Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹64.10 Cr |
| Offer for Sale | ₹16.03 Cr |
| Market Cap | ≈ ₹304.02 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | Choice Capital Advisors |
| Registrar | Maashitla Securities |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 61.41 | 93.60 | 122.74 | +31% |
| EBITDA | 2.90 | 10.61 | 22.52 | +112% |
| PAT | 1.08 | 5.57 | 15.34 | +176% |
| Total Borrowing | 16.11 | 18.04 | 26.66 | +48% |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Maharaja & Speedex India | 19.8x | 80.47% | 12.5% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal & promoter group |
| Pre-issue | 87.69% |
| Post-issue | 63.93% |
| Objects of Issue | |
|---|---|
| Repayment of borrowings | ₹24.10 Cr |
| Capital expenditure | ₹21.42 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Explosive growth — PAT ₹1.1 → ₹15.3 Cr in two years (+176% in FY26) on income up ~31%; EBITDA margin widened from ~3% to ~18%.
- Reasonable pricing for the growth — ~19.8x post-issue P/E (pre-issue ~15.6x).
- High returns on capital — ROCE ~54.6% (though RoNW is base-effect-inflated).
- Mostly-fresh issue — ₹64 Cr of ₹80 Cr is fresh, funding debt repayment and capacity expansion.
- Established drinkware maker (since 2006) with two Sonipat plants; decent grey market (~16%).
- Tiny-base growth — the margin and profit jump is off a very small base; durability is unproven.
- Base-effect returns — the ~80% RoNW sits on a ₹27 Cr net worth, not a sustainable rate.
- Rising debt — borrowings up ₹16 → ₹27 Cr; debt/equity ~0.92, and ₹24 Cr of the raise repays debt.
- Very small, thinly-traded SME — ₹80 Cr issue, ~₹304 Cr market cap; low post-listing liquidity and high volatility (recent SME housewares listings have been mixed).
- High minimum ticket (~₹2.23 lakh); commodity-linked drinkware faces steel-cost and competitive pressures; on the Sep 15 final day the book is strongly oversubscribed (6.94× overall, QIB 4.82×) but the grey market diverges widely (~₹12–45).
Did the signal hold up? Updates after Sep 18
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Maharaja & Speedex India IPO FAQs
Common questions about the Maharaja & Speedex India IPO — GMP, price, dates, allotment and more.
What is Maharaja & Speedex India IPO GMP today?
As of the latest update (Subscription: Sep 15, 12:57 PM IST (Day 3 / final day — BSE) · GMP: Sep 15, ~12:50 PM IST (trackers diverge widely)), the grey market premium (GMP) for Maharaja & Speedex India IPO is around ₹12–45 (trackers diverge widely), implying an estimated listing price of about ≈ ₹198–231. GMP is unofficial & indicative
What is Maharaja & Speedex India IPO price band?
The price band is ₹177 – ₹186 per share (face value ₹10).
What is Maharaja & Speedex India IPO lot size?
The lot size is 600 · min ₹2,23,200 per application.
When is Maharaja & Speedex India IPO allotment?
The tentative basis-of-allotment date is Sep 16.
When will Maharaja & Speedex India IPO be listed?
The tentative listing date is Sep 18, 2026 on BSE SME.
What is the expected listing price of Maharaja & Speedex India IPO?
Based on the current grey market premium of ₹12–45 (trackers diverge widely), the estimated listing price is around ≈ ₹198–231 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Maharaja & Speedex India IPO?
Our view: Neutral · May Apply
In simple terms, Maharaja & Speedex makes stainless-steel bottles and drinkware, and its sales and profits have grown very fast — profit jumped from about ₹1 crore to ₹15 crore in two years while its margins widened sharply. The pricing is reasonable for that growth (about 20 times earnings). The things to weigh: that growth is off a very small base, so how much of the margin jump is durable is unproven; its borrowings have been rising (it owes about as much as its net worth); the eye-catching ~80% return on net worth is flattered by a tiny equity base, not a sustainable rate; the smallest application is large (about ₹2.23 lakh); and the grey market diverges widely (about ₹12–45). On the Sep 15 final day demand is strong — the book is about 6.94 times overall (institutions ~4.8 times, wealthy investors ~9.1 times, retail ~7.2 times). It is a reasonable small-company growth story for someone comfortable with the thin liquidity and volatility of a tiny SME — the strong demand helps, but weigh the base-effect returns and rising debt before applying. This is IPOSignal's research view, not investment advice.
What is Maharaja & Speedex India IPO subscription status?
As of Day 3 (final day) · Sep 15, 12:57 PM IST — latest available (bidding closes today), the issue was subscribed 6.9× overall — NII / HNI 9.1×, Individual 7.2×, QIB 4.8×.
Who is the registrar of Maharaja & Speedex India IPO?
The registrar is Maashitla Securities; the lead manager(s): Choice Capital Advisors.