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To be declared

Fri, Oct 30, 2026

IPO Close

Tue, Nov 3, 2026

Price Band

₹150 to ₹158

Market Cap

₹216.43 Cr * on Upper Price

  • IPO Date
    30 Oct to 3 Nov, 2026
  • Listing Date
    Fri, Nov 6, 2026 (T)
  • Face Value
    ₹10 per share
  • Price Band
    ₹150 to ₹158
  • Lot Size
    800 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    NSE SME
  • Total Issue Size
    36,48,000 shares (agg. up to ₹58 Cr)
  • Reserved for Market Maker
    2,22,400 shares (agg. up to ₹4 Cr) Jda Capital Services Ltd.
  • Fresh Issue (Ex Market Maker)
    34,25,600 shares (agg. up to ₹54 Cr)
  • Net Offered to Public
    34,25,600 shares (agg. up to ₹54 Cr)
  • Share Holding Pre Issue
    1,00,50,275 shares
  • Share Holding Post Issue
    1,36,98,275 shares

IPO Timetable (Tentative)

  • IPO Open
    Fri, Oct 30, 2026
  • Allotment
    Wed, Nov 4, 2026
  • Credit of Shares
    Thu, Nov 5, 2026
  • IPO Close
    Tue, Nov 3, 2026
  • Refund
    Thu, Nov 5, 2026
  • Listing
    Fri, Nov 6, 2026

Issue Reservation

Maxwell Engineering Solutions IPO comprises a total issue size of 36,48,000 shares. The net offer to the public is 34,25,600 shares, after excluding 2,22,400 shares allotted on a firm basis. Of the Net offer 17,07,200 (49.84%) are allocated to QIB, 5,18,400 (15.13%) allocated to NII 12,00,000 (35.03%) allocated to RII.

Investor Category Shares % of Net Issue % of Total Issue
QIB 17,07,200 49.84% 46.80%
  − Anchor Investor 10,24,000 28.07%
  − QIB (Ex. Anchor) 6,83,200 18.73%
NII (HNI) 5,18,400 15.13% 14.21%
  − bNII > ₹10L 3,45,600 9.47%
  − sNII < ₹10L 1,72,800 4.74%
Retail 12,00,000 35.03% 32.89%
Firm Reservations
Market Maker 2,22,400 6.10%
Total 36,48,000 100.00%

IPO Lot Size

Investors can bid for a minimum of 1,600 shares and in multiples of 800 shares thereof.

Application Lots Shares Amount
Individual investors (IND) (Min) 2 1600 ₹2,52,800
Individual investors (IND) (Max) 2 1600 ₹2,52,800
S-HNI (Min) 3 2400 ₹3,79,200
S-HNI (Max) 7 5600 ₹8,84,800
B-HNI (Min) 8 6400 ₹10,11,200

IPO Anchor Investors

Maxwell Engineering Solutions IPO raises ₹16.18 crore from anchor investors. Maxwell Engineering Solutions IPO Anchor bid date is October 29, 2026.
📝 Anchor Investors Letter (PDF)

Bid Date Thu, Oct 29, 2026
Shares Offered 10,24,000
Anchor Portion (₹ Cr.) 16.18
Anchor lock-in period end date for 50% shares (30 Days) Fri, Dec 4, 2026
Anchor lock-in period end date for remaining shares (90 Days) Tue, Feb 2, 2027

Anchor Investor Category-wise Allotment

Category Amount (Rs.Cr.) Allotment %
AIF 9.52 58.83
FPI 5.55 34.30
OTHERS 1.11 6.88
Total 16.18 100.00

About Maxwell Engineering Solutions Ltd.

Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading and servicing of critical components for underwater pelletizing systems. The Company manufactures a range of components for underwater pelletizing systems, including pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The Company also undertakes customised manufacturing based on customer specifications and offers white-label manufacturing, enabling customers to market products under their own brands. Its business operates through three segments: manufacturing, services and trading.

The Company commenced operations at its company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025 and has progressively transitioned manufacturing activities from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, including heat treatment, hardening and coating, are outsourced to job workers. The Company also provides refurbishment and repair services for used die plates, intermediary support for the marketing and supply of CJTEK components, and management consulting services for developing customer relationships.

The Company serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, Italy and other countries. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel and dedicated sales and marketing capabilities.

As of September 30, 2026, the Company had 71 full-time employees, excluding Directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.

Competitive Strengths

  • Diversified Business Segments.
  • Quality Standards and Certifications.
  • International Market Presence.
  • Customised and White-Label Manufacturing.
  • In-House Manufacturing and R&D Capabilities.
  • Specialised Product Portfolio.
  • Established Customer Relationships.

Company Financials (Restated)

Maxwell Engineering Solutions Ltd.’s revenue increased by 36% and profit after tax (PAT) rose by 29% between the financial year ending with March 31, 2026 and March 31, 2025.  (Amount in ₹ Crore)

Period Ended 31 Jul 2026 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 51.79 47.55 25.31 8.51
Total Income 12.25 30.76 22.59 10.87
Profit After Tax 3.05 11.86 9.18 3.16
EBITDA 4.29 15.19 11.69 4.25
NET Worth 27.92 24.87 13.01 3.33
Reserves and Surplus 17.87 14.82 10.25 3.32
Total Borrowing 15.77 16.73 8.60 3.19

Recently Listed IPOs in Other Industrial Products

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
Phychem Technologies Ltd. SME ₹14.58 Cr ₹54 9.96 ₹58.80 +8.89% ₹44.00
Technocrats Plasma Systems Ltd. SME ₹60.98 Cr ₹132 11.38 ₹241.50 +82.95% ₹417.50
Liotech Industries Ltd. SME ₹36.03 Cr ₹321 23.13 ₹244.15 -23.94% ₹87.00

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • 1 Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility
    18.00
  • 2 Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility
    6.50
  • 3 Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company
    4.30
  • 4 Funding working capital requirements of Company
    14.00
  • 5 General Corporate Purposes
  • Total
    42.80

Key Performance Indicator (KPI)

KPI Jul 31, 2026 Mar 31, 2026
ROE 11.56% 62.63%
ROCE 9.87% 38.46%
Debt/Equity 0.56 0.67
RoNW 10.93% 47.70%
PAT Margin 25.70% 40.28%
EBITDA Margin 36.11% 51.58%
NAV 27.78 24.74
P/B (x) 5.69 6.39

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 11.80 6.68
P/E (x) 13.39 23.65
Market Cap at Offer Price ₹158.79 Cr. ₹216.43 Cr.
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of July 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 97.26% 71.36%
Public 2.74% 28.64%
Total 100% 100%

Company Promoters: Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.

Maxwell Engineering Solutions IPO Recommendations

Review By Subscribe May Apply Neutral Avoid
Brokers 0 0 0 0
Members 0 0 0 0

IPO Subscription Status

The Maxwell Engineering Solutions IPO is subscribed 2.41 times on October 30, 2026 1:25:01 PM (Day 1). The public issue subscribed 4.04 times in the individual investors category, 0.00 times in the QIB category, and 1.80 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category Subscription (x) Shares Offered Shares bid for Total Applications
QIB (Ex Anchor) 0.00 6,83,200 0 0
NII* 1.80 5,18,400 9,32,800 0
    bNII (> ₹10L) 1.36 3,45,600 4,70,400 0
    sNII (< ₹10L) 2.68 1,72,800 4,62,400 0
Individual Investor 4.04 12,00,000 48,44,800 3,008
Total 2.41 24,01,600 57,77,600 3,278

Total Applications: 3,278

*Market Maker portion is not included to NII/HNI.

📰 Maxwell Engineering Solutions Ltd. – News Updates
  • Maxwell Engineering Solutions IPO Subscribed 1.38x on Day 1: Category-wise Demand Inside
  • Maxwell Engineering Solutions IPO Raises Rs 16.18 crore from Anchor Investors
  • Maxwell Engineering Solutions IPO Opens Today: Price Band, Lot Size & Key Details
  • Maxwell Engineering Solutions IPO Opening Soon: Key Details You Should Know
  • Maxwell Engineering Solutions Ltd. Refiled Draft Prospectus with NSE SME

IPO Registrar

Kfin Technologies Ltd.

IPO Lead Manager(s)

  1. JDA Capital Services Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Maxwell Engineering Solutions Ltd. Address
Plot 939 & 940
Waghodia GIDC
Vaghodia
Vadodara, Gujarat, 391760

IPO FAQs

Maxwell Engineering Solutions IPO is a SME IPO of 36,48,000 equity shares of the face value of ₹10 aggregating up to ₹58 Crores. The issue is priced at ₹150 to ₹158. The minimum order quantity is 800.

The IPO opens on Fri, Oct 30, 2026, and closes on Tue, Nov 3, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.

Angel One  customers can apply for the Maxwell Engineering Solutions IPO online through the Kite platform under the IPO & Bids section using UPI as the payment method.

Steps to Apply for Maxwell Engineering Solutions IPO through Angel One

Log in to your Angel One  Kite account.
On the home page, click IPO & Bids in the top menu.
Select the IPO tab and find the Maxwell Engineering Solutions IPO in the list.
Click Apply next to the IPO.
Enter your UPI ID, bid quantity, and bid price.
Submit the IPO application.
Open your UPI app and approve the mandate to complete the application process.
For more details, visit the Angel One IPO Application Process Review.

The Maxwell Engineering Solutions IPO opens on Fri, Oct 30, 2026 and closes on Tue, Nov 3, 2026.

Maxwell Engineering Solutions IPO lot size is 800, and the minimum amount required for application is ₹2,52,800, with 2 lots being the minimum application size.

You can apply in Maxwell Engineering Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Maxwell Engineering Solutions IPO will be done on Wednesday, November 4, 2026, and the allotted shares will be credited to your demat account by Thu, Nov 5, 2026. Check the Maxwell Engineering Solutions IPO allotment status.

The Maxwell Engineering Solutions IPO listing date is not yet announced. The tentative date of listing is Fri, Nov 6, 2026.

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