Maharaja & Speedex India's SME IPO opened for subscription on September 10, 2026, receiving strong interest from institutional investors. According to latest BSE data, the IPO was subscribed around 0.25x on day 1, with 0.18x subscription in the individual investors category and 0.61x in the non-institutional investors (NII) category. However, there was no subscription recorded in the Qualified Institutional Buyers (QIB) category. The grey market premium (GMP) stood at ₹30 as of September 10, indicating an estimated listing price of ₹216 per share (sum of upper price band ₹186 and GMP).
Maharaja & Speedex India, a manufacturer and distributor of stainless-steel bottles and allied drinkware products, has announced plans to raise ₹80.13 crore through an initial public offering on the BSE SME platform. The company will offer 34.46 lakh equity shares in the price band of ₹177-₹186 per share. The issue is scheduled to open for subscription on Thursday, with Choice Capital Advisors serving as the book-running lead manager and Maashitla Securities appointed as the registrar. As per the latest IPO schedule, the issue will open on September 10, 2026 and close on September 15, 2026, with allotment finalization scheduled for September 16, 2026 and listing expected on September 18, 2026.
As reported by The Hindu BusinessLine, net proceeds from the fresh issue will be utilized for multiple strategic purposes. The company plans to repay a portion of debt, fund the purchase of plant and machinery at the existing manufacturing facility, and allocate funds for general corporate purposes. According to the latest IPO details, the fund utilization breakdown shows ₹64.1 crore for fresh issue proceeds, ₹16.03 crore for offer for sale proceeds, ₹24.1 crore for repayment of borrowings (37.60% of total), and ₹18.58 crore for general corporate purposes (28.98% of total). This diversified approach aims to strengthen the company's operational capabilities while supporting its growth initiatives.
According to Rakesh Kumar Aggarwal, Chairman and Managing Director of Maharaja & Speedex India, as reported by The Hindu BusinessLine, the company has developed a diversified portfolio of stainless-steel bottles and allied drinkware products, supported by the Speedex and Dewdrop brands, along with OEM and private-label capabilities. The company operates in the Indian stainless-steel kitchenware industry, manufacturing household products such as water bottles, pressure cookers, feeding bottles, insulated steel bottles, and vacuum flasks. As per the latest IPO information, 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. The company generates revenue primarily through the sale and distribution of these stainless-steel consumer products across both offline and online channels.
According to The Hindu BusinessLine, the company has established 223 SKUs and operates through a network of 101 distributors across 17 states and 2 Union Territories. 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. The 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. With increasing consumer preference for durable, reusable and sustainable drinkware solutions, the company sees meaningful opportunities to further expand its market presence and product offerings.
