 lots · 3,000 sh
S-HNI (Max)₹9,87,0007 lots · 7,000 sh
B-HNI (Min)₹11,28,0008 lots · 8,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01not 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.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Seemax Resources Limitedthis issue | 7.48 | 18.91 | 26.53 | 28.18% |
| Sanghvi Movers Ltd | 11.22 | 29.18 | 140.31 | 7.98% |
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
mediumOur significant dependence on external debt financing exposes us to risks that may materially and adversely affect our business operations, financial condition, cash flows, and creditworthiness. Our lenders have created a charge over certain movable assets, including material handling equipment, by
mediumOur business relies significantly on revenue from the rental of Material Handling Equipment, and any negative developments in this segment could have a material impact on our financial performance, operations, and cash flows. We are heavily reliant on a limited supplier base, with our top ten suppli
mediumA significant portion of our revenue is derived from a limited number of clients. For the period ended December 31, 2025 and The Financial Years ended March 31, 2025, March 31, 2024, and March 31, 2023, revenue from our top ten clients constituted 79.72%, 79.21%, 85.04% and 71.10%, of our total reve
Positives the filing discloses (1)
Healthy return on equity
ROE of 48.6%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
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%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
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.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Seemax Resources IPO subscribed?
Seemax Resources is subscribed 3.62× overall (QIB 17.19×, NII 4.08×, retail 1.52×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Seemax Resources IPO?
The retail portion is subscribed 1.52×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
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.