Maharaja & Speedex India IPO
GMP, Subscription, Price, Dates & Financial Details
Household & Personal Products
Incorporated in February 2006, Maharaja & Speedex India Limited is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The Company caters to both consumer and institutional markets and has developed a diversified product…
Open Date
Thu, 10 Sep 2026
Close Date
Tue, 15 Sep 2026
Price Band
₹ 177 – 186
Lot Size
600
Issue Size
₹ 80.13 Cr
Minimum Investment
₹ 223,200 (1200 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Maharaja & Speedex India IPO is set to open its Initial Public Offering (IPO) for subscription on September 10, 2026. According to the Red Herring Prospectus (RHP), the IPO is a book-built issue with a total issue size of ₹80.13 Crore, comprising a fresh issue of 32.30 Lakh equity shares aggregating to ₹64.10 Crore and an offer for sale (OFS) of 8.62 Lakh equity shares aggregating to ₹16.03 Crore by the existing shareholders.
The Maharaja & Speedex India IPO will open for subscription on September 10, 2026, and close on September 15, 2026. The basis of allotment is expected to be finalized on September 16, 2026, while the shares are tentatively scheduled to be listed on BSE SME Platform on September 18, 2026.
The company has fixed the price band at ₹177 to ₹186 per share, with a lot size of 600 shares. Retail investors will require a minimum investment of ₹223,200 (based on the upper price band) to apply for one lot.
Maashitla Securities Private Limited is the registrar to the issue. Choice Capital Advisors Pvt Ltd are the Book Running Lead Managers (BRLMs) to the issue.
Before investing in the Maharaja & Speedex India IPO, investors should carefully review the company's financial performance, business model, IPO objectives, and risk factors disclosed in the offer documents. Investors should also ensure that they submit their applications before the subscription window closes on September 15, 2026.
Maharaja & Speedex India IPO Timeline (Tentative)
- IPO Open Date
- Thu, 10 Sep 26
- IPO Close Date
- Tue, 15 Sep 26
- Basis of Allotment
- Wed, 16 Sep 26
- Initiation of Refunds
- Thu, 17 Sep 26
- Credit of Shares to Demat
- Thu, 17 Sep 26
- Listing Date
- Fri, 18 Sep 26 — BSE
Open Date
10 September 2026
Close Date
15 September 2026
Basis Of Allotment
16 September 2026
Listing Date
18 September 2026
IPO Subscription
Check Live Subscription →The Maharaja & Speedex India IPO subscription Data Unavailable. Subscription data will be available once biddings start. Bidding is open from 10:00 AM to 5:00 PM on 10 September 2026
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 0 shares, representing 0% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 0 shares (0%), while Non-Institutional Investors (NIIs) receive 0 shares (0%).
| Category | Shares Offered | Shares Offered |
|---|---|---|
| Qualified Institutions | 0 | 0% |
| Retail Investors | 0 | 0% |
| Non-Institutional | 0 | 0% |
Financials Details(₹ in Crores)
| Particular | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 81.98 | 47.67 | 26.94 |
| Revenue | 122.74 | 93.6 | 61.41 |
| Profit After Tax | 15.34 | 5.57 | 1.08 |
| Net Worth | 26.74 | 11.39 | 4.97 |
| Reserve & Surplus | 15.96 | 13.51 | 4.96 |
| Total Borrowings | 26.66 | 18.04 | 16.11 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Maharaja & Speedex India Limited KPI Information
| Particular | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROCE % | 54.6 | 42.22 | 18.88 |
| Debt / Equity | 0.92 | 0.53 | 0.94 |
| RoNW % | 80.47 | 68.03 | 31.57 |
| Pat Margin % | 12.51 | 5.95 | 1.76 |
Peers Comparison
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Maharaja & Speedex India Ltd | 10 | 0 | 11.89 | 11.89 | 80.47 | 20.73 |
| Borosil Limited | 1 | 38.23 | 6.24 | 6.24 | 9.3 | 74.12 |
| Cello World Limited | 5 | 25.69 | 14.7 | 14.7 | 14.35 | 101.62 |
About Maharaja & Speedex India Limited
Incorporated in February 2006, Maharaja & Speedex India Limited is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The Company caters to both consumer and institutional markets and has developed a diversified product portfolio across mass, premium and lifestyle segments.
The Company's product portfolio is broadly classified into Standard Products and Novelty Products. Standard Products primarily comprise stainless-steel bottles, while Novelty Products include tumblers, feeding bottles and gym shakers. Through this diversified portfolio, the Company addresses a wide range of consumer requirements and price points.
In addition to selling products under its own brands, the Company also undertakes Original Equipment Manufacturer (OEM) and private-label manufacturing. This enables it to provide customized drinkware solutions to corporates, institutional customers, brand partners and corporate gifting programmes.
Integrated Manufacturing Capabilities
The Company follows an integrated, asset-backed business model, with its manufacturing operations primarily undertaken through its wholly owned subsidiary, Dewdrop Bottles Private Limited.
Dewdrop Bottles became a wholly owned subsidiary of the Company in January 2025, thereby consolidating the Group's stainless-steel drinkware manufacturing operations.
As of the date of the Red Herring Prospectus, Dewdrop Bottles operates two manufacturing facilities in Sonipat, Haryana, with an aggregate installed production capacity of approximately 45.24 lakh units per annum across 223 SKUs.
The manufacturing facilities are equipped with modern machinery and dedicated production lines, enabling the Group to undertake large-scale production, product customization and manufacturing across multiple drinkware categories. The in-house manufacturing infrastructure also provides greater control over production, quality, product development and delivery timelines.
The Company continues to focus on product innovation and the development of value-added drinkware products, with an emphasis on evolving consumer preferences, functionality, design and lifestyle trends.
Product Portfolio
The Company offers a broad range of drinkware products catering to different consumer segments:
Standard Products: Primarily stainless-steel bottles designed for everyday use.
Novelty Products: Includes tumblers, feeding bottles and gym shakers.
OEM & Private-Label Products: Customized drinkware manufactured for corporate gifting programmes, institutional buyers and third-party brands.
The Company's portfolio is positioned across mass, premium and lifestyle price segments, allowing it to cater to diverse customer groups and market requirements.
Pan-India Distribution Network
The Company has established a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories. Its distribution presence includes key markets such as Maharashtra, Uttar Pradesh, Rajasthan and Punjab.
The Company's products are sold through multiple channels, including:
Traditional retail
Modern trade
Online and e-commerce channels
Institutional and B2B sales
This multi-channel distribution model enables the Company to serve both B2C and B2B customers while expanding its geographical reach and improving product accessibility.
The Company has also developed long-standing relationships with its suppliers, distributors, retailers, institutional customers and brand partners, supporting continuity across its supply chain and distribution ecosystem.
Expansion of Group Structure and Digital Capabilities
The Company has undertaken strategic initiatives to strengthen its manufacturing capabilities and digital distribution platform.
In January 2025, Dewdrop Bottles Private Limited became a wholly owned subsidiary, bringing the Group's stainless-steel drinkware manufacturing operations under a consolidated structure.
In 2026, the Company acquired Gulika Apparel Private Limited, which was subsequently rebranded as Speedex Online Private Limited. The acquisition was undertaken with the objective of strengthening the Company's online sales capabilities and digital distribution of branded products.
This expansion is expected to support the Company's multi-channel strategy and provide greater focus on its growing online and digital sales operations.
Human Resources & Management
As of March 31, 2026, the Company and its wholly owned subsidiary had a total of 431 full-time employees. The workforce supports the Company's manufacturing, supply chain, distribution, sales, marketing and corporate functions.
The Company's management team comprises professionals with complementary experience across manufacturing, distribution, product development, sales and overall business operations, supporting the execution of its growth strategy.
Maharaja & Speedex India IPO Promoters
- Rakesh Kumar Aggarwal
- Kusum Aggarwal
- Akash Aggarwal
- Ankit Bansal
- Atul Tulsian
- Rohit Garg
Promoters Holding
Holding Pre Issue
87.69%
Holding Post Issue
63.93%
Maharaja & Speedex India IPO Objective
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company and its subsidiary from banks
- Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of our wholly-owned subsidiary
- General Corporate Purposes
Maharaja & Speedex India Limited Address / Contact Details
Maharaja & Speedex India Ltd.
Kh. No. 53/27 GT Karnal Road,
Village Alipur,
Near Alipur Police Station,
Alipur, New Delhi, 110036
Tel No: 9650589457
Email: cs@speedexind.com
Website:https://speedexind.com/
IPO Snapshot
Maharaja & Speedex India IPO Lot Size
The Maharaja & Speedex India IPO has a lot size of 600 shares. Retail investors require a minimum investment of ₹2,23,200 by applying for 2 lot (1,200 shares). The maximum application allowed for the retail category is 2 lots (1,200 shares), requiring an investment of ₹2,23,200.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | 223,200.00 |
| Retail (Max) | 2 | 1,200 | 223,200.00 |
| S-HNI (Min) | 3 | 1,800 | 334,800.00 |
| S-HNI (Max) | 8 | 4,800 | 892,800.00 |
| B-HNI (Min) | 9 | 5,400 | 1,004,400.00 |
Issue Reservation
Book Running Lead Managers
- Choice Capital Advisors Pvt Ltd
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Maharaja & Speedex India IPO?
Maharaja & Speedex India IPO is a Book-building IPO with a total issue size of ₹80.13 crore. The Maharaja & Speedex India IPO price band is ₹177 to 186 per share. The Maharaja & Speedex India IPO subscription opens on Thu, Sep 10, 2026, and closes on Tue, Sep 15, 2026. The Maharaja & Speedex India IPO will be listed on the BSE. Maashitla Securities Private Limited is the registrar for the Maharaja & Speedex India IPO.
When will the Maharaja & Speedex India IPO open for subscription?
The Maharaja & Speedex India IPO opens on Thu, Sep 10, 2026 and closes on Tue, Sep 15, 2026
What is Maharaja & Speedex India IPO Price Band?
Maharaja & Speedex India IPO Price Band is ₹177 to 186 per share.
What is Maharaja & Speedex India IPO Lot Size?
Maharaja & Speedex India IPO lot size is 600 shares, Retail investors need a minimum investment of ₹223200 based on the upper price band
What is the minimum investment for Maharaja & Speedex India IPO?
The minimum investment for Maharaja & Speedex India IPO is ₹223200, based on one lot of 600 shares at the upper price band of ₹186 per share.
How to apply for Maharaja & Speedex India IPO?
Investors can apply for the Maharaja & Speedex India IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Tue, Sep 15, 2026. The application amount remains blocked until the Maharaja & Speedex India IPO allotment is finalized.
What is Maharaja & Speedex India IPO Issue Size?
Maharaja & Speedex India IPO issue size is ₹80.13 crores.
What is the Maharaja & Speedex India IPO Allotment Date?
Maharaja & Speedex India IPO allotment date is Wed, Sep 16, 2026.
Who is the Maharaja & Speedex India IPO Registrar?
The registrar for Maharaja & Speedex India IPO is Maashitla Securities Private Limited. Investors can go to Maashitla Securities Private Limited website to check Maharaja & Speedex India IPO allotment status, refund processing, and other IPO-related information.
Who is the Maharaja & Speedex India IPO Lead Manager?
The book-running lead managers (BRLMs) for the Maharaja & Speedex India IPO are Choice Capital Advisors Pvt Ltd. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Maharaja & Speedex India IPO Red Herring Prospectus (RHP).