Maverick Simulation: ₹125 Cr Raise & Voxel-Man Deal (2026)
· 6 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Maverick Simulation Solutions Limited is raising ₹125.5 Cr in equity capital and executing a ₹260 Cr acquisition of Germany's Voxel-Man GmbH. Here is an overview of the deal structure, financial performance, and unlisted market trends.
Direct answer: Maverick Simulation Solutions Limited is expanding its healthcare technology footprint in 2026 through a ₹125.5 Cr fresh capital raise and a ₹260 Cr acquisition of Germany-based Voxel-Man GmbH. Data and pricing insights are compiled by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Business Overview and Market Position of Maverick Simulation
Incorporated in 2023 and headquartered in Dwarka, Delhi, Maverick Simulation Solutions Limited designs and manufactures specialised medical simulation hardware and software. The company converted from a private limited entity to a public limited company effective 15 Jul 2024 (CIN: U26600DL2023PLC419501). Its product line includes patient simulators, procedural trainers, autonomous human lung simulation hardware, and augmented/virtual reality anatomy platforms. In addition to standalone training equipment, the company installs turnkey simulation laboratories for hospitals, medical colleges, and nursing institutes.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹2,825 | 6 Oct 2026 |
| Lot size | 10 shares | 6 Oct 2026 |
| Minimum investment | ₹27,500 | 6 Oct 2026 |
| Market cap | ₹1,142 Cr | 6 Oct 2026 |
| Face value | ₹10 | 6 Oct 2026 |
| Book value | ₹217.57 | 6 Oct 2026 |
| P/E | 23.9 | 6 Oct 2026 |
| ISIN | INE1BEQ01014 | 6 Oct 2026 |
| Sector | Healthcare | 6 Oct 2026 |
| Listing status | UNLISTED | 6 Oct 2026 |
The enterprise operates in a focused medical technology segment within India, supplying practice equipment to healthcare professionals. Growth drivers in medical education include expanding infrastructure, with India's total MBBS capacity reaching 1.37 lakh seats in the 2025-26 academic cycle, while the global medical simulation market is estimated at $3.5 billion with an annual growth rate of 15%.
Capital Raise and Shareholding Details
Maverick Simulation has initiated a fresh capital injection of ₹125.5 Cr via convertible preference shares priced at ₹3,118 per share. Institutional participants include Paragon Partners Growth Fund II with ₹75.0 Cr and Inviga Healthcare Fund I with ₹12.0 Cr, while VantEdge Partners LLP secured a 2.00% equity stake post-transaction. Additionally, ₹13 Cr of outstanding debt owed to founder Anuj Chahal is being converted into 41,853 equity shares, accompanied by a request to shareholders to approve an aggregate borrowing ceiling of ₹800 Cr.
As of FY25, promoter Anuj Chahal held 78.65% of the company's equity, with Sunit Gupta holding 1.25% and Kanika Chahal holding 0.09%. Pre-transaction total equity shares outstanding stood at 49,13,851 shares (with an ESOP pool allocation of 1,42,720 shares). Institutional deal structures can be compared against private market issuances detailed in Sun Drops Energia's EGM Notice: Buying DEK & Mavericks at ₹32.66, Paying in CCPS at ₹351.02.
Voxel-Man Acquisition and Industry Valuation Benchmarks
The company has structured an all-share acquisition of Voxel-Man GmbH, valued at ₹260 Cr (~$30 million). Voxel-Man, which originated in 1984 as a university research project in Hamburg, specializes in virtual surgical simulation systems. Complete acquisition and integration are scheduled to conclude by October 2027, bringing Maverick's estimated post-consolidation company valuation to ~₹2,185 Cr.
The Series B round price values Maverick Simulation at approximately 40x its FY25 net profit. In global medtech transactions, comparable asset sales include the acquisition of CAE Healthcare by Madison Industries for $227 million in 2023.
Financial Trend and Balance Sheet Analysis
Per the company's financial reports, revenue from operations grew from ₹14.22 Cr in FY24 to ₹136.3 Cr in FY25. Net profit (PAT) rose from ₹0.94 Cr (₹94.54 lakh) to ₹47.8 Cr over the same period, yielding an earnings per share (EPS) of ₹97.32 for FY25 on a face value of ₹10 per share.
Between FY24 and FY25, revenue increased from ₹14.2 Cr to ₹136.3 Cr while net profit (PAT) grew from ₹0.94 Cr to ₹47.8 Cr. Balance sheet figures show trade receivables expanding to ₹105.4 Cr in FY25, up from ₹71.5 Cr in FY24, while total reserves and surplus stood at ₹92 Cr against total borrowings of ₹23 Cr.
Unlisted Share Price Context and Trade Dynamics
Over the tracking period from 08 Jul 2026 to 05 Oct 2026, the indicative unlisted share price for Maverick Simulation Solutions Limited ranged between a low of ₹2,275 on 07 Aug 2026 and a peak of ₹2,875 on 30 Sep 2026, resting at ₹2,825 as of 03 Oct 2026.
During late August and early September 2026, prevailing unlisted market transactions occurred in the ₹2,320–2,375 range. Market activity and historical metrics across unlisted securities can be evaluated through the Unlisted shares screener maintained by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. Historical price adjustments in private equity markets are also observed in other sectors, as seen when PharmEasy Unlisted Share Price Drops 11.7% in September 2026. Investors monitoring potential listing horizons can track upcoming market entries via the IPO calendar.
Key Considerations and Operational Risks
Holding unlisted shares carries distinct operational and financial considerations:
- Liquidity and Trading Restrictions: Unlisted securities do not trade on public exchanges such as the NSE or BSE. Transactions occur over the counter, which can lead to limited trading volume and wider bid-ask spreads.
- Working Capital Intensity: Trade receivables reached ₹105.4 Cr in FY25 against total revenue of ₹136.3 Cr, indicating that a significant portion of reported earnings remains tied up in customer collections.
- Integration and Execution Risk: Consolidating cross-border technical assets like Voxel-Man GmbH across multiple phases up to October 2027 requires sustained managerial and regulatory execution.
- Valuation Premium: Capital raises conducted at premium multiples (40x FY25 net profit) require continuous top-line and margin performance to maintain valuation support in private market transfers.
For details regarding Maverick Simulation Solutions Limited on BuyUnlistedShares, submit your inquiry through our enquiry desk. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Frequently Asked Questions
What does Maverick Simulation Solutions Limited do?
Maverick Simulation Solutions Limited designs and manufactures medical simulation equipment, including patient simulators, surgical trainers, AR/VR anatomy systems, and turnkey simulation laboratories for hospitals and medical educational institutions.
Is Maverick Simulation Solutions Limited listed on public stock exchanges?
No. Maverick Simulation Solutions is an unlisted public company. Its shares trade privately off-market rather than on public exchanges like the NSE or BSE.
What was Maverick Simulation's financial performance in FY25?
For FY25, the company reported total revenue of ₹136.3 Cr and a net profit (PAT) of ₹47.8 Cr, compared to revenue of ₹14.22 Cr and net profit of ₹0.94 Cr in FY24.
How are unlisted share prices determined for private companies?
Prices in the unlisted market are indicative reference points determined by private over-the-counter supply and demand, recent institutional funding valuations, financial disclosures, and transaction lot sizes, rather than live exchange order books.
Does BuyUnlistedShares recommend buying or selling Maverick Simulation unlisted shares?
We do not make that call. BuyUnlistedShares is an informational research and dealing desk that provides objective market data. We do not offer investment advice, stock ratings, or buy/sell recommendations.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
