Maharaja & Speedex India Limited
smelistedAbout the company
Maharaja & Speedex India is a company involved in the production and distribution of drinkware, with specialisation in stainless steel water bottles and allied products catering to both the retail and institutional markets in India. There are two categories of products offered by the company, including standard products and novelty products with varied price points ranging from mass, premium to lifestyle products. The process of manufacture is done through its subsidiary company named Dewdrop Bottles Private Limited, with two plants in Sonipat, Haryana, having an installed capacity of ~45.24 lakh units per annum, manufacturing 223 SKUs. Its distribution network includes 101 distributors spread across 17 states and two union territories in India. The utilisation of the installed capacity stood at 88.4% in FY26 compared to 77.5% in FY25. In FY26, revenue from manufacturing was 88.8% of the total mix, and that from outsourcing amounted to 11.1%. Among products, Standard Sales generated 76.4% of total revenue, whereas novelty sales generated 19.8%. With respect to business models, revenue from OEM business was 54.8%, and that from branded business was 41.8%. Revenue from offline business was 90.1% in FY26, and that from online business was 9.9% of the total revenue in FY26. The top 10 clients constituted 48.7% of FY26 sales, and the top 10 suppliers made up 87.3% of the purchases in FY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 09 Sep | ₹30 | ₹216 | 0 |
| 08 Sep | ₹30 | ₹216 | +15 |
| 07 Sep | ₹15 | ₹201 | 0 |
Strengths
- Long-standing relationships with suppliers and customers
- Integrated manufacturing and distribution capabilities
- Diversified stainless-steel drinkware portfolio across price segments
- Pan-India distribution network supports wider market reach
- Own brands along with OEM and private-label manufacturing capabilities
- Experienced management team with complementary industry expertise
- Strong improvement in profitability and return ratios in recent financial performance
Risks
- High dependence on a limited number of suppliers for raw materials
- Revenue concentration among key customers
- Dependence on distributors and other sales channels across India
- OEM and private-label business may create channel conflicts with its own brands
- Revenue is concentrated in certain states
- Reliance on leased manufacturing and office premises
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed10 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed15 Sept 2026Last day to place your bid
Basis of Allotment
Completed16 Sept 2026Share allotment finalised
Refund Initiation
Completed17 Sept 2026Refunds credited for non-allottees
Credit to Demat
Completed17 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Completed18 Sept 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 600 | ₹111,600 | 1 | ₹111,600 | 1 lot only |
| HNI | 2 | 1200 | ₹223,200 | 2 | ₹223,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,203,857 | 40 | 0 | 0.00x | 100% |
| NII | 15% | 661,157 | 12 | 1,692,562 | 2.56x | 39.1% |
| Retail | 35% | 1,542,700 | 28 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
