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Maharaja & Speedex India IPOLISTED
Maharaja & Speedex India Limited manufactures, brands and distributes stainless-steel bottles and allied drinkware products across mass, premium and lifestyle segments.
Listing price
₹250
Listing gain
+34.41%
Current
₹250
Listed
18 Sept 26
Opens
10 Sept 26Closes
15 Sept 26Allotment
16 Sept 26Refund
17 Sept 26Demat
17 Sept 26Listing
18 Sept 26Listed at
₹250
+34.41% on 18 Sept 26
Overview
Price band
₹177-186
Lot size
600 shares
Min. investment
₹2,23,200
Issue size
₹80.13 Cr
43.08 L shares
Fresh issue
₹64.1 Cr
34.46 L shares
Offer for sale
₹16.03 Cr
8.62 L shares
Face value
₹10 / share
Issue type
Book Built Issue
Listing at
BSE
Reservation
| Category | Shares offered | % of issue |
|---|---|---|
| Market Maker | 2,16,000 | 5.01% |
| Anchor Investor | 12,27,000 | 28.48% |
| QIB | 8,18,400 | 19% |
| NII (HNI) | 6,13,800 | 14.25% |
| B-HNI | 4,08,600 | — |
| S-HNI | 2,05,200 | — |
| Individual | 14,32,800 | 33.26% |
| Total | 43,08,000 | 100% |
Lot size & investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,23,200 |
| Retail (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 |
Listing performance
NSE/BSE: MAHARAJASPEEDEXINDIAListing gain
+34.41%
Gain per retail lot
₹76,800
Latest vs issue
—
GMP was
₹27 (+14.52%)
Issue price
GMP estimate
Listing price
Latest price appears here during market hours.
Maharaja & Speedex India Live GMP
Latest GMP
₹27
All-time high
₹30
All-time low
₹0
Subscription
15 Sept, 05:05 pmOversubscribed 32.49 times · 30,240 applications
Total applications
30,240
Total bid amount
₹1,731 Cr
Category breakdown
| Category | Shares offered | Shares bid | Times | Bid amount |
|---|---|---|---|---|
| QIB | 8,18,400 | 3,99,58,200 | 48.82x | ₹743 Cr |
| NII (HNI) | 6,13,800 | 2,49,64,800 | 40.67x | ₹464 Cr |
| B-HNI | 4,08,600 | 1,84,41,000 | 45.13x | ₹343 Cr |
| S-HNI | 2,05,200 | 65,23,800 | 31.79x | ₹121 Cr |
| Retail | 14,32,800 | 2,81,49,600 | 19.65x | ₹524 Cr |
| Total | 28,65,000 | 9,30,72,600 | 32.49x | ₹1,731 Cr |
Financials
(₹ in crores)
Key performance indicators
As of 31 Mar 2026PAT Margin
12.51%
ROCE
54.6%
EBITDA Margin
18.36%
Debt to Equity Ratio
0.92
Price to Book Value
8.97
RoNW
80.47%
Valuation vs listed peers
EPS Pre IPO
₹11.89
EPS Post IPO
₹9.39
P/E Pre IPO
15.64
P/E Post IPO
19.81
Buzz AI analysis
From this IPO's filings and market data · educational, not investment advice
Revenue growth FY24 → FY26
+99.9%
Profit growth FY24 → FY26
+1320.4%
ROCE
54.60%
- PAT margin 12.5% and ROCE 54.6%.
- Price-to-book of 9.0× leaves little room for an earnings miss.
Strengths & risks
- Integrated Business Model with manufacturing capabilities and a Pan-India distribution network of 101 distributors.
- Diversified Product Portfolio across multiple drinkware categories and price segments.
- Strong Branded and OEM Presence through Speedex and Dewdrop brands along with OEM and private-label manufacturing.
- Experienced Management Team with expertise across manufacturing and business operations.
Buzz score · Neutral
From GMP, subscription and issue size
Objects of the issue
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. | 24.1 |
| Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary. | 21.42 |
| General Corporate Purposes. | - |
Company & documents
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company engaged in stainless-steel bottles and allied drinkware products. The company offers products across mass, premium and lifestyle segments under its Speedex and Dewdrop brands.
Its product portfolio includes stainless-steel bottles, vacuum-insulated bottles, tumblers, feeding bottles, gym shakers and travel mugs. The company also undertakes OEM and private-label manufacturing for institutional and corporate customers.
The company operates an integrated, asset-backed business model, with manufacturing primarily undertaken through its wholly owned subsidiary, Dewdrop Bottles Private Limited. The subsidiary operates two manufacturing facilities in Sonipat, Haryana, with an installed capacity of approximately 45.24 lakh units per annum across 223 SKUs.
Maharaja & Speedex has a Pan-India distribution network of 101 distributors across 17 states and 2 Union Territories. Its products are sold through traditional retail, modern trade and online channels, serving both B2C and B2B customers.
The company has strengthened its manufacturing and digital distribution capabilities through Dewdrop Bottles Private Limited and Speedex Online Private Limited. It also continues to introduce new designs and value-added drinkware products based on changing consumer preferences.
As of March 31, 2026, the company had 431 full-time employees, supporting its manufacturing, sales, marketing and other business operations.
Registrar
Company contact
Maharaja & Speedex India Limited
Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station, Alipur, New Delhi, 110036
Phone: 9650589457
Email: cs@speedexind.com
Book running lead managers
- Choice Capital Advisors Pvt. Ltd.
Promoters
- Rakesh Kumar Aggarwal
- Kusum Aggarwal
- Akash Aggarwal
- Ankit Bansal
- Atul Tulsian
- Rohit Garg