- Summary
- Maxwell Engineering Solutions IPO will open on 30 October 2026 and close on 3 November 2026. The price band is between ₹150 and ₹158, and the total issue size is ₹57.64 crore, comprising a fresh issue of 36,48,000 shares.
- The company manufactures, distributes, and provides services for precision-engineered components for underwater pelletizing systems, including die plates, blades, and cutter hubs. Under the retail category, the minimum investment is ₹2,52,800, containing 2 lots of 800 shares each.
- Under the S-HNI category, the minimum is 3 lots of 2,400 shares, totaling ₹3,79,200, and the maximum is 7 lots of 5,600 shares, totaling ₹8,84,800. And under the B-HNI category, the minimum is 8 lots containing 6,400 shares, amounting to ₹10,11,200.
The Maxwell Engineering Solutions IPO is a book-built SME IPO worth ₹57.64 crore, consisting entirely of a fresh issue of 36,48,000 shares. The IPO opens on 30 October 2026, and the closing date is 3 November 2026. The stock’s price band is ₹150- ₹158, with a face value of ₹10.
The IPO allocation date is 4 November 2026, and the listing on the NSE is expected on 6 November 2026. The lot size for the stock is 800 shares. Under the retail category, the minimum and maximum investment is ₹2,52,800, containing 2 lots of 1,600 shares.
Under the B-HNI category, the minimum is 8 lots of 6,400 shares, totaling ₹10,11,200.
Maxwell Engineering Solutions IPO Key Details
Here is a quick look at the important details of the Maxwell Engineering Solutions IPO:
| IPO Open Date | 30 October, 2026 |
| Close Date | 3 November, 2026 |
| Face value | ₹10 per share |
| Price Band | ₹150 to ₹158 |
| Issue price | – |
| IPO Lot Size | 800 shares |
| Offer for sale | – |
| Fresh issue | 34,25,600 shares (~₹54 cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | NSE SME |
| Total Issue Size (₹ Crore) | 36,48,000 shares (₹57.64 cr) |
| Minimum Investment | ₹2,52,800 (1,600 shares) |
Maxwell Engineering Solutions IPO Timeline
The key dates for the Maxwell Engineering Solutions IPO are given below:
| Bidding Opens | 30 October, 2026 |
| Bidding Closes | 3 November, 2026 |
| Allotment Planned For | 4 November, 2026 |
| Refunds Start On | 5 November, 2026 |
| Share Credit to Demat | 5 November, 2026 |
| Listing Scheduled | 6 November, 2026 |
| Cut-off for UPI mandate | 3 November, 2026 5:00 PM |
Maxwell Engineering Solutions Key Performance Indicators (KPIs)
Maxwell Engineering Solutions IPO KPIs are presented in the following table:
| KPIs | FY 2026 | FY 2025 | FY 2024 |
| ROE (%) | 62.63% | 112.32% | 180.58% |
| ROCE (%) | 38.46% | 53.31% | 62.96% |
| Debt-Equity (times) | 0.67 | 0.66 | 0.96 |
| RoNW (%) | 47.70% | 70.54% | 94.90% |
| PAT Margin (%) | 40.28% | 41.52% | 29.98% |
| EBITDA Margin (%) | 51.58% | 52.90% | 40.32% |
| Price Book Value | 6.39 | – |
Maxwell Engineering Solutions IPO Financials
Here is an overview of the company’s financial figures:
| Period | FY 2026 | FY 2025 | FY 2024 |
| Total Assets | 4,755.28 | 2,530.94 | 850.62 |
| Revenue from operations | 2,944.83 | 2,209.98 | 1,054.33 |
| Profit After Tax | 1,186.17 | 917.57 | 316.14 |
Maxwell Engineering Solutions IPO Subscription Status
| Date | QIB (Ex Anchor) | NII* | NII (> ₹10L) | NII (< ₹10L) | Individual Investors | Total |
| Oct 30 (Day 1) | 0 | 1.8 | 1.36 | 2.68 | 4.04 | 2.41 |
Maxwell Engineering Solutions IPO Grey Market Premium
The listing date for the Maxwell Engineering Solutions IPO is expected on 6 November, 2026, with a price range of ₹150- ₹158 per equity share. Grey market premiums (GMPs) can fluctuate frequently because they are unofficial.
| GMP Date | GMP | Est. Listing Price on upper price-₹158.00 | Est. Profit* | Trend |
| 30-Oct 12:37 Sub: 1.93x O | ₹70 (44.30%) ─ | ₹228 | ₹56,000 | Upward |
| 29-Oct 23:37 | ₹70 (44.30%) ▲ | ₹228 | ₹56,000 | Upward |
| 28-Oct 23:37 | ₹43 (27.22%) ▲ | ₹201 | ₹34,400 | Stable |
| 27-Oct 23:37 | ₹27 (17.09%) ─ | ₹185 | ₹21,600 | Initial |
Note: GMP represents sentiment in the unofficial market and should not be considered an indication of assured listing returns.
Maxwell Engineering Solutions IPO Reservation
The share allocation for each investor category is outlined below:
| Investor Category | Reservation |
| Market Maker | 2,22,400 |
| QIB | 17,07,200 |
| NIIs | 5,18,400 |
| Retail Investors | 12,00,000 |
| Total Shares | 36,48,000 |
Maxwell Engineering Solutions IPO Lot Size
The applicable lot sizes for different investor categories are as follows:
| Application Type | Lots | Shares | Amount |
| Individual Investor – Minimum | 2 | 1,600 | ₹2,52,800 |
| Individual Investor – Maximum | 2 | 1,600 | ₹2,52,800 |
| S-HNI Minimum | 3 | 2,400 | ₹3,79,200 |
| S-HNI Maximum | 7 | 5,600 | ₹8,84,000 |
| B-HNI Minimum | 8 | 6,400 | ₹10,11,200 |
Maxwell Engineering Solutions IPO Anchor Investors
The allotment status of the Maxwell Engineering Solutions IPO is currently not yet available. As a result, information related to anchor bidding, share allocation, investment value, and lock-in periods will be added once it is disclosed.
Maxwell Engineering Solutions IPO Prospectus
For more information on the Maxwell Engineering Solutions IPO, check the links below:
About Maxwell Engineering Solutions IPO
Incorporation: 2022
Managing Director: Rajkumar Chaudhary
Maxwell Engineering Solutions Ltd is a precision engineering firm based in India that specializes in the manufacture, trade, and service of specialist components for underwater pelletizing systems used in plastic and polymer processing.
The company’s product range includes die plates, blades, knives, cutter hubs, blade holders, and drive bushes. These products are meant for industries such as polymer compounding, master batching, engineering plastics, cables and plastics recycling.
Maxwell Engineering Solutions Ltd also offers customized manufacturing and repair services for the existing die plates. In addition, the company offers white-label manufacturing and trade services for complementary products. Maxwell Engineering Solutions operates from its manufacturing base in Vadodara, Gujarat.
| Issue Registrar | KFin Technologies Limited |
| Lead Manager | JDA Capital Services Limited |
Maxwell Engineering Solutions IPO Objectives
Funds received from the IPO will be directed towards the following purposes:
| Particulars | Amount (in ₹ Lakhs) |
| Financing the capital expenditure requirement towards purchase of new machines, lab equipment, and other utilities for the manufacturing facility | 1,800 |
| Financing the capital expenditure requirement for construction of new office building and manufacturing facility | 650 |
| Repayment/Prepayment in full or part of certain outstanding borrowings availed by the company | 430 |
| Funding working capital requirements of the company | 1,400 |
| General corporate purposes |
Strengths of Maxwell Engineering Solutions IPO
Some of the key strengths of Maxwell Engineering Solutions are the following, which an investor can check prior to making the IPO application:
- Steady Revenue Growth: The revenue from operations for Maxwell Engineering Solutions was ₹1,054.33 Lakhs in FY 2024, ₹2,209.98 Lakhs in FY 2025, and ₹ 2,944.83 Lakhs in FY 2026. This is a growth rate of about 67% annually. Growth in revenues is an indication of growth in business.
- International Market Penetration: Maxwell caters to customers not only in India but also in more than 15 international markets, according to the information available in its offer document and business profile. The company’s product range caters to applications including polymer compounding, specialty plastics, and recycling. International sales may help expand the customer base; however, they may make revenue vulnerable to foreign currency fluctuations.
- Quality Certification and Industry Experience: The company is certified with the ISO 9001:2015 standard for the production and distribution of certain precision-engineered products. The business’s promoters also have over 22 years of combined industry experience. Such qualities can contribute to manufacturing efficiency, technical expertise, and customer trust; however, they do not necessarily ensure future success.
Risks of Maxwell Engineering Solutions IPO
To apply for the Maxwell Engineering Solutions IPO, investors need to consider the company’s supplier dependence, customer concentration, import dependence, and working capital needs. These can be relevant issues that impact profitability and cash flows, even during periods of increased revenue.
- Dependence on a Few Suppliers: The Maxwell company depends on a few suppliers for key raw materials, such as carbide and brazing filler materials. For the fiscal year 2025-2026, around 62.35% of the total raw material purchases were imports.
- Customer Dependence: The organization depends heavily on a few customers for generating revenue. For the period through July 2026, the top 10 customers accounted for 80.71% of revenue. If any of the major customers leave or there is a reduction in orders from them, along with pressure to lower prices, it will substantially affect the firm’s revenue.
- Risk of Foreign Exchange and Export Markets: For FY2025-26, almost 84.73% of Maxwell’s revenue was generated from exports. Therefore, international demand is very important to the firm’s operations. Also, many of the firm’s raw materials are imported.
Maxwell Engineering Solutions IPO Review
Maxwell Engineering Solutions Limited operates in the manufacturing, trading, and servicing of precision-engineered components used in underwater pelletising systems in the plastic and polymer industry.
This Initial Public Offering is a book-built SME issue of ₹57.64 crore, which involves the fresh issue of 36,48,000 shares. The price range will be between ₹150 and ₹158 per share, with the lot size of 800 shares.
The company made income from its operations of ₹2,944.83 lakhs and profit after tax of ₹1,186.17 lakhs in financial year 2026. The company’s operations cater to both domestic and foreign markets, with the majority of its income coming from exports.
The IPO proceeds will be used for the purchase of machinery and laboratory instruments, a new office building and manufacturing facilities, and working capital requirements.
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Maxwell Engineering Solutions IPO FAQs
Maxwell Engineering Solutions Limited operates in the manufacturing, trading, and servicing of precision-engineered components used in underwater pelletising systems in the plastic and polymer industry. The offer starts on 30, October, 2026 and ends on 3, November, 2026.
Investors can apply for the IPO through their stockbroker or through any approved online IPO portal. Investors usually have the option to apply for the IPO through the ASBA route via banks.
Investors are required to evaluate the company themselves by considering the merits and demerits of the company’s financials, borrowings, customers, suppliers, and the purpose for raising funds via the IPO.
There is no guaranteed return from an IPO. Post-listing stock price may vary depending on market conditions, demand, performance, and trading activity.
Maxwell Engineering Solutions IPO is set to open on October 30, 2026. The closing date of the IPO is November 3, 2026, as per the available IPO schedule.
The number of shares in each lot is 800. The price band is ₹150-₹158, and the listing is on the NSE SME platform.
The allotment date is set for November 4, 2026. The next step will be the refund and allotment of shares in accordance with the final allotment.
The shares will be listed on November 6, 2026. The listing will be done on the NSE and SME platforms as per the IPO schedule.
