The basis of allotment for Maxwell Engineering Solutions' initial public offering is scheduled to be finalised on November 4, following an overwhelming response from investors. According to reports from Moneycontrol, the ₹57.64-crore public issue received 80.34 times subscription during its three-day bidding period, which closed on November 3. Investors who applied for the IPO can check their allotment status on the websites of NSE and KFin Technologies, the registrar to the issue. The allotment date was confirmed as Wednesday, November 4, with shares expected to reach demat accounts by Thursday, November 5.
As reported by Moneycontrol, investors placed bids for approximately 128.94 crore equity shares against the 26.24 lakh shares on offer during the three-day subscription period from October 30 to November 3. The non-institutional investor (NII) category witnessed the strongest demand, with its reserved portion subscribed around 858 times. The retail investor portion was subscribed 110.21 times, while the qualified institutional buyer (QIB) category received 259.4 times subscription. The company attracted bids worth approximately ₹20,372 crore.
According to reports from InvestorGain, Maxwell Engineering Solutions shares are commanding a grey market premium (GMP) of around ₹71 on the morning of November 4, representing a 44.9% premium over the upper price band of ₹158. However, the grey market is unofficial, and the premium does not guarantee listing gains. The company's shares are scheduled to list on the NSE Emerge platform on November 6. JDA Capital Services is the book-running lead manager to the issue, while KFin Technologies is the registrar. The grey market premium has shown consistent strength, with ₹72 recorded on November 3 and ₹65 on October 31, indicating strong pre-listing sentiment.
As reported by Moneycontrol, Gujarat-based Maxwell Engineering Solutions manufactures precision-engineered components used in underwater pelletising systems. The company launched its ₹57.64-crore IPO through a fresh issue of 36.48 lakh equity shares in the price band of ₹150-158 per share. The company plans to utilise ₹18 crore from the net IPO proceeds towards purchasing new machinery, laboratory equipment and other utilities for its manufacturing facility. Another ₹6.5 crore will be allocated towards constructing a new office building and manufacturing facility, while ₹4.3 crore will be used for repaying outstanding borrowings. The company's financial performance shows steady growth with revenue increasing from ₹10.87 crore in FY24 to ₹30.76 crore in FY26.
According to reports from Moneycontrol, investors can check their allotment status through multiple channels. For KFin Technologies, investors need to visit the official website at https://ipostatus.kfintech.com/, select 'Maxwell Engineering Solutions Limited' from the IPO dropdown list, choose the search option and enter required details. Alternatively, investors can check on NSE by visiting the IPO bid page at https://www.nseindia.com/, selecting 'Equity & SME IPO Bid Details' and choosing the MAXENGS symbol. The allotment status is published by the registrar on the allotment date, with investors able to check using their PAN, application number or DP client ID.
