Maharaja & Speedex India IPO open date is September 10, 2026 and the IPO will close on September 15, 2026. Maharaja & Speedex India IPO is a Book build Issue. The company to raise around ₹80.13 crores via IPO that comprises fresh issue of ₹64.10 crores and offer for sale up to 8,61,600 equity shares with face value of ₹10 each.
Maharaja & Speedex India IPO price band is ₹177 to ₹186 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Maharaja & Speedex India IPO to list on BSE SME on September 18, 2026. The allotment of Maharaja & Speedex India IPO date is September 16, 2026.
The company reported revenue of ₹122.74 crores in 2026 against ₹93.60 crores in 2025. The company reported profit of ₹15.34 crores in 2026 against profit of ₹5.57 crores in 2025. As per the financials the IPO investors should apply the IPO for a long term.
Maharaja & Speedex India IPO is a BSE SME IPO that has opened for subscription on 10 September 2026. The issue will remain open until 15 September 2026. The company has fixed the IPO price band at ₹177 to ₹186 per equity share, with the shares proposed to be listed on BSE SME around 18 September 2026.
Investors looking for the Maharaja & Speedex India IPO date, price band, lot size, GMP, subscription, allotment and listing details can find the key information below.
Maharaja & Speedex India IPO – Key Details
| Particular | Details |
|---|---|
| Company Name | Maharaja & Speedex India Limited |
| IPO Type | SME IPO |
| IPO Open Date | 10 September 2026 |
| IPO Close Date | 15 September 2026 |
| Price Band | ₹177 – ₹186 per share |
| Face Value | ₹10 per share |
| Issue Size | ₹80.13 Crore |
| Issue Type | Book Building |
| Listing Exchange | BSE SME |
| Proposed Listing Date | 18 September 2026 |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Lead Manager | Choice Capital Advisors Pvt. Ltd. |
The issue comprises a fresh issue along with an offer for sale. The reported total issue size is approximately ₹80.13 crore.
Maharaja & Speedex India IPO Price Band
The company has fixed the Maharaja & Speedex India IPO price band at ₹177 to ₹186 per share. Investors can place bids within this price range during the IPO period.
At the upper price band of ₹186, the IPO's reported issue size is around ₹80.13 crore.
Maharaja & Speedex India IPO Lot Size
The IPO's reported bid structure uses lots of 600 shares, with some platforms showing the retail minimum application as two lots, or 1,200 shares, under the SME IPO structure. At ₹186 per share, 1,200 shares would require approximately ₹2,23,200.
Investors should verify the final application requirement with their broker and the official issue documents before applying.
Maharaja & Speedex India IPO GMP Today
GMP (Grey Market Premium) is an unofficial indicator of market sentiment before an IPO's listing. It is not regulated by the stock exchanges and can change rapidly.
As of 10 September 2026, reports indicated that Maharaja & Speedex India was trading at a positive grey-market premium, with one report citing GMP around 16%. GMP should not be treated as a guaranteed listing price or return because grey-market prices can change before listing.
For investors, it is better to track IPO GMP Today, subscription figures, valuation, financial performance and broader market conditions together rather than relying only on GMP.
About Maharaja & Speedex India Limited
Maharaja & Speedex India Limited is a Delhi-based company. The business was originally incorporated as Maharaja Cookers Private Limited in February 2006 and subsequently changed its name to Maharaja & Speedex India Limited.
The company operates in the houseware/drinkware manufacturing segment, with products including stainless-steel bottles and related drinkware products. The IPO documents identify the company's registered office in Alipur, New Delhi.
Objects of the IPO
According to issue information, the proceeds are intended for purposes including:
- Repayment or pre-payment of certain borrowings
- Capital expenditure for plant and machinery at the manufacturing facility of its wholly owned subsidiary
- General corporate purposes
These proposed uses are important because investors can evaluate whether the fresh capital is being directed toward expansion, debt reduction or other corporate requirements.
Maharaja & Speedex India IPO Timeline
The important dates for the IPO are:
- IPO Opens: 10 September 2026
- IPO Closes: 15 September 2026
- Basis of Allotment: 16 September 2026
- Refund Initiation: 17 September 2026
- Shares Credited: 17 September 2026
- Expected Listing: 18 September 2026
These dates are subject to the final issue schedule and applicable market processes.
| Subscription Details (No. of Shares) | |||
|---|---|---|---|
| Category | Offered | Applied | Times |
| QIBs | 818400 | 0 | 0 |
| HNIs | 613800 | 524400 | 0.85 |
| bHNI | 408600 | 469800 | 1.15 |
| sHNI | 205200 | 54600 | 0.27 |
| Individual | 1432800 | 312000 | 0.22 |
| Total | 2865000 | 836400 | 0.29 |
| Application-Wise Breakup | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 227 | 8 | 0.04 |
| HNIs (3-10L) | 114 | 23 | 0.2 |
| Individual | 1194 | 260 | 0.22 |
Lot Size & Investment
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 1200 | 223200 | 1194 |
| sHNI | 3 | 1800 | 334800 | 114 |
| bHNI | 9 | 5400 | 1004400 | 227 |
Share Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 4308000 | 100% |
| Anchor | 1227000 | 28.48% |
| QIB | 818400 | 19% |
| HNI | 613800 | 14.25% |
| INDIVIDUAL | 1432800 | 33.26% |
| Market Maker | 216000 | 5.01% |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| RONW | 80.47% | 68.03% | 31.57% |
| ROCE | 54.60% | 42.22% | 18.88% |
| EPS (BASIC) | 11.89 | 4.49 | 0.89 |
| P/E Pre IPO | 15.64 | ||
| P/E Post IPO | 19.81 |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 81.97 | 47.67 | 26.94 |
| Total Income | 122.74 | 93.6 | 61.41 |
| Profit After Tax | 15.34 | 5.57 | 1.08 |
| EBITDA | 22.52 | 10.61 | 2.9 |
| NET Worth | 26.73 | 11.39 | 4.97 |
| Reserves and Surplus | 15.96 | 13.51 | 4.96 |
| Total Borrowing | 26.66 | 18.04 | 16.11 |
Peer Comparison (Valuation)
| Company | P/E (x) | Face value (₹) |
|---|---|---|
| Maharaja & Speedex India Limited | 15.64 | 10.00 |
| Borosil Limited | 38.23 | 1.00 |
| Cello World Limited | 25.69 | 5.00 |
SOURCE:RHP,All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports/ financial results as available of the respective company for the Fiscal 2026 submitted to stock exchanges. The financial information of our Company is based on the restated Consolidated financial information for Fiscal 2026. P/E Ratio has been computed based on the closing market price of equity shares on NSE on August 14, 2026, divided by Diluted EPS.
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Maharaja & Speedex India Limited | 20.73 | 80.47 | 11.89 |
| Borosil Limited | 74.12 | 9.30 | 6.24 |
| Cello World Limited | 101.62 | 14.35 | 14.70 |
About Company
Maharaja & Speedex India Limited was originally incorporated as “Maharaja Cookers Private Limited” on February 15, 2006, under the Companies Act, 1956. Subsequently, pursuant to Board and Shareholder resolutions dated December 11, 2023 and December 12, 2023, respectively, the Company changed its name to “Maharaja & Speedex India Private Limited” to add its brand name for better and smoother business operations. The fresh Certificate of Incorporation was issued on February 1, 2024. Thereafter, the Company was converted into a Public Limited Company pursuant to resolutions dated December 2, 2025 and December 24, 2025, and renamed “Maharaja & Speedex India Limited”, with a fresh Certificate of Incorporation issued on January 15, 2026.
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to retail consumers and institutional customers across India. Its business includes manufacturing, branding, marketing and distribution of stainless-steel bottles and value-added drinkware products, with a diversified portfolio designed around consumer preferences for durable, hygienic and reusable drinkware.
The Company’s products are broadly classified into Standard Products and Novelty Products. Standard Products include stainless-steel bottles for routine use, while Novelty Products include tumblers, feeding bottles and gym shakers. These products are available across mass, premium and lifestyle segments, enabling the Company to serve a broad customer base. The Company has also expanded into value-added and specialized drinkware products, reflecting growing awareness of health, sustainability and the shift from plastic to stainless-steel alternatives.
In addition to its branded products, the Company undertakes OEM and private-label manufacturing, offering customized drinkware solutions for corporate gifting programs, institutional buyers and brand partners. This enables it to serve both B2C and B2B markets while developing long-term relationships with distributors, retailers and institutional clients.
The Company follows an integrated, asset-backed business model supported by in-house manufacturing capabilities, with manufacturing operations primarily carried out through its subsidiary. This enables effective control over product quality, production processes and product development. The subsidiary’s manufacturing facilities are equipped with modern machinery and advanced production lines, supporting efficient large-scale production and customization across various drinkware categories.
Strengths
Strong Supplier & Customer Relationships: Long-standing relationships with diverse customers and suppliers, supported by consistent quality, reliable delivery and responsive service, contribute to business stability and growth.
Diversified Product Portfolio: Offers stainless-steel consumer products across multiple price segments, from mass-market to premium, catering to varied consumer needs, preferences and purchasing power.
Experienced Management Team: A seasoned team with expertise in manufacturing, operations, product development, sales, marketing and finance, supporting the Company’s transition from a trading business to an integrated manufacturing and distribution platform.
Risk Factors
Dependence on Distribution Network: The Company relies on its Indian distribution network, including around 101 offline distributors, along with e-commerce marketplaces, its website and other digital platforms. Any disruption in these channels could adversely affect business, cash flows and financial performance.
Channel Conflict from OEM & Private-Label Products: Manufacturing similar stainless-steel products for third parties under OEM and private-label arrangements may create competitive overlap with the Company’s own brands, potentially affecting brand positioning and growth strategy.
Ongoing Legal Proceedings: The Company and certain Promoters, Directors, KMPs, Senior Management and Subsidiaries are involved in legal proceedings. Adverse rulings or penalties may increase expenses and current or contingent liabilities, adversely affecting business and results of operations.
Should You Apply for Maharaja & Speedex India IPO?
The Maharaja & Speedex India IPO may attract investor attention because of its positive grey-market sentiment and the company's manufacturing business. However, GMP alone should not be the basis for an investment decision.
Before applying, investors should study the company's financial statements, valuation, debt levels, business risks, use of IPO proceeds and the risk factors disclosed in the RHP.
SME IPOs can also have different liquidity and trading characteristics compared with mainboard IPOs. Investors should therefore consider their own risk tolerance and investment objectives.
Conclusion
Maharaja & Speedex India IPO is an upcoming/ongoing SME issue with a price band of ₹177–₹186 and an issue size of approximately ₹80.13 crore. The IPO is open from 10 September to 15 September 2026 and is proposed to list on BSE SME on 18 September 2026.
Investors should track Maharaja & Speedex India IPO GMP, subscription status, allotment and financial performance before taking any investment decision. GMP is only an unofficial market indicator and does not guarantee listing gains.
Maharaja & Speedex India IPO – FAQs
What is Maharaja & Speedex India IPO?
Maharaja & Speedex India IPO is an SME public issue of Maharaja & Speedex India Limited, proposed to be listed on BSE SME.
When does Maharaja & Speedex India IPO open?
The IPO opens on 10 September 2026.
When does Maharaja & Speedex India IPO close?
The IPO closes on 15 September 2026.
What is the Maharaja & Speedex India IPO price band?
The price band is ₹177 to ₹186 per equity share.
What is the Maharaja & Speedex India IPO lot size?
The reported lot size is 600 shares, while the minimum retail application structure may require two lots under the applicable SME rules.
What is the Maharaja & Speedex India IPO GMP today?
GMP is unofficial and changes frequently. On 10 September 2026, reports indicated a GMP around 16%. Investors should check the latest GMP before making any decision.
When will Maharaja & Speedex India IPO be listed?
The proposed listing date is 18 September 2026.