Maxwell Engineering Solutions IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Allotment Awaited
Dates
Oct 30 to Nov 03 2026
Price Band
₹150 - 158
Current GMP
₹105 (66.46%)
Subscription
536.79 times
IPO Details
| IPO Date | 30 Oct to 3 Nov, 2026 |
| Listed on | Fri, Nov 6, 2026 |
| Face Value | 10 per share |
| Price Band | 150 to 158 |
| Issue Price | 158 per share |
| 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 ₹ 57.64 Cr) |
| Reserved for Market Maker | 2,22,400 shares (agg. up to ₹ 4 Cr) Jda Capital Services Ltd. |
| Fresh Issue (Ex Market Maker) | 34,25,600 shares (agg. up to ₹ 54.12 Cr) |
| Net Offered to Public | 34,25,600 shares (agg. up to ₹ 54.12 Cr) |
| Share Holding Pre Issue | 1,00,50,275 shares |
| Share Holding Post Issue | 1,36,98,275 shares |
| NSE Symbol | MAXENGS |
| ISIN | INE1W3F01014 |
IPO Date
30 Oct to 3 Nov, 2026
Listed on
Fri, Nov 6, 2026
Face Value
10 per share
Price Band
150 to 158
Issue Price
158 per share
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 ₹ 57.64 Cr)
Reserved for Market Maker
2,22,400 shares (agg. up to ₹ 4 Cr) Jda Capital Services Ltd.
Fresh Issue (Ex Market Maker)
34,25,600 shares (agg. up to ₹ 54.12 Cr)
Net Offered to Public
34,25,600 shares (agg. up to ₹ 54.12 Cr)
Share Holding Pre Issue
1,00,50,275 shares
Share Holding Post Issue
1,36,98,275 shares
NSE Symbol
MAXENGS
ISIN
INE1W3F01014
IPO Subscription Details
| Anchor | 1 |
| Market Maker | 1 |
| QIB (Ex Anchor) | 259.45 |
| NII*** | 857.64 |
| bNII (> ₹10L) | 1,024.23 |
| sNII (< ₹10L) | 524.48 |
| Individual Investors | 556.09 |
| Total ** | 536.79 |
Anchor
1
Market Maker
1
QIB (Ex Anchor)
259.45
NII***
857.64
bNII (> ₹10L)
1,024.23
sNII (< ₹10L)
524.48
Individual Investors
556.09
Total **
536.79
Day Wise Sub
| Day | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
|---|---|---|---|---|---|---|
| Oct 3 0 (Day 1) | 0.00 | 4.35 | 3.59 | 5.87 | 7.47 | 4.67 |
| Nov 2 (Day 2) | 0.00 | 117.09 | 129.80 | 91.67 | 110.21 | 80.34 |
| Nov 3 (Day 3) | 259.45 | 857.64 | 1,024.23 | 524.48 | 556.09 | 536.79 |
DayOct 3
0 (Day 1)
QIB (Ex Anchor)0.00
NII*4.35
NII (> ₹10L)3.59
NII (< ₹10L)5.87
Individual Investors7.47
Total4.67
DayNov 2
(Day 2)
QIB (Ex Anchor)0.00
NII*117.09
NII (> ₹10L)129.80
NII (< ₹10L)91.67
Individual Investors110.21
Total80.34
DayNov 3
(Day 3)
QIB (Ex Anchor)259.45
NII*857.64
NII (> ₹10L)1,024.23
NII (< ₹10L)524.48
Individual Investors556.09
Total536.79
Day Wise GMP
| GMP Date | IPO Price | GMP | Est. Listing Price |
|---|---|---|---|
| 06-11-2026 | 158 | 105 (66.46%) | 263 |
| 05-11-2026 | 158 | 105 (66.46%) | 263 |
| 04-11-2026 | 158 | 113 (71.52%) | 271 |
| 03-11-2026 | 158 | 80 (50.63%) | 238 |
| 02-11-2026 | 158 | 80 (50.63%) | 238 |
| 01-11-2026 | 158 | 70 (44.30%) | 228 |
| 31-10-2026 | 158 | 70 (44.30%) | 228 |
| 30-10-2026 | 158 | 70 (44.30%) | 228 |
| 29-10-2026 | 158 | 70 (44.30%) | 228 |
| 28-10-2026 | 158 | 43 (27.22%) | 201 |
| 27-10-2026 | 158 | 27 (17.09%) | 185 |
GMP Date06-11-2026
IPO Price158
GMP105 (66.46%)
Est. Listing Price263
GMP Date05-11-2026
IPO Price158
GMP105 (66.46%)
Est. Listing Price263
GMP Date04-11-2026
IPO Price158
GMP113 (71.52%)
Est. Listing Price271
GMP Date03-11-2026
IPO Price158
GMP80 (50.63%)
Est. Listing Price238
GMP Date02-11-2026
IPO Price158
GMP80 (50.63%)
Est. Listing Price238
GMP Date01-11-2026
IPO Price158
GMP70 (44.30%)
Est. Listing Price228
GMP Date31-10-2026
IPO Price158
GMP70 (44.30%)
Est. Listing Price228
GMP Date30-10-2026
IPO Price158
GMP70 (44.30%)
Est. Listing Price228
GMP Date29-10-2026
IPO Price158
GMP70 (44.30%)
Est. Listing Price228
GMP Date28-10-2026
IPO Price158
GMP43 (27.22%)
Est. Listing Price201
GMP Date27-10-2026
IPO Price158
GMP27 (17.09%)
Est. Listing Price185
IPO Important Dates
| 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 |
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
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1600 | ₹2,52,800 |
| Individual investors (IND) (Max) | 2 | 1600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6400 | ₹10,11,200 |
ApplicationIndividual investors (IND) (Min)
Lots2
Shares1600
Amount₹2,52,800
ApplicationIndividual investors (IND) (Max)
Lots2
Shares1600
Amount₹2,52,800
ApplicationS-HNI (Min)
Lots3
Shares2400
Amount₹3,79,200
ApplicationS-HNI (Max)
Lots7
Shares5600
Amount₹8,84,800
ApplicationB-HNI (Min)
Lots8
Shares6400
Amount₹10,11,200
Financial Information
| Period Ended | 31 Jul 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 51.79 | 47.55 | 25.31 | 8.51 |
| Total Income | 12.25 | 30.76 | 22.59 | 10.87 |
| Profit After Tax | 3.05 | 11.86 | 9.18 | 3.16 |
| EBITDA | 4.29 | 15.19 | 11.69 | 4.25 |
| NET Worth | 27.92 | 24.87 | 13.01 | 3.33 |
| Reserves and Surplus | 17.87 | 14.82 | 10.25 | 3.32 |
| Total Borrowing | 15.77 | 16.73 | 8.60 | 3.19 |
Period EndedAssets
31 Jul 202651.79
31 Mar 202647.55
31 Mar 202525.31
31 Mar 20248.51
Period EndedTotal Income
31 Jul 202612.25
31 Mar 202630.76
31 Mar 202522.59
31 Mar 202410.87
Period EndedProfit After Tax
31 Jul 20263.05
31 Mar 202611.86
31 Mar 20259.18
31 Mar 20243.16
Period EndedEBITDA
31 Jul 20264.29
31 Mar 202615.19
31 Mar 202511.69
31 Mar 20244.25
Period EndedNET Worth
31 Jul 202627.92
31 Mar 202624.87
31 Mar 202513.01
31 Mar 20243.33
Period EndedReserves and Surplus
31 Jul 202617.87
31 Mar 202614.82
31 Mar 202510.25
31 Mar 20243.32
Period EndedTotal Borrowing
31 Jul 202615.77
31 Mar 202616.73
31 Mar 20258.60
31 Mar 20243.19
Key Performance Indicator
| ROE | 11.56% |
| ROCE | 9.87% |
| Debt/Equity | 0.56 |
| RoNW | 10.93% |
| PAT Margin | 25.70% |
| EBITDA Margin | 36.11% |
| NAV | 27.78 |
| P/B (x) | 5.69 |
ROE
11.56%
ROCE
9.87%
Debt/Equity
0.56
RoNW
10.93%
PAT Margin
25.70%
EBITDA Margin
36.11%
NAV
27.78
P/B (x)
5.69
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions Ltd. | 11.80 | 11.80 | 13.39 | 47.70 | |||
| Kabra Extrusiontechnik Ltd. | -0.70 | 127.92 | -0.54 | 5.34 | Standalone | ||
| Omnitech Engineering Ltd. | 6.42 | 55.36 | 99.00 | 11.28 | 11.55 | Standalone | |
| Sunita Tools Ltd. | 10.53 | 112.10 | 100.65 | 10.80 | 9.46 | Standalone |
Company NameMaxwell Engineering Solutions Ltd.
EPS (Basic)11.80
EPS (Diluted)11.80
NAV (₹ per share)
P/E (x)13.39
RoNW (%)47.70
P/BV Ratio
Financial statements
Company NameKabra Extrusiontechnik Ltd.
EPS (Basic)-0.70
EPS (Diluted)
NAV (₹ per share)127.92
P/E (x)
RoNW (%)-0.54
P/BV Ratio5.34
Financial statementsStandalone
Company NameOmnitech Engineering Ltd.
EPS (Basic)6.42
EPS (Diluted)
NAV (₹ per share)55.36
P/E (x)99.00
RoNW (%)11.28
P/BV Ratio11.55
Financial statementsStandalone
Company NameSunita Tools Ltd.
EPS (Basic)10.53
EPS (Diluted)
NAV (₹ per share)112.10
P/E (x)100.65
RoNW (%)10.80
P/BV Ratio9.46
Financial statementsStandalone
IPO Reservation
| QIB | 17,07,200 |
| − Anchor Investor | 10,24,000 |
| − QIB (Ex. Anchor) | 6,83,200 |
| NII (HNI) | 5,18,400 |
| − bNII > ₹10L | 3,45,600 |
| − sNII < ₹10L | 1,72,800 |
| Retail | 12,00,000 |
| Market Maker | 2,22,400 |
| Total | 36,48,000 |
QIB
17,07,200
− Anchor Investor
10,24,000
− QIB (Ex. Anchor)
6,83,200
NII (HNI)
5,18,400
− bNII > ₹10L
3,45,600
− sNII < ₹10L
1,72,800
Retail
12,00,000
Market Maker
2,22,400
Total
36,48,000
Information about company
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 a range of components for underwater pelletizing systems, including pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The Company also undertakes customised manufacturing based on customer specifications and offers white-label manufacturing, enabling customers to market products under their own brands. Its business operates through three segments: manufacturing, services and trading.
The Company commenced operations at its company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025 and has progressively transitioned manufacturing activities from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, including heat treatment, hardening and coating, are outsourced to job workers. The Company also provides refurbishment and repair services for used die plates, intermediary support for the marketing and supply of CJTEK components, and management consulting services for developing customer relationships.
The Company serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, Italy and other countries. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel and dedicated sales and marketing capabilities.
As of September 30, 2026, the Company had 71 full-time employees, excluding Directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.
Competitive Strengths
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
#: Issue Objects
1: Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility
2: Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility
3: Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company
4: Funding working capital requirements of Company
5: General Corporate Purposes
6: Issue Expenses
: Total
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