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₹177 - 186 Amounts at the upper price band.
Maharaja & Speedex India Ltd
Consumer DurablesIPOSME
₹177 - 186
Maharaja & Speedex India Limited (the "Company") is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to both retail consumers and institutional customers across India. The Company is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and value-added drinkware products, with a diversified portfolio designed to address evolving consumer preferences for durable, hygienic and reusable drinkware solutions.
Lot600Min Invest₹2,23,200Face Value₹10Issue Size₹80 CrFresh Issue₹64 CrOffer for Sale₹16 CrListing Price₹250CMP₹240
Timeline
10 Sept
Bidding opens
15 Sept
Bidding closes
16 Sept
Allotment
17 Sept
Refund & demat credit
18 Sept
Listing
Subscription · As of 7:37 PM, 15 Sept
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB48.8x19.47 L9.51 Cr1,768.15NII30.1x5.84 L1.76 Cr326.85Retail19.6x13.63 L2.68 Cr498.04Total30.2x43.08 L13.01 Cr2,303.51
Reports
Offer Details
Terms
Issue Size₹80 Cr0.43 Cr shares
Fresh Issue₹64 Cr
Offer for Sale₹16 Cr
Face Value₹10
Lot Size600 shares
ReservationQIB 49.99% · NII 15% · RETAIL 35.01%
Application Sizes
Retail₹2,23,2001-1 lots
sNII₹2,23,200from 2 lots
bNII₹10,04,400from 9 lots
Managers & Registrar
Lead ManagerChoice Capital Advisors Private Limited
RegistrarMaashitla Securities Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrRakesh Kumar AggarwalPRMTR4,30,8008.01Akash AggarwalPRMTR4,30,8008.01Total8,61,60016.03
Shareholding
CategoryPre IPOPost IPOPromoter Group87.68%63.93%Public12.32%36.07%
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
- Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary
- General Corporate Purposes
Anchor Book
Bid Date09-Sep-2026Bid Price₹186Shares12,27,000Amount₹23 Cr30-day lock-in15-Oct-202690-day lock-in14-Dec-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 65 | 61 | 94 | 123 |
| Operating ProfitCr | 2 | 3 | 11 | 23 |
| OPM% | 2.6 | 4.7 | 11.4 | 18.4 |
| PBTCr | 1 | 1 | 7 | 19 |
| PATCr | 1 | 1 | 6 | 15 |
| EPS | - | 1 | 4 | 12 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | - | 0 | 0 | 13 |
| ReservesCr | - | 5 | 14 | 16 |
| BorrowingsCr | - | 16 | 18 | 27 |
| Total AssetsCr | - | 27 | 48 | 82 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 1 | 2 | 2 | 4 |
| Investing Cash FlowCr | -2 | -3 | -2 | -12 |
| Financing Cash FlowCr | 1 | 1 | 0 | 7 |
| Net Cash FlowCr | 0 | 0 | 0 | -1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Long-standing relationships with suppliers and customers.
- Integrated Manufacturing and Distribution Capabilities.
- Diversified product portfolio across price segments.
- Seasoned Management Team with Complementary Expertise.
Strategies · as stated in the DRHP
- Increasing manufacturing capacity to cater to high-value orders.
- Strengthening and Expanding Distribution Network.
- Product innovation and diversification.
- Expanding Our B2B and B2C Presence.
Risks · as stated in the DRHP
- The company source a significant portion of its raw material requirements from a limited number of suppliers, and any disruption in supply or deterioration of the company's relationship with such supplier(s) could have a material adverse effect on its business, results of operations and financial condition.
- The company is dependent on and derives a substantial portion of its revenue from certain key customers. Loss of relationship with any of these customers or delays or reductions in their orders may have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- The company is dependent on its distribution network in India to sell and distribute the company's products and any disruption in its distribution network could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Manufacturing products for third parties under OEM and private-label arrangements may create potential channel conflicts and competitive overlap with the company's branded products, which could adversely affect its brand positioning and growth strategy.
- The company's revenue is concentrated in certain states, and any adverse developments in these regions could materially affect its business.
- The Company does not own any of the premises from which its operates, and all such premises are leased. Disruption of the company's rights as lessee or termination of the agreement with its lessor may adversely impact the company operations and, consequently, its business, financial condition and results of operations.