Maharaja & Speedex India
Price band ₹177–186 · Issue ₹80.13 Cr
Market attention score 24.8 (how ranked)
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Capital required
Approximate retail outlay for Maharaja & Speedex India at the issue price band (lot × lots).
Est. capital
₹1,06,200 – ₹1,11,600
Lot size 600 · up to ₹186/share
Prefer smaller tickets before listing? Explore unlisted & pre-IPO shares.
Opens
10 Sept 2026
Closes
15 Sept 2026
Allotment
16 Sept 2026
Listing
18 Sept 2026
Lot size
600
GMP
+3.23%
At a glance
IPO Open Thu, Sep 10, 2026 IPO Close Tue, Sep 15, 2026 Price Band ₹177 to ₹186 Market Cap * ₹304.02 Cr * on Upper Price IPO Details IPO Date 10 to 15 Sep, 2026 Listing Date Fri, Sep 18, 2026 T Face Value ₹ 10 per share Price Band ₹177 to ₹186 Lot Size 600 Shares Sale Type Fresh capital cum OFS Issue Type Bookbuilding IPO Listing At BSE SME Total Issue Size 43,08,000 shares (agg. up to ₹ 80 Cr) Reserved for Market Maker 2,16,000 shares (agg. up to ₹ 4 Cr) Choice Equity Broking Pvt.Ltd. Fresh Issue (Ex Market Maker) 32,30,400 shares (agg. up to ₹ 60 Cr) Offer for Sale 8,61,600 shares of ₹ 10 (agg. up to ₹ 16 Cr) Net Offered to Public 40,92,000 shares (agg. up to ₹ 76 Cr) Share Holding Pre Issue 1,28,98,740 shares Share Holding Post Issue 1,63,45,140 shares IPO Timetable (Tentative) IPO Open Thu, Sep 10, 2026 IPO Close Tue, Sep 15, 2026 Allotment Wed, Sep 16, 2026 Refund Thu, Sep 17, 2026 Credit of Shares Thu, Sep 17, 2026 Listing Fri, Sep 18, 2026 IPOs Timetable Issue Reservation Investor Category Shares QIB Not more than 50% of the Net Issue Retail Not less than 35% of the Net Issue NII Not less than 15% of the Net Issue IPO Lot Size Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof. Application Lots Shares Amount Individual investors (IND) (Min) 2 1,200 ₹2,23,200 Individual investors (IND) (Max) 2 1,200 ₹2,23,200 S-HNI (Min) 3 1,800 ₹3,34,800 S-HNI (Max) 8 4,800 ₹8,92,800 B-HNI (Min) 9 5,400 ₹10,04,400 IPO Subscription Details About Maharaja & Speedex India Ltd. Updated on Sep 7, 2026 Incorporated in February 2006, Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The Company offers a diversified portfolio of drinkware products classified into Standard Products and Novelty Products. Standard Products primarily comprise stainless-steel bottles, while Novelty Products include tumblers, feeding bottles and gym shakers. Its products are offered across mass, premium and lifestyle price segments, catering to a broad range of retail consumers and institutional customers. In addition to branded products, the Company undertakes OEM and private-label manufacturing, providing customized drinkware solutions for corporate gifting programmes, institutional buyers and brand partners.
The Company operates an integrated, asset-backed business model supported by in-house manufacturing capabilities primarily through its wholly owned subsidiary, Dewdrop Bottles Private Limited. As of the date of the Red Herring Prospectus, Dewdrop Bottles operates two manufacturing facilities in Sonipat, Haryana, with an installed production capacity of approximately 45.24 lakh units per annum across 223 SKUs. The manufacturing facilities are equipped with modern machinery and production lines that enable large-scale manufacturing and product customization across various drinkware categories. The Company also focuses on product innovation and the development of value-added drinkware products in line with changing consumer preferences.
Overview
Maharaja & Speedex IPO is a book build issue of ₹80.13 crores. The issue is a combination of fresh issue of 34.46 lakh shares aggregating to ₹64.10 crores and offer for sale of 8.62 lakh shares aggregating to ₹16.03 crores.
Maharaja & Speedex IPO opens for subscription on Sep 10, 2026 and closes on Sep 15, 2026. The allotment for the Maharaja & Speedex IPO is expected to be finalized on Sep 16, 2026. Maharaja & Speedex IPO will list on the BSE SME with a tentative listing date fixed as Sep 18, 2026.
Maharaja & Speedex IPO is set issue price band at ₹177 to ₹186 per share. The lot size for an application is 600 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,23,200 (1,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (1,800 shares), amounting to ₹3,34,800.
Choice Capital Advisors Pvt.Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Choice Equity Broking Pvt.Ltd.
Refer to Maharaja & Speedex IPO RHP for detailed Information.
Issue details
IPO Date
10 to 15 Sep, 2026
Listing Date
Fri, Sep 18, 2026T
Face Value
₹10 per share
Price Band
₹177 to ₹186
Lot Size
600 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
BSE SME
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1,200 | ₹2,23,200 |
| Individual investors (IND) (Max) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,34,800 |
| S-HNI (Max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,04,400 |
Issue reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
About the company
Incorporated in February 2006, Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The Company offers a diversified portfolio of drinkware products classified into Standard Products and Novelty Products. Standard Products primarily comprise stainless-steel bottles, while Novelty Products include tumblers, feeding bottles and gym shakers. Its products are offered across mass, premium and lifestyle price segments, catering to a broad range of retail consumers and institutional customers. In addition to branded products, the Company undertakes OEM and private-label manufacturing, providing customized drinkware solutions for corporate gifting programmes, institutional buyers and brand partners.
The Company operates an integrated, asset-backed business model supported by in-house manufacturing capabilities primarily through its wholly owned subsidiary, Dewdrop Bottles Private Limited. As of the date of the Red Herring Prospectus, Dewdrop Bottles operates two manufacturing facilities in Sonipat, Haryana, with an installed production capacity of approximately 45.24 lakh units per annum across 223 SKUs. The manufacturing facilities are equipped with modern machinery and production lines that enable large-scale manufacturing and product customization across various drinkware categories. The Company also focuses on product innovation and the development of value-added drinkware products in line with changing consumer preferences.
The Company has developed a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories, including Maharashtra, Uttar Pradesh, Rajasthan and Punjab. Its products are distributed through traditional retail channels, modern trade formats and online sales channels. The Company serves both B2C and B2B markets, while maintaining long-standing relationships with suppliers, distributors, retailers, institutional customers and brand partners.
The Company has also expanded its group structure to strengthen its manufacturing and digital distribution capabilities. Dewdrop Bottles Private Limited became a wholly owned subsidiary in January 2025, consolidating the Group's stainless-steel drinkware manufacturing operations. In 2026, the Company acquired Gulika Apparel Private Limited, which was subsequently rebranded as Speedex Online Private Limited, with the objective of strengthening its online sales operations and digital distribution of branded products.
As of March 31, 2026, the Company and its wholly owned subsidiary had 431 full-time employees. The Company's management team brings complementary expertise to its manufacturing, distribution and business operations.
- Pan-India distribution network.
- OEM and private-label manufacturing capabilities.
- Diversified product portfolio across price segments.
- Integrated manufacturing and distribution capabilities.
- Focus on product innovation and value-added drinkware.
- Long-standing relationships with suppliers and customers.
- Seasoned management team with complementary expertise.
Financials
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 81.98 | 47.67 | 26.94 |
| Total Income | 122.74 | 93.60 | 61.41 |
| Profit After Tax | 15.34 | 5.57 | 1.08 |
| EBITDA | 22.52 | 10.61 | 2.90 |
| NET Worth | 26.74 | 11.39 | 4.97 |
| Reserves and Surplus | 15.96 | 13.51 | 4.96 |
| Total Borrowing | 26.66 | 18.04 | 16.11 |
Amounts in ₹ Crore (restated)
Key performance indicators
| KPI | Mar 31, 2026 |
|---|---|
| ROCE | 54.60% |
| Debt/Equity | 0.92 |
| RoNW | 80.47% |
| PAT Margin | 12.51% |
| EBITDA Margin | 18.36% |
| NAV | 20.73 |
| Price to Book Value | 8.97 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
11.89
P/E (x)
15.64
Market Cap at Offer Price
₹240Cr.
Shareholding
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 87.69% | 63.93% |
| Public | 12.31% | 36.07% |
| Total | 100% | 100% |
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
Intermediaries
Registrar
Maashitla Securities Pvt.Ltd.
Lead manager(s)
Choice Capital Advisors Pvt.Ltd.
FAQs
How to apply in Maharaja & Speedex IPO through Zerodha?+
Zerodha customers can apply online in Maharaja & Speedex IPO using UPI as a payment gateway. Zerodha customers can apply in Maharaja & Speedex IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Maharaja & Speedex IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Maharaja & Speedex IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Maharaja & Speedex IPO will open?+
The Maharaja & Speedex IPO opens on Thu, Sep 10, 2026 and closes on Tue, Sep 15, 2026.
What is the lot size of Maharaja & Speedex IPO?+
Maharaja & Speedex IPO lot size is 600 , and the minimum amount required for application is ₹2,23,200 , with 2 lots being the minimum application size .
How to apply for Maharaja & Speedex IPO?+
You can apply in Maharaja & Speedex IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Maharaja & Speedex IPO allotment?+
The finalization of Basis of Allotment for Maharaja & Speedex IPO will be done on Wednesday, September 16, 2026 , and the allotted shares will be credited to your demat account by Thu, Sep 17, 2026 . Check the Maharaja & Speedex IPO allotment status .
When is Maharaja & Speedex IPO listing date ?+
The Maharaja & Speedex IPO listing date is not yet announced. The tentative date of listing is Fri, Sep 18, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.