Maharaja & Speedex India IPO
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 5 | Final |
|---|---|---|---|---|
| QIB | 0.00x | 0.10x | 0.10x | 48.82x |
| NII | 0.85x | 1.16x | 1.16x | 40.67x |
| bNII > ₹10L | 1.15x | 1.34x | 1.34x | 45.07x |
| sNII 2-10L | 0.27x | 0.80x | 0.80x | 31.89x |
| Retail | 0.22x | 0.56x | 0.59x | 19.65x |
| Total | 0.29x | 0.55x | 0.57x | 32.49x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 61.41 | 93.60 | 122.74 |
| Expense | 59.96 | 86.11 | 103.55 |
| Profit (PAT) | 1.08 | 5.57 | 15.34 |
| Total Assets | 26.94 | 47.67 | 81.98 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Maharaja & Speedex India This IPO | 9.39 | 19.81 | 80.47 | 20.73 | - |
| Borosil Limited | 6.24 | 38.23 | 9.30 | 74.12 | 1,195.92 Cr |
| Cello World Limited | 14.70 | 25.69 | 14.35 | 101.62 | 2,323.71 Cr |
Promoters & Holding Pattern
Promoters: Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,13,10,904 | 87.69% |
| Promoter Holding Post Issue | 1,04,49,304 | 63.93% |
Strengths & Risks
- Strongly subscribed — 32.5x overall (final).
- Strong institutional (QIB) demand — 48.8x.
- Revenue grew 31% in the latest reported year.
- Solid profit margin — 12.5%.
- Strong return on equity — 80%.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Maharaja & Speedex India
Established in February 2006, Maharaja & Speedex India Limited manufactures, brands, markets, and distributes stainless-steel bottles and other drinkware products. The company offers two main types of products: Its products are available in mass, premium, and lifestyle price ranges, serving both retail and institutional customers. The company also provides OEM and private-label manufacturing, making customized drinkware for corporate gifting, institutions, and other brands.
Company Contact Information
Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station, Alipur New Delhi
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. | 25.05 |
| Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary | 20.38 |
| General Corporate Purpose | - |
Resources & Documents
Anchor Investors
Maharaja & Speedex India IPO - Quick Take
Maharaja & Speedex India has set a price band of Rs 177–Rs 186 per share for an issue size of Rs 80 crore. The stock listed with a 34.41% gain versus its issue price on September 18, 2026.
The issue is promoted by Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg with Choice Capital Advisors Pvt.Ltd. acting as lead manager. Anchor investors have committed Rs 23 crore ahead of the public issue — about 28% of the total issue size. Anchor allocation was completed on September 09, 2026. Net proceeds will primarily be used towards repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from bank… (Rs 25 crore) and funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the w… (Rs 20 crore).
At the upper end of the price band, the issue is priced at a post-issue P/E of 19.81x. On fundamentals, the company is posting revenue growth of 31.1%, a profit margin of 12.5%, return on equity of 80.5% in its most recent reported period. Listed peers in this segment include Borosil Limited (P/E 38.23x) and Cello World Limited (P/E 25.69x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Maharaja & Speedex India IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 15.1%. Of the 26 SME IPOs we have tracked with a final GMP between 10% and 25%, 21 listed above, 3 flat and 2 below the issue price; Maharaja & Speedex India listed 34.4% above its issue price.
See the full Maharaja & Speedex India GMP history and trend, or learn how grey market premium works and how reliable it is.
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