Maxwell Engineering Solutions Limited
IPO Details
Subscription
Lot Distribution
Reservation
Company Fin.
₹21.25(13.45%)
Premium (ELP)
Maxwell Engineering Solutions Limited's is gearing up for its market debut with an Initial Public Offering aggregating 36,50,000 Shares. The fresh issue component of 36,50,000 Shares will bolster the company's balance sheet.
The IPO features a competitive price band of ₹150 to ₹158 per share, with the minimum investment requirement set at 800 shares. This structure aims to attract diverse investor participation across market segments.
The public subscription window is slated to open on Oct 30, 2026 and close on Nov 03, 2026. Following the subscription period, allotment will be finalized on Nov 04, 2026, with the stock listing anticipated on Nov 06, 2026 at the NSE exchange.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Maxwell Engineering Solutions Limited, incorporated in September 2022, is a precision engineering company engaged in manufacturing, trading and servicing critical components for underwater pelletizing systems. Its product portfolio includes pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts used in polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The company also offers customised manufacturing based on customer specifications and white-label manufacturing services, allowing customers to sell products under their own brands. Its business operates across three segments: manufacturing, services and trading. In July 2025, the company commenced operations at its company-owned manufacturing facility in Waghodia GIDC, Vadodara, Gujarat, gradually shifting production 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, while specialised processes such as heat treatment, hardening and coating are outsourced to job workers. The company also provides refurbishment and repair services for used die plates, facilitates the marketing and supply of CJTEK components, and offers management consulting services to support customer relationship development. Maxwell Engineering Solutions serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy, among others. 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. As of September 30, 2026, the company had 71 full-time employees, excluding directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
The expected premium (GMP) is based on market buzz and unofficial trading. It should not be considered as the guaranteed listing price. Always refer to the RHP and seek advice from a financial expert before making investment decisions.
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- Experienced Promoters and Management Team: The Promoters have a combined experience of over 22 years in the underwater pelletizing systems industry, supported by skilled teams across technical, production and sales functions.
- Established Client Relationships: The Company has built long-term relationships with customers across multiple international markets, supporting repeat orders and providing greater revenue visibility.
- In-house Research and Development Capabilities: The Company has its own research and development facilities, enabling customized manufacturing and product development to meet diverse customer specifications.
- Dependence on Few Key Suppliers: The Company relies on a limited number of suppliers for raw materials such as steel, carbide and brazing filler. Its top 10 suppliers accounted for 80.22% of total purchases in Fiscal 2026, and the absence of long-term supply agreements increases the risk of supply disruptions.
- Export Obligations under EPCG Scheme: The Company has export obligations of ₹1,309.62 lakhs to be fulfilled within six years under the EPCG scheme. Failure to meet these obligations could result in payment of differential customs duty, along with interest and penalties.
- Dependence on Export Markets: Exports accounted for 84.73% of the Company's revenue in Fiscal 2026, making it vulnerable to changes in trade policies, tariffs, currency fluctuations and geopolitical developments in international markets.
- Rajkumar Chaudhary
- Vinubhai Kanjibhai Chavda
- Ria Rajkumar Chaudhary
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