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Maxwell Engineering Solutions IPOALLOTMENT
Maxwell Engineering Solutions Limited manufactures precision-engineered components for polymer and plastics processing industries.
- Open30 Oct
- Close3 Nov
- Allotment4 NovToday
- Refund5 Nov
- Demat5 Nov
- Listing6 Nov
Listing on
06 Nov 26
Allotment 04 Nov 26
Grey market premium
₹80(+50.63%)
Est. listing ~ ₹238
Overview
Price band
₹150-158
Lot size
800 shares
Minimum application 2 lots
Face value
₹10 / share
Issue type
Book Built Issue
Min. investment
₹2,52,800
2 lots · 1,600 shares
Listing at
NSE
Issue Size : 36,48,000 shares worth ₹57.64 Cr
- Fresh Issue : 36,48,000 shares worth ₹57.64 Cr
IPO Share Reservation
Total
61.01%
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,52,800 |
| Retail (Max) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2,400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6,400 | ₹10,11,200 |
Live GMP
GMP
₹80+50.63%
Exp. listing
₹238
Retail profit
₹1,28,0001,600 shares
HNI profit
₹1,92,0002,400 shares
Latest GMP
₹80
All-time high
₹80
All-time low
₹50
Subscription
- QIB259.45xQIB259.45xQualified Institutional BuyersShares offered 6,83,200Shares applied 17,72,55,200Bid amount ₹2,801 Cr
- NII (HNI)858.08xNII (HNI)858.08xNon-Institutional InvestorsShares offered 5,18,400Shares applied 44,48,27,200Bid amount ₹7,028 Cr
- S-HNI524.49xS-HNI524.49xSmall HNI · ₹2L – ₹10LShares offered 1,72,800Shares applied 9,06,32,000Bid amount ₹1,432 Cr
- B-HNI1024.87xB-HNI1024.87xBig HNI · above ₹10LShares offered 3,45,600Shares applied 35,41,95,200Bid amount ₹5,596 Cr
- Retail556.10xRetail556.10xRetail Individual InvestorsShares offered 12,00,000Shares applied 66,73,24,800Bid amount ₹10,544 Cr
- Total536.90xTotal536.90xAll categories combinedShares offered 24,01,600Shares applied 1,28,94,07,200Bid amount ₹20,373 Cr
Financials
| Period(₹ Cr) | Revenue | Expense | PAT | Assets | Borrowing |
|---|---|---|---|---|---|
| Mar 2024 | 10.87 | 7.04 | 3.16 | 8.51 | 3.19 |
| Mar 2025 | 22.59 | 11.54 | 9.18 | 25.31 | 8.6 |
| Mar 2026 | 30.76 | 16.36 | 11.86 | 47.55 | 16.73 |
| Jul 2026 | 12.25 | 8.58 | 3.05 | 51.79 | 15.77 |
KPI & Valuation
Key performance indicators
- ROE
- 11.56%
- PAT Margin
- 25.7%
- ROCE
- 9.87%
- EBITDA Margin
- 36.11%
- Debt to Equity Ratio
- 0.56
- Price to Book Value
- 5.69
- RoNW
- 10.93%
As of 31 Jul 2026
Valuation
- EPS Pre IPO
- ₹11.8
- EPS Post IPO
- ₹6.68
- P/E Pre IPO
- 13.39
- P/E Post IPO
- 23.65
Strengths & risks
Strengths
- Experienced promoters with 11 years of industry experience.
- Diverse manufacturing, trading and service activities.
- International customer presence across multiple countries.
- Customised manufacturing and white-label capabilities.
- ISO 9001:2015 and ZED Bronze certifications.
Risks
- Dependence on suppliers without long-term agreements.
- Outsourcing of specialised manufacturing processes.
- Exposure to foreign exchange and supply-chain risks.
- Significant working capital requirements.
- Uncertainty regarding post-listing share price and liquidity.
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility. | 18 |
| Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility. | 6.5 |
| Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company. | 4.3 |
| Funding working capital requirements of Company. | 14 |
| General Corporate Purposes. | - |
Promoter Holdings
Company Promoter(s)
- Rajkumar Chaudhary
- Vinubhai Kanjibhai Chavda
- Ria Rajkumar Chaudhary
Registrar & contacts
Registrar
Kfin Technologies Ltd.
Company
Maxwell Engineering Solutions Limited
- Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara, Gujarat, 391760
- 96385 42674
- cs@maxwells.in
- https://maxwells.in/
Documents
Lead managers
About Maxwell Engineering Solutions
Maxwell Engineering Solutions Limited is a Vadodara, Gujarat-based precision engineering company engaged in manufacturing, trading and servicing components used in underwater pelletizing systems. Incorporated in September 2022, the company operates under the “Maxwell” brand and manufactures pelletizing die plates, blades/knives, blade holders, cutter hubs, tapped driving bushes and other precision-engineered spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries.
The company's operations are divided into three business segments:
- Manufacturing: Produces precision-engineered pelletizing components, including customised products and white-label manufacturing.
- Services: Provides refurbishment and repair of used die plates, intermediary support for CJTEK products and management consulting services.
- Trading: Supplies pelletizing blades, driving bushes, blade holders and other complementary spare components.
The company operates a company-owned manufacturing facility at Waghodia GIDC, Vadodara, which commenced operations in July 2025. The facility is equipped with CNC, VMC, milling, EDM, wire-cut, lathe and surface-grinding machines, along with in-house testing equipment. Certain specialised manufacturing processes are outsourced to external job workers.
Maxwell Engineering Solutions supplies products to customers in more than 25 countries, including the USA, Germany, Japan, Saudi Arabia, Italy and Australia. Exports contributed 84.73% of revenue from operations in FY2026. The company holds ISO 9001:2015 certification and received ZED Bronze Certification in November 2025.
As of September 30, 2026, the company had 108 employees, comprising 71 permanent and 37 contractual employees, excluding directors.