GMP IPO Watch
Maharaja & Speedex India IPO
Maharaja & Speedex India IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Maharaja & Speedex India IPO Details
Key facts at a glance| IPO Open Date | 9 September 2026 | IPO Close Date | 14 September 2026 |
|---|---|---|---|
| Basis of Allotment | 15 September 2026 | Listing Date | 17 September 2026 |
| Price Band | ₹177 - ₹186 per share | Face Value | ₹10 per share |
| Market Lot Size | 600 Shares | Min Investment (Retail) | ₹2,23,200 |
| Total Issue Size | ₹80.13 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹64.1 Cr | Offer for Sale (OFS) | ₹16.03 Cr |
| Listing At | BSE SME | Issue Category | SME Issue |
| Registrar | Maashitla Securities Pvt. Ltd. | ||
Maharaja & Speedex India IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 9 September 2026 | Confirmed |
| IPO Close Date | 14 September 2026 | Confirmed |
| Basis of Allotment | 15 September 2026 | Tentative |
| Initiation of Refunds | 17 September 2026 | Tentative |
| Credit of Shares to Demat | 17 September 2026 | Tentative |
| IPO Listing Date | 17 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 15 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Maharaja & Speedex India IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 2 Lots | 1,200 Shares | ₹2,23,200 |
| Retail (Max) | 2 Lots | 1,200 Shares | ₹2,23,200 |
| S-HNI (Min) | 3 Lots | 1,800 Shares | ₹3,34,800 |
| S-HNI (Max) | 8 Lots | 4,800 Shares | ₹8,92,800 |
| B-HNI (Min) | 9 Lots | 5,400 Shares | ₹10,04,400 |
Maharaja & Speedex India IPO Live GMP & Movement History
Daily unofficial grey market trends₹28 +15.1%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 16 Sept 2026 | ₹28 | ₹214.00 | +15.05% |
| 15 Sept 2026 | ₹45 | ₹231.00 | +24.19% |
| 14 Sept 2026 | ₹45 | ₹231.00 | +24.19% |
| 11 Sept 2026 | ₹30 | ₹216.00 | +16.13% |
| 10 Sept 2026 | ₹30 | ₹216.00 | +16.13% |
| 9 Sept 2026 | ₹30 | ₹216.00 | +16.13% |
Maharaja & Speedex India IPO Subscription Status
Demand breakdown by investor categoryMaharaja & Speedex India Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 26.94 Cr. | 61.41 Cr. | 59.96 Cr. | 1.08 Cr. |
| 2025 | 47.67 Cr. | 93.60 Cr. | 86.11 Cr. | 5.57 Cr. |
| 2026 | 81.98 Cr. | 122.74 Cr. | 103.55 Cr. | 15.34 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Maharaja & Speedex India IPO Valuation & KPIs
Key metrics pre-issueMaharaja & Speedex India Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Borosil Limited | 38.23 | 6.24 | 9.30% | 74.12 | 1,195.92 Cr. |
| Cello World Limited | 25.69 | 14.70 | 14.35% | 101.62 | 2,323.71 Cr. |
About Maharaja & Speedex India
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.
Key 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.
Key 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.
Maharaja & Speedex India IPO Reservation & Share Quotas
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.
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.
Maharaja & Speedex India IPO Important 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 மகாராஜா & ஸ்பீடெக்ஸ் இந்தியா IPO is tentative and subject to change.
Maharaja & Speedex India Promoters and Shareholding 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.
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 மகாராஜா & ஸ்பீடெக்ஸ் இந்தியா.
Maharaja & Speedex India About the 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.
Maharaja & Speedex India Company Financial Report
| 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 மகாராஜா & ஸ்பீடெக்ஸ் இந்தியா are in ₹ Crores unless stated otherwise.
Maharaja & Speedex India Company Valuation & Key Performance Indicators
| 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 மகாராஜா & ஸ்பீடெக்ஸ் இந்தியா are computed for FY2026.
Maharaja & Speedex India 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 மகாராஜா & ஸ்பீடெக்ஸ் இந்தியா are sourced from DRHP filings.
Maharaja & Speedex India Lead Managers & Merchant Bankers
- Choice Capital Advisors Pvt. Ltd.
Maharaja & Speedex India IPO FAQs
Maharaja & Speedex India IPO opens for subscription on 9 September 2026 and closes on 14 September 2026.
The price band for Maharaja & Speedex India IPO is set at ₹177.00 to ₹186.00 per share.
The minimum market lot size is 600 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 1,200 Shares (₹2,23,200).
The latest Grey Market Premium (GMP) for Maharaja & Speedex India IPO is ₹28. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Maharaja & Speedex India IPO is tentatively scheduled for 15 September 2026, and shares are expected to list on the stock exchanges on 17 September 2026.
Maashitla Securities Pvt. Ltd. is the official registrar for Maharaja & Speedex India IPO. Investors can check their IPO allotment status directly on the registrar's portal once finalized.