ListedSMEEngineering
Maxwell Engineering Solutions IPO Date, GMP, Review, Price, Allotment Details
Updated
Maxwell Engineering Solutions listed on NSE Emerge on 6 Nov 2026. Its issue price was ₹158. The IPO was subscribed 534.65 times overall. Bidding ran from 30 Oct to 3 Nov 2026 with a lot size of 800 shares.
- Price band
- ₹150–158
- Lot size
- 800 shares
- Minimum investment
- ₹2,52,800 (2 lots)
- Bidding
- 30 Oct – 3 Nov 2026
- Listing
- 6 Nov 2026
- Issue size
- ₹58 crore
- Exchange
- NSE Emerge
- Registrar
- Kfin Technologies Limited
Maxwell Engineering Solutions IPO GMP today
| Last GMP before listing | ₹18 per share |
|---|---|
| Price band (upper) | ₹158 |
| Implied listing price | ₹176 (+11.4%) |
| Last updated | 27 Oct 2026, 4:02 pm IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Maxwell Engineering Solutions
Maxwell Engineering Solutions is a young precision engineering company based in Vadodara, Gujarat. It designs, makes, trades and services components used in underwater pelletizing systems, which are machines that cut molten plastic into uniform pellets for the polymer and plastics industry. It also refurbishes used die plates, supplies parts made by its partner CJTEK, and takes on white-label and custom manufacturing work.
The company was incorporated in September 2022 as a private limited company and became a public limited company in June 2025. Its promoters are Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary, who together hold about 97.3% of the company before the issue. After the IPO their stake is expected to fall to about 71.4%.
Its main products are pelletizing die plates, blades and knives, blade holders, cutter hubs, tapped driving bushes and related spare parts. The main plant is at Waghodia GIDC near Vadodara and has been operating since July 2025. Heat treatment and coating are done by outside vendors. The company holds ISO 9001:2015 certification and received a ZED Bronze certificate in November 2025.
Customers come from polymer compounding, masterbatches, engineering plastics, cable compounds and plastics recycling. Most sales are exports, with buyers in the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy. Exports were about 82% of revenue in FY2025. The company had 71 full-time employees as of September 2026, not counting directors.
It buys most raw materials, such as steel and carbide, from a small group of suppliers; the top ten supplied about 80% of purchases in FY2026.
Growth has been fast from a small base. Total income rose from ₹10.87 crore in FY2024 to ₹22.59 crore in FY2025 and ₹30.76 crore in FY2026. Profit after tax went from ₹3.16 crore to ₹9.18 crore and then ₹11.86 crore. Margins are very high for a manufacturer, with EBITDA margin around 52% and return on equity around 63% in FY2026.
For the four months to July 2026, income was ₹12.25 crore and profit ₹3.05 crore, a lower margin than the full year. Borrowings roughly doubled to ₹16.73 crore in FY2026.
The issue is a fresh issue of about ₹57.64 crore, with no shares sold by existing holders. Of the money, ₹18 crore is for new machinery, lab equipment and utilities, ₹6.5 crore for an office building and manufacturing facility, ₹4.3 crore to repay loans and ₹14 crore for working capital. The rest goes to general corporate purposes.
At the upper price of ₹158, the company would be valued at about ₹216 crore after the issue. That works out to about 18 times FY2026 earnings on the enlarged share base, or about 23.7 times if recent four-month earnings are annualised. Listed peers named in the offer document trade at widely different multiples.
Points to watch include the short three-year operating history, dependence on export demand and a few suppliers, reliance on outside heat treatment, the recent dip in margins, rising debt, execution of the expansion, and the large minimum application of about ₹2.53 lakh with limited trading liquidity on the SME platform.
Products and services
- Pelletizing die plates
- Pelletizing blades and knives
- Blade holders
- Cutter hubs
- Tapped driving bushes
- Spare parts for underwater pelletizing systems
- Refurbishment of used die plates
- Intermediary support for CJTEK components
- White-label and custom manufacturing
Key strengths
- Diversified segments across manufacturing, refurbishment and trading
- Quality certifications (ISO 9001:2015, ZED Bronze)
- International presence with customers in eight-plus countries
- Custom and white-label manufacturing capability
- In-house manufacturing and R&D
- Specialised product range
- Established customer relationships
SWOT analysis
Strengths
- High reported margins (FY26 EBITDA margin about 52%, PAT margin about 40%)
- Rapid growth in income and profit FY24-FY26
- Export-oriented customer base across several countries
- Owned Waghodia GIDC facility operational since July 2025
Weaknesses
- Short operating history (incorporated September 2022)
- Heat treatment and coating outsourced
- Top ten suppliers account for about 80-90% of purchases
- Borrowings nearly doubled in FY26
Opportunities
- Capacity expansion through new machinery and facility funded by the IPO
- Growth in plastics recycling and polymer compounding
- Refurbishment and white-label work for global OEMs
Threats
- Margin normalisation, as seen in Apr-Jul 2026
- Export demand, currency and geopolitical risks
- Competition from larger global pelletizer component makers
- Limited liquidity on the SME platform
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Maxwell Engineering Solutions IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Maxwell Engineering Solutions IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹58 crore, this is a small issue.
- Price: The price band is ₹150–158 per share. The smallest application costs ₹2,52,800 at the top of the band.
- Demand: Bids so far cover the shares on offer 534.65 times, which is very strong demand.
- Promoters: Promoter holding falls from 97.26% to 71.36% after the issue.
- Brokers: Of the 1 broker note we track, 0 say subscribe, 1 is neutral and 0 say avoid.
- Risks: The company lists 8 key risks in its offer document. We summarise them in our notes below.
- SME platform: SME shares usually trade less often than mainboard shares, and the minimum application is larger. That can make it harder to sell quickly.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Maxwell Engineering Solutions IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Maxwell Engineering Solutions IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Total | 534.65× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Maxwell Engineering Solutions IPO lot size and minimum investment
One lot of the Maxwell Engineering Solutions IPO is 800 shares. At the upper price band of ₹158, one lot costs ₹1,26,400.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum application | 2 | 1,600 | ₹2,52,800 |
| Next size up (HNI) | 3 | 2,400 | ₹3,79,200 |
SME IPOs have a larger minimum application than mainboard issues. Bids above the minimum are made in whole lots.
Maxwell Engineering Solutions IPO employee quota, anchor investors and bids
Employee quota
No. The Maxwell Engineering Solutions IPO has no separate quota for employees.
Anchor investors
| Lock-in on 50% of anchor shares ends | Sat, 5 Dec 2026 30 days |
|---|---|
| Lock-in on remaining 50% ends | Wed, 3 Feb 2027 90 days |
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Qualified institutional buyers (QIB, excluding anchors) | ₹11.56 cr | — | — |
| Non-institutional investors (NII) | ₹8.78 cr | — | — |
| Retail investors | ₹20.32 cr | — | — |
| Total (excluding anchors) | ₹40.66 cr | 534.65× | ≈ ₹21,737 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Maxwell Engineering Solutions listed peers
| Company | P/E | RoNW |
|---|---|---|
| Kabra Extrusion Technik KABRAEXTRU | N.A. | -0.54% |
| Omnitech Engineering OMNI | 99.00× | 11.28% |
| Sunita Tools | 100.65× | 10.80% |
Listed peers named in the company's offer document. P/E and RoNW change with share prices and results; the IPO's P/E uses its market cap at the upper band and latest annual profit.
Maxwell Engineering Solutions IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 3 Nov 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 5 Nov 2026.
If you don't get shares, the money blocked in your bank account is released from 5 Nov 2026. If you do, the shares reach your demat account the same day.
The Maxwell Engineering Solutions IPO listed on NSE Emerge on 6 Nov 2026, when trading in the shares begins.
Maxwell Engineering Solutions financials
What brokers say about the Maxwell Engineering Solutions IPO
Of the 1 broker note we track, 0 say subscribe, 1 is neutral and 0 say avoid.
| Firm | Rating | Main reason | Source |
|---|---|---|---|
| Chanakya Nipothi 27 Oct 2026 | Niche pelletizing components with overseas customers, but margin sustainability and short history are concerns | Read note |
Ratings are the published views of each firm, not Marketasset's. We don't rate IPOs.
Marketasset notes on the Maxwell Engineering Solutions IPO
Use of proceeds
- Purchase of new machinery, lab equipment and utilities: ₹18.00 cr
- Construction of office building and manufacturing facility: ₹6.50 cr
- Repayment/prepayment of borrowings: ₹4.30 cr
- Working capital requirements: ₹14.00 cr
- General corporate purposes: balance (amount not specified)
Promoter holding
Before the issue: 97.26%. After the issue: 71.36%. Promoters: Rajkumar Chaudhary Vinubhai Kanjibhai Chavda Ria Rajkumar Chaudhary.
Key risks the company lists
- Short operating history since 2022
- Apr-Jul 2026 PAT margin (about 26%) well below FY26 (about 40%)
- Heavy dependence on exports and foreign demand
- Top ten suppliers supply 80-90% of purchases; no long-term supply contracts
- Outsourced heat treatment and coating
- Execution risk on expansion
- Rising borrowings
- High minimum application and limited SME liquidity
Other observations
The book-built issue has a price band of ₹150-158 and a lot of 800 shares, so the minimum individual application is 2 lots (1,600 shares, ₹2,52,800 at the upper band). It is an entirely fresh issue of 36,48,000 shares (about ₹57.64 cr) with no offer for sale; 2,22,400 shares (about ₹3.5 cr) are reserved for the market maker.
Anchor bidding is scheduled for 29 October 2026, with up to 10,24,000 shares (about ₹16.2 cr at the upper band) in the anchor portion; anchor allocations had not been published at the time of writing. Allotment is expected on 4 November and listing on NSE SME on 6 November 2026. JDA Capital Services (formerly Beeline Broking) is the book-running lead manager and market maker, and KFin Technologies is the registrar.
Post-issue market capitalisation at the upper band is about ₹216.43 cr; P/E is about 18.25x on FY26 earnings on the post-issue share base, while a commonly quoted 23.65x annualises April-July 2026 earnings (pre-issue P/E on FY26 basic EPS of ₹11.80 is 13.39x).
Data conflicts: the offer document states the floor price as ₹154 in one definition and ₹150 in another (₹150 is used in the published price band); some sources name the market maker as Beeline Broking, which is the former name of JDA Capital Services; the stated FY26 PAT margin of 40.28% does not match PAT divided by total income (about 38.6%), likely because it is computed on revenue from operations; and the grey market premium was reported at nil, ₹14 and ₹18 at different times on 27 October.
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Maxwell Engineering Solutions IPO
- Choose your bid. Pick the number of lots (minimum ₹2,52,800) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
This is an SME IPO: the minimum application is larger than for mainboard issues, and shares trade on the SME platform.
How to check Maxwell Engineering Solutions IPO allotment status
The basis of allotment for the Maxwell Engineering Solutions IPO was finalised on 5 Nov 2026. After that, you can check your status in any of these places.
- Registrar's website: open Kfin Technologies Limited's allotment page, choose Maxwell Engineering Solutions and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Maxwell Engineering Solutions IPO listing performance
| Issue price | ₹158 |
|---|---|
| Current price 13 Nov 2026, 8:17 am IST | ₹274.7 |
| Change from issue price | +73.86% |
Maxwell Engineering Solutions IPO FAQs
When does the Maxwell Engineering Solutions IPO open and close?
The Maxwell Engineering Solutions IPO was open for bidding from 30 Oct 2026 to 3 Nov 2026.
What is the price band and lot size of the Maxwell Engineering Solutions IPO?
The price band is ₹150–158 per share and one lot is 800 shares.
What is the minimum investment in the Maxwell Engineering Solutions IPO?
The smallest application is 2 lots (1,600 shares), which costs ₹2,52,800 at the top of the price band.
When is the Maxwell Engineering Solutions IPO allotment date and how do I check my status?
The basis of allotment was finalised on 5 Nov 2026. You can check your allotment status on the website of the registrar, Kfin Technologies Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Maxwell Engineering Solutions shares list?
Maxwell Engineering Solutions listed on NSE Emerge on 6 Nov 2026.
Who are the lead managers and registrar of the Maxwell Engineering Solutions IPO?
The registrar is Kfin Technologies Limited.
How many times has the Maxwell Engineering Solutions IPO been subscribed?
The Maxwell Engineering Solutions IPO was subscribed 534.65 times overall. Figures as of 3 Nov 2026, 11:34 am IST.
Does the Maxwell Engineering Solutions IPO have an employee quota?
No. The Maxwell Engineering Solutions IPO has no separate quota for employees.
Who are the listed peers of Maxwell Engineering Solutions?
Listed companies comparable to Maxwell Engineering Solutions include Kabra Extrusion Technik, Omnitech Engineering and Sunita Tools.
What do brokers say about the Maxwell Engineering Solutions IPO?
Of the 1 broker note we track, 0 say subscribe, 1 is neutral and 0 say avoid. These are the firms' own views; Marketasset does not rate IPOs.