Maharaja & Speedex India IPO GMP today is Rs 28. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
SPEEDEX
Maharaja & Speedex India IPO GMP & Allotment
Maharaja & Speedex operates in the Indian stainless-steel kitchenware industry, engaging in the manufacturing of household products such as water bottles, pressure cookers, feeding bottles, insulated steel bottles, and vacuum flasks. The company conducts its core business activities through a dual model, marketing products under its own brands while also manufacturing for third-party customers under original equipment manufacturer (OEM) and private-label arrangements. Maharaja & Speedex generates revenue primarily through the sale and distribution of these stainless-steel consumer products across both offline and online channels. Its offline distribution network spans 101 distributors across 17 states and two union territories, complementing its online presence on e-commerce marketplaces and its own website. All production activities are consolidated at its two manufacturing facilities located in Sonipat, Haryana, which support end-to-end production, cleaning, polishing, printing, packaging, and dispatch operations.
- IPO Price Band
- ₹177.00 - ₹186.00
- Lot Size
- 600 Shares
- Bidding Closes
- 15 Sept 2026
- Listing Date
- 18 Sept 2026
Current GMP Status
₹28
+15.05% vs upper band
Est. Listing Gain
+38.17%
Last Trend
16 Sept 2026
Listing Price
₹257.00
Retail Entry
₹2,23,200
IPO Details
Complete IPO information
| IPO Open Date | 10 Sept 2026 |
|---|---|
| IPO Close Date | 15 Sept 2026 |
| IPO Price Band | ₹177.00 - ₹186.00 |
| Lot Size | 600 Shares |
| Current GMP | ₹28 |
| Estimated Listing Gain | +38.17% |
| Issue Size | Approx ₹80.13 Cr |
| Fresh Issue | Approx ₹64.10 Cr |
| Issue Type | SME |
| IPO Listing | BSE SME |
| Retail Quota | TBA |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Overall Subscription | 30.21x |
| Minimum Investment | ₹2,23,200 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 8.18 | 399.58 | 48.82x |
| NII | 8.30 | 249.65 | 30.09x |
| Retail | 14.33 | 281.50 | 19.65x |
| Overall Subscription | 30.81 | 930.73 | 30.21x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Maharaja & Speedex India is priced at ₹186 per share. With a minimum lot size of 600 shares, a retail investor applying for one lot would need approximately ₹2,23,200 to participate in this SME issue.
The latest recorded Grey Market Premium for Maharaja & Speedex India stands at ₹28, implying an estimated listing gain of around 15.05% over the issue price if it holds until listing. This is down ₹17 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Maharaja & Speedex India's IPO was subscribed 30.21x overall, with a category-wise breakdown of Retail 19.65x, QIB 48.82x, NII 30.09x.
Among the strengths highlighted in Maharaja & Speedex India's IPO documents: Broad product portfolio of stainless-steel kitchenware and household items.; Pan-India distribution network with 101 distributors across multiple states..
Investors should also weigh the risk factors Maharaja & Speedex India has disclosed, including: Reliance on a limited number of suppliers for stainless-steel raw materials..
A share of Maharaja & Speedex India's issue proceeds is earmarked for Repayment Of Borrowings: 24.1 (37.60%).
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
10 Sept 2026
✓
Bidding Closes
15 Sept 2026
✓
Allotment
16 Sept 2026
✓
Listing
18 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 16 Sept 2026 | ₹28.00 | -₹17.00 | 15.05% |
| 15 Sept 2026 | ₹45.00 | - | 24.19% |
| 14 Sept 2026 | ₹45.00 | +₹15.00 | 24.19% |
| 11 Sept 2026 | ₹30.00 | - | 16.13% |
| 10 Sept 2026 | ₹30.00 | - | 16.13% |
| 09 Sept 2026 | ₹30.00 | - | 16.13% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 1,200 | ₹2,23,200 |
| Retail Maximum | 2 Lot | 1,200 | ₹2,23,200 |
| S-HNI Minimum | 3 Lot | 1,800 | ₹3,34,800 |
| S-HNI Maximum | 8 Lot | 4,800 | ₹8,92,800 |
| B-HNI Minimum | 9 Lot | 5,400 | ₹10,04,400 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Repayment Of Borrowings 24.1 (37.60%)
- General Corporate Purpose 18.58 (28.98%)
Issue Notes
Important takeaways before applying
Strengths
- Broad product portfolio of stainless-steel kitchenware and household items.
- Pan-India distribution network with 101 distributors across multiple states.
- Flexible dual business model with proprietary brands and third-party OEM.
- Two dedicated manufacturing facilities in Haryana ensure operational control.
- Steady financial growth with rising revenues and net profitability.
Risks
- Reliance on a limited number of suppliers for stainless-steel raw materials.
- Significant revenue concentration derived from a small group of key customers.
- Third-party OEM manufacturing creates potential channel conflicts with branded products.
- Operations are vulnerable to localized economic or regulatory disruptions.
- Core manufacturing facilities operate from leased premises subject to renewal.
Analysis
Maharaja & Speedex India IPO Reservation
The Maharaja & Speedex India IPO shares are proposed to be distributed among qualified institutional buyers, non-institutional investors and retail investors. The largest allocation is reserved for QIB investors at 50% of the shares offered, while NII investors and retail investors have 15% and 35% reservations, respectively.
No separate anchor investor allocation has been provided in the supplied reservation details. The exact number of shares offered to each category is currently shown as a placeholder and has therefore not been assumed.
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: Reservation percentages and share quantities are based on the Maharaja & Speedex India IPO information provided.
Analysis
Maharaja & Speedex India IPO Anchor Investors
The Maharaja & Speedex India IPO anchor bidding is scheduled for September 9, 2026, ahead of the public issue opening on September 10. The anchor investor information provides details about the bidding schedule and applicable lock-in periods for the allocated shares.
The number of shares offered and the total anchor allocation size are currently shown as placeholders in the supplied information. The anchor investor list can be accessed through the provided document link.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 9, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor investor details are based on the Maharaja & Speedex India IPO information provided.
Analysis
Maharaja & Speedex India IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 10 Sept 2026 |
| IPO Close Date | 15 Sept 2026 |
| Basis of Allotment | 16 Sept 2026 |
| Refunds | 17 Sept 2026 |
| Credit to Demat Account | 17 Sept 2026 |
| IPO Listing Date | 18 Sept 2026 |
Note: The timeline for Maharaja & Speedex India IPO is tentative and subject to change.
Analysis
Maharaja & Speedex India Promoters and Holding Pattern
The promoters of Maharaja & Speedex India are Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian and Rohit Garg. The company has a pre-IPO shareholding of 1,28,98,740 shares, representing 100% of the total pre-issue share capital.
Following the IPO, the total share capital is expected to increase to 1,63,45,140 shares. The promoter and other shareholder quantities and percentages after the issue have not been provided in the supplied information, so these figures are retained as placeholders.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | – | -% | – | -% |
| Others* | – | -% | – | -% |
| Total | 1,28,98,740 | 100% | 1,63,45,140 | 100% |
Note: Post-IPO promoter and other holding details are shown as provided in the supplied information.
Analysis
Maharaja & Speedex India Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding capital expenditure | 21.42 (33.42%) |
| Repayment or prepayment of certain borrowings | 24.1 (37.60%) |
| General corporate purposes | 18.58 (28.98%) |
Note: Objectives are as specified in the DRHP/RHP documents of Maharaja & Speedex India.
Analysis
Maharaja & Speedex India About IPO
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:
- Standard Products: Mainly stainless-steel bottles.
- Novelty Products: Tumblers, feeding bottles, and gym shakers.
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.
Analysis
Maharaja & Speedex India Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 61.41 Cr. | 59.96 Cr. | 1.08 Cr. | 26.94 Cr. |
| 2025 | 93.60 Cr. | 86.11 Cr. | 5.57 Cr. | 47.67 Cr. |
| 2026 | 122.74 Cr. | 103.55 Cr. | 15.34 Cr. | 81.98 Cr. |
Note: Financial numbers for Maharaja & Speedex India are in ₹ Crores unless stated otherwise.
Analysis
Maharaja & Speedex India Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 80.47% |
| ROCE | 54.60% |
| EBITDA Margin | 18.36% |
| PAT Margin | 12.51% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | 11.89 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 80.47% |
| Net Asset Value (NAV) | 20.73 |
Note: Valuation KPIs for Maharaja & Speedex India are computed for FY2026.
Analysis
Maharaja & Speedex India IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| 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. |
Note: Peer group comparisons for Maharaja & Speedex India are sourced from DRHP filings.
Analysis
Maharaja & Speedex India IPO Lead Managers aka Merchant Bankers
- Choice Capital Advisors Pvt. Ltd.
Comparison
Compare Maharaja & Speedex India IPO with similar IPOs
FAQ
Maharaja & Speedex India IPO FAQs
Maharaja & Speedex India IPO price band is Rs 177.00 to Rs 186.00. Check the latest issue price, lot size and GMP together before applying.
Maharaja & Speedex India IPO open date is 10 Sept 2026, close date is 15 Sept 2026, and listing date is 18 Sept 2026.
Maharaja & Speedex India IPO lot size is 600 shares. The minimum retail investment is Rs 2,23,200.
Maharaja & Speedex India is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Maharaja & Speedex India IPO subscription status currently shows Retail 19.65x, QIB 48.82x, NII 30.09x, Overall 30.21x.
Maharaja & Speedex operates in the Indian stainless-steel kitchenware industry, engaging in the manufacturing of household products such as water bottles, pressure cookers, feeding bottles, insulated steel bottles, and vacuum flasks. The company conducts its core business activities through a dual model, marketing products under its own brands while also manufacturing for third-party customers under original equipment manufacturer (OEM) and private-label arrangements. Maharaja & Speedex generates revenue primarily through the sale and distribution of these stainless-steel consumer products across both offline and online channels. Its offline distribution network spans 101 distributors across 17 states and two union territories, complementing its online presence on e-commerce marketplaces and its own website. All production activities are consolidated at its two manufacturing facilities located in Sonipat, Haryana, which support end-to-end production, cleaning, polishing, printing, packaging, and dispatch operations.
Maharaja & Speedex India IPO issue size is 80.13 and the expected allotment date is 16 Sept 2026.
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