Maharaja & Speedex India IPO: dates, price band, lot size and GMP
Maharaja & Speedex India IPO listed on 18 Sep at ₹250 (BSE SME). Issue dates 10 – 15 Sep 2026, price band ₹177 – ₹186, lot 600 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Maharaja & Speedex India listed on 18 Sep 2026 on BSE SME at ₹250, +₹64 (+34.4%) against the ₹186 upper band. Maharaja & Speedex India IPO listing date, price and gain · Recently listed IPOs
Updated 30 Oct 2026, 09:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 222 IPOs on its calendar; the Maharaja & Speedex India IPO has a price band of ₹177 – ₹186, a lot of 600 shares and no grey-market premium reported yet as of 30 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 10 – 15 Sep 2026 |
| Price band | ₹177 – ₹186 |
| Lot size | 600 shares |
| Issue size | ₹80.13 Cr |
| Fresh issue | ₹60.09 Cr |
| Offer for sale | ₹16.03 Cr |
| Subscription | 32.41x |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Choice Capital Advisors Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 10 Sep
- Issue closes: 15 Sep
- Allotment: 16 Sep
- Refunds: 17 Sep
- Demat credit: 17 Sep
- Listing: 18 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 48.82x |
| NII | 40.32x |
| sNII | 31.79x |
| bNII | 44.6x |
| Retail | 19.65x |
| Total | 32.41x |
Last updated 15 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹304.02 Cr |
| P/E (pre-issue) | 15.64x |
| P/E (post-issue) | 19.81x |
| Fresh issue (shares) | 32,30,400 |
| Offer for sale (shares) | 8,61,600 |
| Total shares offered | 40,92,000 |
| Promoter holding pre-issue | 87.69% |
| Promoter holding post-issue | 63.93% |
| Promoters | Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg |
| Lead managers | Choice Capital Advisors Pvt.Ltd. |
| Registrar phone | 011-45121795 |
| Registrar email | investor.ipo@maashitla.com |
| Company website | speedexind.com |
| Anchor bid date | 9 Sep 2026 |
| Anchor lock-in ends (50%) | 16 Oct 2026 |
| Anchor lock-in ends (remaining) | 15 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 1,200 | ₹2,23,200 |
| Retail (maximum) | 2 | 1,200 | ₹2,23,200 |
| sNII (minimum) | 3 | 1,800 | ₹2,23,200 |
| bNII (minimum) | 3 | 1,800 | ₹10,04,400 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 12,27,000 | |
| QIB | 20% | 8,18,400 | Not more than 50% of the Net Issue |
| NII (HNI) | 15% | 6,13,800 | Not less than 15% of the Net Issue |
| sNII | 5% | 2,05,200 | |
| bNII | 10% | 4,08,600 | |
| Retail | 35% | 14,32,800 | Not less than 35% of the Net Issue |
| Market Maker | 5.3% | 2,16,000 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 10 Sep | 0.00x | 0.85x | 0.27x | 1.15x | 0.22x | 0.29x |
| Day 2 · 11 Sep | 0.10x | 0.85x | 0.80x | 1.15x | 0.56x | 0.48x |
| Day 3 · 15 Sep | 48.82x | 40.32x | 31.79x | 44.60x | 19.65x | 32.41x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹11.89 |
|---|---|
| EPS (post-issue) | ₹9.39 |
| P/E (pre-issue) | 15.64x |
| P/E (post-issue) | 19.81x |
| RoNW | 80.47% |
| RoCE | 54.6% |
| PAT margin | 12.51% |
| EBITDA margin | 18.36% |
| Price / book | 8.97x |
| NAV per share | ₹20.73 |
| Debt / equity | 0.92 |
| Market cap (upper band) | ₹304.02 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 81.98 | 47.67 | 26.94 | +72% |
| Total Income | 122.74 | 93.6 | 61.41 | +31.1% |
| Profit After Tax | 15.34 | 5.57 | 1.08 | +175.4% |
| EBITDA | 22.52 | 10.61 | 2.9 | +112.3% |
| NET Worth | 26.74 | 11.39 | 4.97 | +134.8% |
| Reserves and Surplus | 15.96 | 13.51 | 4.96 | +18.1% |
| Total Borrowing | 26.66 | 18.04 | 16.11 | +47.8% |
About Maharaja & Speedex India
The Company was incorporated on February 15, 2006, as "Maharaja Cookers Private Limited" under the Companies Act, 1956, and was initially engaged in trading activities. In 2017, the Company diversified into the trading of stainless-steel bottles, which emerged as a key revenue segment and contributed significantly to its turnover. In Fiscal 2021, Dewdrop Bottles Private Limited, an entity owned by the current Promoters and Directors at that time, commenced manufacturing of stainless-steel products from its facility in Sonipat, Haryana.
To consolidate manufacturing operations, the Company acquired Dewdrop Bottles Private Limited as a wholly owned subsidiary pursuant to a Share Purchase Agreement dated January 27, 2025. Further, in Fiscal 2025, the Company acquired Gulika Apparel Private Limited as its wholly owned subsidiary pursuant to a Share Purchase Agreement dated February 4, 2026, which was subsequently rebranded as "Speedex Online Private Limited" to strengthen its online sales and digital distribution capabilities.
Maharaja & Speedex India Limited is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products, catering to both retail and institutional customers across India. The Company operates through a pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories.
Objects of the issue
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. — ₹24.1 Cr
- Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary — ₹21.42 Cr
- General Corporate Purposes
Net proceeds: ₹45.52 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | Financial statements |
|---|---|---|---|---|---|---|
| Maharaja & Speedex India Ltd. (issuer) | 11.89 | 11.89 | 20.73 | — | 80.47% | Consolidated |
| Borosil Ltd. | 6.24 | 6.24 | 74.12 | 38.23x | 9.3% | Consolidated |
| Cello World Ltd. | 14.7 | 14.7 | 101.62 | 25.69x | 14.35% | Consolidated |
Notes: P/E Ratio has been computed based on the closing market price of equity shares on NSE on August 14, 2026, divided by Diluted EPS. Return on Net Worth (%) = Net Profit after tax as restated for the end of the fiscal divided by Average Net worth as at the end of the fiscal. Average net worth means the average of the net worth of current and previous Fiscal. Net worth means the aggregate value of the paid-up share capital and Reserves and Surplus excluding capital reserves. Net Asset Value per share = Net Worth at the end of the fiscal divided by weighted/outstanding average no.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Maharaja & Speedex India IPO listing day: listed at ₹250 (+34.4% vs the upper band), 18 Sep 2026
- Maharaja & Speedex India IPO GMP today and trend
- Maharaja & Speedex India IPO subscription status, day by day
- Maharaja & Speedex India IPO allotment status and how to check
Frequently asked questions
When does the Maharaja & Speedex India IPO open and close?
The issue is scheduled for 10 – 15 Sep 2026.
What is the Maharaja & Speedex India IPO price band?
The price band is ₹177 – ₹186 per share with a lot size of 600 shares.
How big is the Maharaja & Speedex India IPO?
The total issue size is ₹80.13 Cr, of which ₹60.09 Cr is a fresh issue and ₹16.03 Cr an offer for sale.
When will Maharaja & Speedex India list?
The tentative listing date is 18 Sep on the SME platform.
How do I apply for the Maharaja & Speedex India IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Maharaja & Speedex India · as filed with SEBI · bsesme.com
- Red herring prospectus (RHP), Maharaja & Speedex India · as filed · bsesme.com
- Registrar allotment page, Maashitla Securities Pvt.Ltd. · allotment 16 Sep · maashitla.com
- BSE SME issues page · listing 18 Sep · bsesme.com
- Maharaja & Speedex India company website · speedexind.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 18 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Maharaja & Speedex India IPO”, https://buyunlistedshares.com/ipo/maharaja-speedex-ipo, as of 30 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 30 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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