Maxwell Engineering Solutions IPO: Listing Price, Share Price Today, Listing Gains and Review

Maxwell Engineering Solutions IPO overview

Data as of 31 October 2026, 14:00 IST (bidding closes Tuesday, 3 November). Confirmed = red herring prospectus (RHP), SEBI or exchange notice. Reported = media or broker summaries of the RHP. Calculated = our arithmetic. Unofficial = grey-market quotes.

The Maxwell Engineering Solutions IPO is open on the NSE SME platform from 30 October to 3 November 2026 at a price band of ₹150 to ₹158 a share. One lot is 800 shares, and individual investors apply for two lots (1,600 shares), which costs ₹2,52,800 at the upper band. The ₹57.64 crore issue is entirely new shares, so all the money goes to the company. After day 1 it was 4.17 times subscribed (Confirmed, NSE data). At ₹158 the company would be worth about ₹216 crore after the issue, or roughly 18 times its FY26 profit (Calculated). Allotment is due on 4 November and listing on 6 November.

Maxwell Engineering Solutions IPO subscription status and allotment

Final subscription and allotment update (3 November 2026): bidding closed on Tuesday, 3 November with the issue about 529 times subscribed (Confirmed, exchange data via 5paisa; HDFC Sky showed 536.79x). Demand jumped from 4.17 times after day 1, led by NIIs at 855 times. Individual investors bid about 541 times their quota, so the chance of an allotment is very low: roughly 1 in 540 for a minimum application (Calculated, assuming every bid was for the minimum).

The basis of allotment is due on 4 November. Refunds and demat credit follow on 5 November, and the shares are expected to list on NSE Emerge on 6 November. KFin Technologies is the registrar; see how to check allotment status below. Our earlier day-wise figures follow.

By the end of day 1 (30 October) the issue was 4.17 times subscribed on NSE (Confirmed, exchange data). The demand came from non-institutional investors, who bid for 22.22 lakh shares; institutions (QIBs) had not bid yet. HDFC Sky showed a slightly higher 4.62x at 5:10 PM, so treat the day-1 figure as roughly 4 to 4.6 times. Bidding continues on Monday 2 November and closes on Tuesday 3 November at 4:30 PM, when institutional demand usually arrives.

Maxwell Engineering Solutions IPO details at a glance

What Maxwell Engineering Solutions does

Maxwell Engineering Solutions makes the cutting parts of underwater pelletizing systems: die plates, blades and knives, blade holders, cutter hubs and driving bushes. These machines chop molten plastic into uniform pellets, so its customers are polymer compounders, masterbatch makers, engineering-plastics and cable-compound producers, and plastics recyclers. It also refurbishes used die plates, does contract (white-label) manufacturing and offers consulting.

The company is young: it was incorporated in September 2022 and moved production to its own plant at Waghodia GIDC, Vadodara, in July 2025, from a leased unit in Makarpura. It sells in India and exports to the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy (Reported). Heat treatment, hardening and coating are done by outside job workers. It had 71 full-time employees on 30 September 2026. The promoters are Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary, whose stake falls from 97.26% to 71.36% after the issue.

Maxwell Engineering Solutions financials: revenue, profit and debt

Income almost tripled between FY24 and FY26, and profit rose from ₹3.16 crore to ₹11.86 crore. The margins are unusually high for a manufacturer: net profit was about 39% of income in FY26 and EBITDA about 49% (Calculated). However, the latest period cools that picture. In the four months to July 2026, income ran at a pace about 19% above FY26, but profit ran at an annualised ₹9.2 crore, below FY26 (Calculated). Borrowings also doubled in FY26 to ₹16.73 crore as the company built its new plant, against net worth of ₹24.87 crore.

Maxwell Engineering Solutions IPO valuation: what ₹158 a share implies

At ₹158 and 1.37 crore shares after the issue, Maxwell would have a market value of about ₹216 crore (Calculated). That is about 18.2 times FY26 profit and about 23.7 times the profit run-rate of the four months to July (Calculated). Net worth after adding the ₹57.64 crore raised would be about ₹82 crore, so the price is roughly 2.6 times book value (Calculated, before issue expenses). The issue dilutes existing holders by about 27%.

Summaries of the RHP quote much lower P/E figures and market values, but those do not match the share count and profit in the same documents, so we use our own arithmetic. The price only looks cheap if the high margins of FY25 and FY26 return.

How Maxwell Engineering Solutions will use the IPO money

About ₹24.5 crore goes into capacity: machines and a new building. That is a large step for a company with ₹47.55 crore of total assets, so execution matters. The named items add up to ₹42.80 crore, and the summaries we checked do not break down the remaining ₹14.84 crore.

Maxwell Engineering Solutions IPO GMP today

Two public GMP trackers both quoted ₹70 for Maxwell Engineering Solutions on 30 October (Unofficial). That would imply a listing near ₹228, about 44% above ₹158 (Calculated). SME grey-market quotes are thin and can change sharply once bidding closes. GMP is unregulated and not a forecast of the listing price. In our GMP vs listing price tracker, 8 of 12 recent listings opened below their GMP-implied price.

Maxwell Engineering Solutions IPO lot size and minimum investment

Maxwell Engineering Solutions IPO review: strengths and risks

Strengths

• Growth and profitability: income up from ₹10.87 crore (FY24) to ₹30.76 crore (FY26), with net margins near 39%.
• Export reach: customers in eight countries, which spreads demand beyond India.
• Niche product: wear parts for pelletizers need regular replacement, which can bring repeat orders.
• All new money: no offer for sale, so the full ₹57.64 crore stays in the business.

Risks

• Very short history: incorporated in 2022 and in its own plant only since July 2025.
• Slowing profit: the four months to July 2026 ran below the FY26 profit pace despite higher income.
• Price assumes high margins last: about 18 times FY26 profit and 24 times the latest run-rate (Calculated).
• Rising debt and big capex: borrowings doubled in FY26, and the new building and machines must be filled with orders.
• Data quality: margin and P/E figures in public summaries do not reconcile; read the RHP itself.
• SME liquidity: two-lot minimums and thin trading can make exits hard.

Our Scouter Reading: 4,400, Charged

We score Maxwell at 4,300 out of 10,000 on our earlier v1 research scale, in the Charged band: a mixed case. Points for strong growth, high margins, exports and an all-fresh issue. Points against a three-year track record, a dip in the latest profit run-rate, rising debt and a valuation that leaves little room if margins normalise. The Scouter Reading rates the research case on the information above; it is not a recommendation to apply or avoid.

How to check Maxwell Engineering Solutions IPO allotment status

The basis of allotment is expected on 4 November 2026. You can then check by PAN or application number on the registrar’s site, KFin Technologies, or on the NSE allotment page. Refunds and demat credit are expected on 5 November, before listing on 6 November. Our allotment status guide covers each method.

What to watch before the issue closes

• QIB bids on 2 and 3 November: institutions had not bid by the end of day 1.
• Individual-investor demand: the two-lot minimum (₹2,52,800) limits how many small investors take part.
• The RHP’s customer and export split: how much of revenue comes from the largest buyers.
• Margins in the July 2026 period: whether the dip is seasonal or a trend.

Other SME issues closing on 3 November: HGS (India), Johnsoncab Electricals and Vectras Enprocon. See all live IPOs and the SME IPO list.

Maxwell Engineering Solutions IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice or a recommendation to apply, buy or sell. Figures are from the RHP summaries and exchange data named in the text and may change; read the RHP before investing. SME shares can be thinly traded. GMP is unofficial.