Maharaja & Speedex India IPO
Consumer Durables • ₹80.13 Cr
High risk because:
- 4 material risk factors disclosed in DRHP
- Muted IPO demand (0.3x overall subscription)
- SME listing with thinner post-listing liquidity
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹186
Lot Size
600 shares
Issue Size
₹80.13 Cr
Open
10 Sept 2026
Close
15 Sept 2026
Subscription
0.31×
IPO Schedule
| Issue Open Date | 10 Sept 2026 |
| Issue Close Date | 15 Sept 2026 |
| Listing Date | 17 Sept 2026 |
About Maharaja & Speedex India
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company. It is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel bottles and allied drinkware products for retail and institutional customers. Its product portfolio comprises Standard Products, including stainless-steel bottles for routine use, and Novelty Products, including tumblers, feeding bottles, and gym shakers. The company also undertakes OEM and private-label manufacturing, offering customised products for corporate gifting, institutional buyers, and brand partners. Manufacturing operations are primarily undertaken through its subsidiary, Dewdrop Bottles Private Limited, which operates two facilities in Sonipat, Haryana. These facilities have an installed production capacity of approximately 45.24 lakh units annually across 223 SKUs. The company has a pan-India distribution network of 101 distributors across 17 states and two Union Territories, supported by modern trade and online sales channels. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks — Rs 24.10 crore Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary — Rs 21.41 crore General corporate purposes
Company Details
Founders / Promoters
Mr Rakesh Kumar Aggarwal
Founded
2006
Registrar
Maashitla Securities Pvt Ltd
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Maharaja & Speedex India — IPOFins Verdict
QuantitativeDriven by overall subscription of 0.3x and elevated disclosed risk (7/10), Maharaja & Speedex India listed at a premium of 34.4% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- The company claims to have built long-standing relationships with customers and suppliers through consistent product quality, reliable delivery, and responsive service, supporting repeat business and
- The company claims that its integrated manufacturing and distribution model supports operational efficiency and supply chain control. Its two manufacturing facilities in Sonipat coordinate production,
- The company claims that its diversified portfolio across mass-market, premium and lifestyle price segments enables it to cater to varied consumer preferences and purchasing power. The portfolio reduce
- The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 61.32 crore in FY24 to Rs 93.51 crore in FY25 to Rs 122.65 crore in FY26. PAT i
Score breakdown — what drove this verdict
High risk from DRHP → score -0.8
Total demand signal → score −1.5
Actual listing outcome → score +1.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹186
Listing Price
₹250
Listing Gain/Loss
+34.41%
Listing Date
17 Sept 2026
Price Since Listing
Returns are measured against the ₹186 issue price.
Listing
₹250
+34.4%
1 Week
₹260.65
+40.1%
Current
₹255
+37.1%
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FAQ
What is the price band of Maharaja & Speedex India IPO?
The price band is ₹186 per share with a lot size of 600 shares. Minimum investment: ₹1,11,600.
What does Maharaja & Speedex India do?
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company. It is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel bottles and allied drinkware products for retail and institutional customers. Its product portfolio comprises Standard Products, including stainless-steel bottles for routine use, and Novelty Products, including tumblers, feeding bottles, and gym shakers. The company also undertakes OEM and private-label manufacturing, offering customised products for corporate gifting, institutional buyers, and brand partners. Manufacturing operations are primarily undertaken through its subsidiary, Dewdrop Bottles Private Limited, which operates two facilities in Sonipat, Haryana. These facilities have an installed production capacity of approximately 45.24 lakh units annually across 223 SKUs. The company has a pan-India distribution network of 101 distributors across 17 states and two Union Territories, supported by modern trade and online sales channels. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS). Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes: Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks — Rs 24.10 crore Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary — Rs 21.41 crore General corporate purposes
Should I apply for Maharaja & Speedex India IPO?
Maharaja & Speedex India listed at ₹250 (+34.4% premium to the ₹186 issue price) after 0.3x subscription. IPOFins Score 4/10: Driven by overall subscription of 0.3x and elevated disclosed risk (7/10), Maharaja & Speedex India listed at a premium of 34.4% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Maharaja & Speedex India?
Maharaja & Speedex India was founded by Mr Rakesh Kumar Aggarwal in 2006.