Maharaja & Speedex India Limited
Bookbuilding IPO · BSE
- Price band
- ₹177 – ₹186
- Lot size
- 600 shares
- Issue amount
- ₹80.12 cr
- Total subscription
- 32.49×
- Opens
- 10 Sept 2026
- Closes
- 15 Sept 2026
- Allotment
- 16 Sept 2026
- Listing
- 18 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 43,08,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,06,200
- Fresh issue
- ₹64.1 cr
- Offer for sale
- ₹16.02 cr
- Registrar
- Maashitla Securities Private Limited
- Listing exchange
- BSE
- Maximum investment
- ₹1,11,600
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,28,98,740
- Shares after issue
- 1,63,45,140
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,200 | ₹2,23,200 |
| sHNI | 3 | 1,800 | ₹3,34,800 |
| bHNI | 9 | 5,400 | ₹10,04,400 |
Share reservation
Subscription & GMP
Subscription by category
Reported 15 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 49 |
| NIB | 0 | 6,597 |
| RETAIL | 1,194 | 23,458 |
| EMPLOYEES | 0 | 0 |
| HNIs(10L +) | 227 | 3,150 |
| HNIs (2-10L) | 114 | 3,447 |
| Shareholder | 0 | 0 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 15.22 | 743.22 |
| FIIs | 0 | 144.04 |
| Mutual Funds | 0 | 27 |
| Others | 0 | 572.12 |
| RETAIL | 26.65 | 523.58 |
| NIB | 11.42 | 464.35 |
| HNIs 2+ | 3.82 | 121.34 |
| HNIs 10+ | 7.6 | 343 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 11.89 | 4.49 | 0.89 |
| ROE | 0 | 0 | 0 |
| ROCE | 54.6 | 42.22 | 18.88 |
| RONW | 80.47 | 68.03 | 31.57 |
| PRE IPO(PE) | 15.64 | 0 | 0 |
| POST IPO(PE) | 19.81 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Maharaja & Speedex India Limited | 15.64 | 0 | 10.00 | 20.73 | 80.47 | 11.89 |
| Borosil Limited | 38.23 | 0 | 1.00 | 74.12 | 9.30 | 6.24 |
| Cello World Limited | 25.69 | 0 | 5.00 | 101.62 | 14.35 | 14.70 |
Company information
Company profile
Maharaja & Speedex India Limited, originally incorporated in 2006 as Maharaja Cookers Private Limited, is a drinkware manufacturing and distribution company focused on stainless-steel bottles and other drinkware products. The Company offers a diverse range of standard and novelty products, including stainless-steel bottles, tumblers, feeding bottles and gym shakers, catering to mass, premium and lifestyle segments. It also provides OEM and private-label manufacturing solutions for corporate gifting programs, institutional buyers and brand partners, serving both B2C and B2B customers. With in-house manufacturing capabilities supported by its subsidiary, modern machinery and advanced production facilities, the Company focuses on maintaining product quality, efficient production and customization. Its product portfolio is aligned with growing consumer demand for durable, hygienic, reusable and sustainable alternatives to plastic drinkware.
Strengths
- Strong Supplier & Customer Relationships: The company has built long-term relationships with customers and suppliers by providing consistent quality, reliable delivery and responsive service, supporting stable business growth.
- Diversified Product Portfolio: The company offers stainless-steel consumer products across different price ranges, from affordable to premium, catering to a wide range of customer needs and preferences.
- Experienced Management Team: The company has an experienced management team with expertise in manufacturing, operations, product development, sales, marketing and finance, supporting its shift from trading to an integrated manufacturing and distribution business.
Risk factors
- Dependence on Distribution Network: The company relies on its network of offline distributors, e-commerce platforms, website and other digital channels to sell its products. Any disruption in these channels could affect sales, cash flow and financial performance.
- Channel Conflict from OEM & Private-Label Products: The company also manufactures similar products for third parties under OEM and private-label arrangements. This could create competition with its own brands and affect brand positioning and growth.
- Ongoing Legal Proceedings: The company and certain key personnel and subsidiaries are involved in ongoing legal cases. Any unfavorable decision or penalty could increase costs and liabilities and negatively affect the business.
Promoters
Rakesh Kumar Aggarwal
Kusum Aggarwal
Akash Aggarwal
Ankit Bansal
Atul Tulsian
Rohit Garg
Registrar & documents
Lead manager
Choice Capital Advisors Private Limited
Registrar & contacts
Maashitla Securities Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station, Alipur, New Delhi, 110036
9650589457
[email protected]Company website ↗Understanding SPEEDEX IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.