Sumax Engineering IPO
ListedSMEEngineering
162.94×
Subscribed
Price band
₹101 – ₹101
Lot size
1,200
1 lot = ₹1,21,200
Issue size
₹53.4 Cr
Open – close
25 Aug 2026
to 28 Aug 2026
Listing
02 Sept 2026
Listing gain
+9.90%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution4 of 7 dimensions read
The filing raises real questions — 2 of 4 signals read negative
Strength50/100
- Undemanding valuation20.0× earnings at the upper band, with no peer set published to compare against
- Revenue shrinkingRevenue has contracted at 28.0% a year — the company is coming to market on a declining top line
- Low return on equityROE of 9.9% — the business earns little on the capital it already has
- Institutions bid heavilyQIB portion subscribed 121.28×
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
- Opens25 Aug 2026
- Closes28 Aug 2026
- Allotment31 Aug 2026
- Listing02 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB121.28x
Non-institutionalNII / HNI270.70x
Big NIIabove ₹10L315.60x
Small NII₹2L – ₹10L180.90x
Retail individualRII158.98x
Employee0.00x
1,37,090 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 28 Aug 2026.
Chance of allotment
Retail158.98× subscribed
~1 in 159
Minimum 2 lots · 2,400 shares · ₹2,42,400 blocked
Retail is 158.98× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 159 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII270.70× subscribed
~1 in 270.7
Minimum 1 lot · 1,200 shares · ₹1,21,200 blocked
HNI is 270.7× subscribed. This category is allotted proportionately, so a bid receives roughly 1/270.7 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
₹36+35.6%
over the upper band · last seen 07 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₹101 – ₹101
Face value₹10
Lot size1,200shares
Minimum application₹1,21,200at cut-off
Total issue size₹53.4 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
P/E at upper band20.04×
Return on equity9.91%
ROCE23.86%
Debt/Equity0.21
RoNW20.71%
PAT Margin8.64%
EBITDA Margin12.86%
NAV41.83
Price to Book Value2.41
ISININE11Z001019
RegistrarKARVY
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 24,09,600 | 45.57% |
| Anchor Investor | 14,35,200 | 27.14% |
| QIB (Ex. Anchor) | 9,74,400 | 18.43% |
| NII (HNI) | 7,27,200 | 13.75% |
| bNII > ₹10L | 4,84,800 | 9.17% |
| sNII < ₹10L | 2,42,400 | 4.58% |
| Retail | 16,92,000 | 32.00% |
| Employee | 1,92,000 | 3.63% |
| Market Maker | 2,66,400 | 5.04% |
Total issue 52,87,200 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,42,4002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,42,4002 lots · 2,400 sh
S-HNI (Min)₹3,63,6003 lots · 3,600 sh
S-HNI (Max)₹9,69,6008 lots · 9,600 sh
B-HNI (Min)₹10,90,8009 lots · 10,800 sh
Employee (Min)₹2,42,4002 lots · 2,400 sh
Employee (Max)₹4,84,8004 lots · 4,800 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted14,35,200
Anchor portion₹14.5 Cr
Bid date24 Aug 2026
Lock-in ends (50%)30 Sept 2026
Lock-in ends (rest)29 Nov 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
- 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.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 14.373 | — | 0.789 | 3.454 | — |
| 2024 | 9.253 | — | 0.707 | 4.161 | — |
| 2025 | 7.452 | — | 0.458 | 4.619 | — |
Revenue CAGR -28.0%PAT CAGR -23.8%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Shrinking revenuemedium
Restated revenue CAGR of -28.0%.
mediumRising costs, supply disruptions, and import restrictions on essential raw materials may impact our expenses, timelines, and overall financial performance. The prices of our primary raw materials, including those imported for the production of Adhesive Tapes, Polishing and Buffing Pads, Rubbing and
mediumWe are significantly dependent on imports for our raw material procurement, which exposes us to risks arising from geopolitical developments, trade sanctions, international trade tensions, and foreign exchange fluctuations. For the financial year ended March 31, 2026, import purchases were ₹8,182.37
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.
About Sumax Engineering
Sumax Engineering Limited is engaged in the manufacturing and trading of products for the automotive original equipment manufacturer (OEM) and auto refinish markets. Its manufacturing portfolio includes adhesive tapes and die-cuts, pre-taped masking film, rubbing and polishing compounds, buffing and foam pads, reflective tapes, domes and graphics, and car care products. The company also manufactures and supplies paint protection film (PPF), a thermoplastic polyurethane film used on vehicle-painted surfaces. Its trading portfolio comprises electrical and pneumatic tools, abrasive sheets, discs and rolls, body shop consumables, retail products, accessories and aerosol products. The company operates two manufacturing units, one at SIPCOT Industrial Park, Sriperumbudur, Tamil Nadu, and another at IMT Manesar, Haryana. Its registered office is located in Secunderabad, Telangana. The company’s manufacturing processes are certified under ISO 9001:2015 and IATF 16949:2016 standards.
Founded 1994MD Mr Sudeep MehtaSector Engineering
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Sumax Engineering IPO GMP today?
The most recent grey-market premium recorded for Sumax Engineering is ₹36 per share — about 35.6% over the ₹101 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 Sumax Engineering IPO subscribed?
Sumax Engineering is subscribed 162.94× overall (QIB 121.28×, NII 270.70×, retail 158.98×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Sumax Engineering IPO?
One lot is 1,200 shares, so a retail application at the ₹101 cut-off price blocks ₹1,21,200. 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 Sumax Engineering IPO?
The retail portion is subscribed 158.98×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 159. 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 Sumax Engineering IPO allotment date?
Allotment is scheduled for 2026-08-31, with listing on 2026-09-02. 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, KARVY.
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.