Maxwell Engineering Solutions IPO

Listing day

The last grey-market estimate before listing was +70.3% to +71.5%; the actual listing-day open was +90.0%.

Timetable

1. OpensFri 30 Oct
2. ClosesTue 3 Nov
3. AllotmentWed 4 Nov
4. RefundThu 5 Nov
5. Shares in dematThu 5 Nov
6. ListingFri 6 Nov

Dates after the closing day are tentative and can shift by a day.

Why is Maxwell Engineering Solutions raising money?

What the new money will be used for

• Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility₹18 cr
• Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility₹6.5 cr
• Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company₹4.3 cr
• Funding working capital requirements of Company₹14 cr
• General Corporate Purposes₹7.06 cr
• Issue Expenses₹7.78 cr

About Maxwell Engineering Solutions

Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading and servicing of critical components for underwater pelletizing systems. The Company manufactures a range of components for underwater pelletizing systems, including pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The Company also undertakes customised manufacturing based on customer specifications and offers white-label manufacturing, enabling customers to market products under their own brands. Its business operates through three segments: manufacturing, services and trading.

The Company commenced operations at its company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025 and has progressively transitioned manufacturing activities from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, including heat treatment, hardening and coating, are outsourced to job workers. The Company also provides refurbishment and repair services for used die plates, intermediary support for the marketing and supply of CJTEK components, and management consulting services for developing customer relationships.

The Company serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, Italy and other countries. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel and dedicated sales and marketing capabilities.

Financials (₹ crore)

Maxwell Engineering Solutions Ltd.'s revenue increased by 36% and profit after tax (PAT) rose by 29% between the years ending March 31, 2026 and March 31, 2025.

Restated figures from the offer document. A part-year period (for example 3 months to June) is not comparable with a full year.

Valuation and returns

P/E = price ÷ earnings per share. A negative P/E means the company made a loss. Compare with listed peers in the same business before reading much into it.

Promoters: Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.

Issue details

Price band

₹150–₹158

Lot size

800 shares

Minimum investment

₹1,26,400 (1 lot at ₹158)

Total issue size

₹57.64 cr (0.36 crore shares)

Fresh issue / OFS

Fresh capital only

Face value

₹10 per share

Reserved for

QIB 49.84% · NII 15.13% · Retail 35.03%

Anchor investors

₹16.18 cr (already allotted)

Employee discount

–

Retail limit

₹2 lakh

UPI mandate deadline

03-Nov-2026 (up to 5:00 PM)

Listing on

NSE SME

Lead managers

JDA CAPITAL SERVICES LIMITED (Formerly Known as Beeline Broking Limited)

Registrar (allotment status)

KFin Technologies Limited · maxwell.ipo@kfintech.com

Offer document (RHP) on NSE: download. It is long; the "Objects of the Offer" and "Risk Factors" chapters matter most.

Check allotment status

Allotment is done on Wed 4 Nov; shares reach demat accounts by Thu 5 Nov. You need your PAN or application number.

• KFin Technologiesthe registrar for this IPOCheck →
• BSE allotment statuschoose Equity, then the issue nameCheck →
• NSE IPO bid and allotment checklog in with PANCheck →

If shares are not allotted, the blocked amount is released to your bank account by Thu 5 Nov.

Quick answers

How do I check Maxwell Engineering Solutions IPO allotment status?

Allotment is on Wed 4 Nov. Check it on the registrar's website (KFin Technologies) or on the BSE and NSE allotment pages using your PAN or application number.

Does Maxwell Engineering Solutions get the IPO money?

See the offer document for the split.

What is the minimum investment in the Maxwell Engineering Solutions IPO?

One lot of 800 shares, which costs ₹1,26,400 at the upper price of ₹158.

How did Maxwell Engineering Solutions list?

Maxwell Engineering Solutions listed on Fri 6 Nov against an issue price of ₹158. It opened +90.0% and closed the first day +99.5%.