Maharaja & Speedex India SME IPO Subscribed 0.29 Times on Day 2 Amid Muted Retail Bidding

The initial public offering (IPO) of Maharaja & Speedex India Limited recorded an overall subscription of 0.29 times on Day 2 of bidding, reflecting cautious momentum following a quiet opening day. The SME public issue had closed its first day with 0.25 times subscription.

The ₹80.13-crore issue, which opened on September 10, 2026, is scheduled to close on September 15, 2026. The company’s shares are slated for listing on the BSE SME platform.

Subscription Breakdown by Category

Subscription figures indicated that high-net-worth individuals and non-institutional investors (NIIs) accounted for the bulk of early bids, while retail individual investors (RIIs) displayed measured interest. Qualified institutional buyers (QIBs) had not yet placed significant bids, a trend common in SME issues where institutional participation typically consolidates toward the final bidding hours.

Issue Structure and Key Terms

Maharaja & Speedex India’s book-built offer comprises:

• A fresh issue of 34.46 lakh equity shares aggregating to ₹64.10 crore.
• An offer for sale (OFS) of 8.62 lakh equity shares worth ₹16.03 crore by existing selling shareholders.
• A price band established at ₹177 to ₹186 per equity share, with a face value of ₹10 per share.
• A minimum application lot size of 600 shares, translating to an application requirement of ₹2,23,200 for retail bidders at the upper end of the price band (requiring two lots).

Choice Capital Advisors Private Limited is acting as the sole book-running lead manager to the issue, while Maashitla Securities Private Limited serves as the registrar. Choice Equity Broking is handling the market-making obligations.

Use of Proceeds and Financial Profile

The company manufactures stainless-steel drinkware, kitchenware, and household containers, operating two production facilities in Haryana alongside a pan-India distributor network. According to offer documents, proceeds from the fresh issue portion will be utilized for:

• Capital expenditure funding amounting to ₹21.42 crore.
• Prepayment or repayment of outstanding borrowings to the tune of ₹24.10 crore.
• General corporate purposes totaling ₹18.58 crore.

For the financial year ended March 31, 2024, the company recorded total income of ₹61.41 crore, earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹2.42 crore, and a profit after tax (PAT) of ₹1.08 crore.

Timelines to Watch

The basis of allotment is expected to be finalized on September 16, 2026, followed by the initiation of refunds and credit of shares to demat accounts on September 17. Shares of Maharaja & Speedex India are tentatively scheduled to debut on the BSE SME platform on September 18, 2026.

Tags: Maharaja & Speedex India Ltd BSE SME Primary Market Consumer Goods SEBI