Maharaja & Speedex India IPO: Price Band, Lot Size, Financials & Review
Maharaja & Speedex India IPO listed on BSE on Fri, 18 Sep 2026. The issue was subscribed 32.49x overall.
- Open Date
- 10 Sep 2026
- Close Date
- 15 Sep 2026
Last updated
- Price band
- ₹177 – ₹186
- Lot size
- 600 shares
- Min. investment
- ₹2,23,200
- Issue size
- ₹80.13 Cr
- Last GMP
- +₹28
- Subscribed
- 🔥 32.49x
Maharaja & Speedex India IPO details
Maharaja & Speedex India IPO is a ₹80.13 Cr book-building IPO on the SME segment, listing on BSE. It combines a fresh issue of ₹64.1 Cr (80.00%) with an offer for sale of ₹16.03 Cr (20.00%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Thu, 10 Sep 2026 to Tue, 15 Sep 2026. Allotment was finalised on Wed, 16 Sep 2026, and the shares listed on BSE on Fri, 18 Sep 2026.
The price band is ₹177 to ₹186 per share and the lot size is 600 shares, so the minimum retail application is ₹2,23,200. Retail investors can apply for up to 2 lots (1,200 shares, ₹2,23,200).
Maashitla Securities Private Limited is the registrar, and Choice Capital Advisors Pvt Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The last Maharaja & Speedex India IPO GMP before listing was +₹28 (+15.05% against the upper price band of ₹186), implying an estimated listing price of ₹214. Across 10 days of tracking, GMP ranged from +₹28 (15 Sep) to +₹48 (12 Sep).
| Last GMP | +₹28 |
|---|---|
| GMP vs upper band | +15.05% |
| Estimated listing price | ₹214 |
| Highest (12 Sep) | +₹48 |
| Lowest (15 Sep) | +₹28 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Maharaja & Speedex India IPO day-wise GMP.
Subscription
Day-wise subscription →Maharaja & Speedex India IPO was subscribed 32.49x overall: QIB 48.82x, NII 40.67x and retail 19.65x.
| Category | Subscribed |
|---|---|
| QIB | 48.82x |
| NII | 40.67x |
| └ bNII (above ₹10 lakh) | 45.13x |
| └ sNII (₹2–10 lakh) | 31.79x |
| Retail | 19.65x |
| Total | 32.49x |
Final figures at the close of bidding on 15 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Maharaja & Speedex India IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 12,27,000 | 29.99% |
| Qualified Institutions | 8,18,400 | 20.00% |
| Non-Institutional | 6,13,800 | 15.00% |
| └ BNII | 4,08,600 | 9.99% |
| └ SNII | 2,05,200 | 5.01% |
| Retail Investors | 14,32,800 | 35.01% |
| Total | 40,92,000 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Maharaja & Speedex India IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,23,200 |
| Retail (Max) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,34,800 |
| S-HNI (Max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,04,400 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹64.1 Cr (80.00%) with an offer for sale of ₹16.03 Cr (20.00%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹186, the issue is priced at 15.64x pre-issue earnings and 19.81x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 31.96x (2 companies).
Promoter holding falls from 87.69% before the issue to 63.93% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹11.89 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 15.64x |
| EPS (post-issue) EPS on the enlarged share capital | ₹9.39 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 19.81x |
| Promoter holding (pre-issue) | 87.69% |
| Promoter holding (post-issue) | 63.93% |
Maharaja & Speedex India Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹93.6 Cr to ₹122.74 Cr, and profit after tax rose from ₹5.57 Cr to ₹15.34 Cr. The PAT margin for 31 Mar 2026 was 12.50%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 81.98 | 47.67 | 26.94 |
| Total Income | 122.74 | 93.60 | 61.41 |
| Profit After Tax | 15.34 | 5.57 | 1.08 |
| EBITDA | 22.52 | 10.61 | 2.90 |
| Net Worth | 26.74 | 11.39 | 4.97 |
| Reserve & Surplus | 15.96 | 13.51 | 4.96 |
| Total Borrowings | 26.66 | 18.04 | 16.11 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROCE % | 54.60 | 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 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Maharaja & Speedex India Ltd | 10 | — | 11.89 | 11.89 | 80.47% | 20.73 |
| Borosil Limited | 1 | 38.23 | 6.24 | 6.24 | 9.30% | 74.12 |
| Cello World Limited | 5 | 25.69 | 14.70 | 14.70 | 14.35% | 101.62 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company and its subsidiary from banks |
| 2 | Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of our wholly-owned subsidiary |
| 3 | General Corporate Purposes |
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.
Promoters
- Rakesh Kumar Aggarwal
- Kusum Aggarwal
- Akash Aggarwal
- Ankit Bansal
- Atul Tulsian
- Rohit Garg
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/
Maharaja & Speedex India IPO FAQs
- What is the Maharaja & Speedex India IPO price band?
- The Maharaja & Speedex India IPO price band is ₹177 to ₹186 per share.
- What is the Maharaja & Speedex India IPO lot size and minimum investment?
- The Maharaja & Speedex India IPO lot size is 600 shares. The minimum retail investment is ₹2,23,200 for one lot at the upper price band. Retail investors can apply for up to 2 lots (1,200 shares), costing ₹2,23,200.
- When was Maharaja & Speedex India IPO open for subscription?
- Maharaja & Speedex India IPO was open for subscription from Thu, 10 Sep 2026 to Tue, 15 Sep 2026.
- What is the Maharaja & Speedex India IPO subscription status?
- Maharaja & Speedex India IPO was subscribed 32.49x overall: QIB 48.82x, NII 40.67x and retail 19.65x. Day-wise and category-wise figures are on the subscription page.
- What was the Maharaja & Speedex India IPO GMP before listing?
- The last Maharaja & Speedex India IPO GMP before listing was +₹28 (+15.05% against the upper price band of ₹186), implying an estimated listing price of ₹214. Across 10 days of tracking, GMP ranged from +₹28 (15 Sep) to +₹48 (12 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Maharaja & Speedex India IPO allotment date?
- The Maharaja & Speedex India IPO basis of allotment was finalised on Wed, 16 Sep 2026. You can check your allotment status on the Maashitla Securities Private Limited website.
- What is the Maharaja & Speedex India IPO listing date?
- Maharaja & Speedex India IPO listed on BSE on Fri, 18 Sep 2026.
- Is the Maharaja & Speedex India IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹64.1 Cr (80.00%) with an offer for sale of ₹16.03 Cr (20.00%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Maharaja & Speedex India IPO?
- The registrar for the Maharaja & Speedex India IPO is Maashitla Securities Private Limited, and the book running lead manager is Choice Capital Advisors Pvt Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.