Maxwell Engineering Solutions Limited IPO
MAXENGS · NSE · SME · Engineering
Overview
Updated 2 hr agoMaxwell Engineering Solutions Limited is an engineering company specializing in the manufacturing, trading, and servicing of precision-engineered components for underwater pelletizing systems. The company is raising funds through an initial public offering to finance capital expenditure for new machinery, construction of a new office and manufacturing facility, repayment of borrowings, and working capital requirements.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,26,400 |
| bNII (min) | 8 | 6,400 | ₹10,11,200 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 12 Nov, 18:33 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Day-wise demand
close of each bidding day| Day | Date | QIB | NII | bNII | sNII | Retail | Employee | Total |
|---|---|---|---|---|---|---|---|---|
| Day 1 | 30 Oct | -- | -- | -- | -- | -- | -- | 4.65x |
| Day 2 | 2 Nov | -- | -- | -- | -- | -- | -- | 80.23x |
| Day 3 | 3 Nov | -- | -- | -- | -- | -- | -- | 258.96x |
bNII = NII bids above ₹10 lakh, sNII = NII bids from ₹2 lakh to ₹10 lakh. Each day shows the last reading we recorded that day.
Grey market premium
Unofficial| Date | GMP | GMP % | Implied price |
|---|---|---|---|
| 06-Nov-2026 | +₹105 | +66.5% | ₹263 |
| 05-Nov-2026 | +₹107 | +67.4% | ₹265 |
| 04-Nov-2026 | +₹76 | +48.1% | ₹234 |
| 03-Nov-2026 | +₹77 | +48.7% | ₹235 |
| 02-Nov-2026 | +₹65 | +41.1% | ₹223 |
| 01-Nov-2026 | +₹58 | +36.4% | ₹216 |
| 31-Oct-2026 | +₹58 | +36.4% | ₹216 |
GMP is an unofficial, unregulated, community-tracked quote. It is not an exchange price and not a forecast. See how often it has been right →
Listing performance
Latest price updated 5 hr ago.
Grey market vs reality: the last GMP before listing was +₹105 (+66.5%). It listed at +99.5%, off by 33.0 points.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Sector | Engineering |
| Price band | ₹150–158 |
| Final issue price | ₹158.00 |
| Face value | ₹10 per share |
| Lot size | 800 shares |
| Minimum investment | ₹1,26,400 |
| Issue size | ₹58.00 Cr |
| Market cap at upper band | ₹216 Cr |
| P/E at upper band | 13.4x |
| Registrar | KFIN TECHNOLOGIES LIMITED |
| Lead managers | JDA Capital Services Limited |
| NSE symbol | MAXENGS |
| ISIN | INE1W3F01014 |
Shareholder quota and promoter holding
Company & business
Maxwell Engineering Solutions Limited, incorporated in 2022, is a precision engineering company based in Vadodara, Gujarat. The company manufactures critical components for underwater pelletizing systems, including die plates, blades, knives, and blade holders. It also provides refurbishment and repair services and acts as an intermediary for marketing and supply of components. The company operates from its manufacturing facility in Waghodia GIDC, Vadodara, and serves a global customer base across more than 20 countries, including the USA, Germany, and others. The company is led by experienced promoters and has transitioned from a private limited to a public limited company.
Objects of the issue — how the money will be used
- Financing capital expenditure for new machineries, lab equipment, and other utilities (₹18 Cr)
- Financing capital expenditure for construction of new office building and manufacturing facility (₹6.5 Cr)
- Repayment/prepayment of certain outstanding borrowings (₹4.3 Cr)
- Funding working capital requirements (₹14 Cr)
- General corporate purposes
Key strengths
- Experienced promoter and management team
- Established client relationships
- Quality service focus
- Well-established systems and procedures
- Revenue from multiple geographies
- Customized product offering
- In-house research and development capabilities
Key risks
- Dependency on a few key suppliers for raw materials
- Significant portion of raw material requirements met through imports, exposing the company to foreign exchange fluctuation risks
- Subject to export obligations under the EPCG Scheme
- Working capital intensive business with increasing requirements
- Pending trademark applications and opposition proceedings
- Dependency on a few customers for a major part of revenue
- Promoter engaged in a similar business through a Promoter Group entity
- Significant dependence on steel as a key raw material
Promoters
Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 10.54 | -- | 3.16 | 8.51 | 3.33 | 1.63 |
| FY25 | 22.10 | -- | 9.18 | 25.31 | 13.01 | 6.64 |
| FY26 | 29.45 | -- | 11.86 | 47.55 | 24.87 | 13.10 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Maxwell Engineering Solutions Limited this issue | 29.5 | 11.80 | 13.4x | 47.70 | 24.74 |
| Kabra Extrusion Technik Ltd. | 451.0 | -0.70 | -- | -0.54 | 127.92 |
| Omnitech Engineering Ltd. | 511.3 | 6.42 | 99.0 | 11.28 | 55.36 |
| Sunita Tools Ltd. | 47.3 | 10.53 | 100.7 | 10.80 | 112.10 |
This issue is priced at 13.4x P/E against a peer median of 99.8x: a discount of 87%. A measurement, not a verdict.
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.